Research Update: Auna S.A.A. 'B+' Ratings Placed On CreditWatch Negative On Announced And Proposed Acquisitions In Colombia And Mexico

Peruvian private health care service provider, Auna S.A.A. (Auna), recently announced it acquired a controlling stake in IMAT S.A.S. and Oncomedica S.A. (both not rated), which together form a leading health care group in Monteria, Colombia. Auna has also agreed to acquire a 100% equity stake in Organizacion Clinica America (OCA; not rated), a leading health care group in Mexico. As of March 31, 2022, our adjusted leverage for Auna was above our current 5.0x rating threshold. Although the company has said that the transactions will improve its operating and financial performance, including margins and leverage position, it hasn't yet publicly disclosed any details of the acquisitions' price or how it will fund them. Therefore, on July 19, 2022, we

...- Peruvian private health care service provider, Auna S.A.A. (Auna), recently announced it acquired a controlling stake in IMAT S.A.S. and Oncomedica S.A. (both not rated), which together form a leading health care group in Monteria, Colombia. Auna has also agreed to acquire a 100% equity stake in Organizacion Clinica America (OCA; not rated), a leading health care group in Mexico. - As of March 31, 2022, our adjusted leverage for Auna was above our current 5.0x rating threshold. Although the company has said that the transactions will improve its operating and financial performance, including margins and leverage position, it hasn't yet publicly disclosed any details of the acquisitions' price or how it will fund them. - Therefore, on July 19, 2022, we placed our 'B+' long-term issuer and issue-level credit ratings on Auna on CreditWatch with negative implications. - We plan to resolve the CreditWatch listing once we have fully assessed the details of the IMAT-Oncomedica acquisition and...

Research Update