...- Luxembourg-domiciled health care services provider Auna S.A. recently completed a proactive liability management encompassing close to $800 million, improving its liquidity position for the next two years. - We expect the company to continue lowering debt levels in the next 12 months through top-line results and EBITDA growth, while its financing needs remain relatively limited. - On Dec. 19, 2023, S&P Global Ratings raised its issuer credit rating on Auna to 'B+' from 'B'. At the same time, we raised our issue-level ratings on Auna's 2029 senior secured notes to '##-' from 'B+' and on its 2025 senior unsecured notes to 'B+' from 'B'. The recovery ratings remain '2' for its 2029 notes and '3' for its 2025 notes. - The stable outlook reflects that we expect Auna to have a steady operating and financial performance in the next 12 months, resulting in continued deleveraging toward gross debt to EBITDA below 4.0x and EBITDA interest coverage within 2.0x-2.5x by year-end 2024....
