Research Update: Peruvian Private Healthcare Service Provider Auna S.A.A. Assigned 'B+' Preliminary Ratings; Outlook Stable

Auna S.A.A. is the leading private healthcare service provider in Peru through its Oncosalud and private hospitals and clinics network, and recently entered the Colombian private healthcare market with the acquisition of Las Americas clinic in 2018, and the Portoazul clinic in September 2020. Auna intends to issue up to $300 million in senior unsecured notes to refinance around $270 million of existing debt, while using the remaining proceeds for general corporate purposes including capital expenditures (capex). This transaction will extend the company's debt maturity profile as the new notes will have a five-to-seven year tenor, strengthening the company's liquidity position. We are assigning our preliminary 'B+' long-term issuer credit and issue-level ratings to the company's proposed $300 million senior

...- Auna S.A.A. is the leading private healthcare service provider in Peru through its Oncosalud and private hospitals and clinics network, and recently entered the Colombian private healthcare market with the acquisition of Las Americas clinic in 2018, and the Portoazul clinic in September 2020. - Auna intends to issue up to $300 million in senior unsecured notes to refinance around $270 million of existing debt, while using the remaining proceeds for general corporate purposes including capital expenditures (capex). This transaction will extend the company's debt maturity profile as the new notes will have a five-to-seven year tenor, strengthening the company's liquidity position. - We are assigning our preliminary 'B+' long-term issuer credit and issue-level ratings to the company's proposed $300 million senior unsecured notes. - The stable outlook assumes that Auna will extend its debt maturity profile and strengthen its liquidity position through its $300 million proposed notes issuance,...

Research Update