S&P ups Maravai Topco

S&P said it raised its ratings for Maravai Topco Holdings LLC and its first-lien senior secured loans to B+ from B. The 3 recovery rating on the loans remains unchanged, indicating an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in default.

“The company's CleanCap sales continue to benefit from the development and production of Covid-19 vaccines, which enabled it to almost triple its revenue and improve its S&P Global Ratings-adjusted leverage below 2x as of June 30, 2021. Maravai has significantly improved its leverage to less than 2x currently, which is down from about 4x in 2020 and about 8x in 2018 and 2019,” S&P said in a press release.

The agency said it expects Maravai to keep its leverage below 5x.

The outlook is stable.

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