Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Auna SAA > News item |
S&P downgrades Auna
S&P said it lowered its long-term issuer credit rating and issue-level rating on Auna SAA to B from B+.
The ratings remain on CreditWatch with negative implications.
Auna recently closed its Organizacion Clinica America (OCA; not rated) acquisition. Auna funded this transaction, coupled with the 70% stake acquisition in IMAT SAS and Oncomedica SA (both not rated) it closed earlier this year, through $405.5 million in secured bridge loans, $342 million from shareholder contributions, and $74.5 million from its own resources.
“We expect pro forma adjusted gross leverage to be about 5x at year-end 2022, which is a significant deviation from our previous expectation of below 4x when we assigned the B+ rating,” S&P said in a news release.
“While we expect Auna to rapidly integrate the acquisitions and post stronger results in 2022, we believe that the company is exposed to both execution risks and external factors.
“Moreover, although Auna is working on different alternatives for the bridge loans refinancing, the company is exposed to refinancing risks until the refinancing is completed.”
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.