Auna S.A.A. Upgraded To 'B' From 'CCC+' And Off CreditWatch Developing On Completed Refinancing, Outlook Stable

Auna S.A.A. recently refinanced $455 million in bridge loans, used to partly fund the acquisitions of IMAT S.A.S. - Oncomedica S.A. (not rated) and Organizacion Clinica America (OCA; not rated), with a new five-year bullet $505 million senior secured private placement. Additionally, a second $50 million committed disbursement is scheduled within the next 60 days to refinance part of the company's short-term debt. In our view, the refinancing, which extends Auna's debt maturity profile, eases pressure on its liquidity, although we still expect its sources over uses of cash to remain slightly below 1.2x for the next 12 months. On April 24, 2023, S&P Global Ratings raised its global scale issuer credit and issue-level ratings on Peruvian private health care

...April 24, 2023 - Auna S.A.A. recently refinanced $455 million in bridge loans, used to partly fund the acquisitions of IMAT S.A.S. - Oncomedica S.A. (not rated) and Organizacion Clinica America (OCA; not rated), with a new five-year bullet $505 million senior secured private placement. Additionally, a second $50 million committed disbursement is scheduled within the next 60 days to refinance part of the company's short-term debt. - In our view, the refinancing, which extends Auna's debt maturity profile, eases pressure on its liquidity, although we still expect its sources over uses of cash to remain slightly below 1.2x for the next 12 months. - On April 24, 2023, S&P Global Ratings raised its global scale issuer credit and issue-level ratings on Peruvian private health care service provider Auna to 'B' from '###+' and removed them from CreditWatch with developing implications, where we placed them on March 13, 2023. - The stable outlook on Auna reflects our expectation of continued improvement...

Ratings Action