...November 13, 2023 - Luxembourg-domiciled health care services provider Auna S.A. recently announced an exchange offer for its 6.5% $300 million senior unsecured notes due Nov. 20, 2025, for new 10% senior secured notes due 2029. - We view the offer as opportunistic and a proactive liability management, proposed two years ahead of the 2025 notes' maturity. We also consider the company's stronger financial performance with expectation of pro forma adjusted gross leverage below 4.5x by the end of 2023. - On Nov. 13, 2023, S&P Global Ratings revised its outlook on Auna to positive from stable and affirmed its 'B' issuer credit rating. We also assigned a 'B+' issue-level rating and a recovery rating of '2' to the proposed 2029 senior secured notes, reflecting substantial recovery prospects (above 90%). We also affirmed our 'B' issue-level rating on Auna's 2025 senior unsecured notes and assigned a recovery rating of '3', reflecting meaningful recovery prospects (50%-90%). - The positive outlook...
