...October 30, 2024 S&P Global Ratings expects Auna S.A. to improve its liquidity position in the coming weeks. Securing long-term credit facilities or a refinancing of its $57 million outstanding notes due Nov. 20, 2025, would alleviate mounting short-term liquidity pressures, given current short-term debt of about Peruvian nuevo sol (PEN) 500 million, the beginning of principal amortization of its syndicated term loan in first-quarter 2025, and the 2025 notes. We think weaker-than-expected cash flow generation has elevated Auna's financing needs, increasing its reliance on rolling over short-term debt. Thus, an improvement in liquidity sources over uses will be key for Auna to sustain the 'B+' rating in the coming weeks. We estimate Auna will continue deleveraging in the next year. We estimate the company's S&P Global Ratings-adjusted gross debt to EBITDA will be about 4.5x by the end of the year--below the 5x threshold--and below 4x next year. We've slightly raised our revenue growth estimates,...
