Clínica Metropolitana de las Américas S.A.

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**Not published (financial figures):** The BBV listing page (bbv.com.bo/Media/Default/Archivos/Fichas/CTM_CAR.PDF, dated 5 December 2025) and the ASFI issuer card (appweb.asfi.gob.bo, registry ASFI/DSVSC-EM-CTM-004/2018) were both accessed directly but did not render full income-statement or balance-sheet tables in retrievable form. The Moody’s Local Bolivia and PCR rating reports — both primary sources used in this profile — confirm the clinic remains loss-making with growing revenues through at least September 2024 but do not quote a specific annual revenue or profit figure in their publicly accessible summaries. Under Bolivia’s Ley del Mercado de Valores (Law 1834) and ASFI’s issuer-disclosure rules, listed bond issuers must file audited annual financial statements; those filings exist in the BBV/ASFI archives but were not available in machine-readable form at time of publication. Investors should request the audited 2024 *estados financieros* directly from the BBV or ASFI.

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What it is

Clínica Metropolitana de las Américas is a third-level medical centre — the highest-complexity category in Bolivia’s health system — equipped with advanced technology and a qualified medical staff, designed to offer comprehensive, safe, and humanised patient care. It operates as a fully private hospital in Santa Cruz de la Sierra, offering both outpatient and inpatient services, all major medical specialities, and complete imaging and laboratory services to international standards.

Its corporate purpose covers every aspect of healthcare: preventive medicine, curative treatment, emergencies, surgery, research, and professional training. Staff quality is verified in partnership with the Hospital Albert Einstein of São Paulo, Brazil — one of Latin America’s most respected hospital networks.

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Who owns it

The controlling shareholder is Grupo Empresarial de Inversiones Nacional Vida S.A., the holding company that includes the insurers Nacional Seguros Vida y Salud and Nacional Seguros Patrimoniales y Fianzas — giving the group deep expertise and client relationships in Bolivia’s health sector. The other named shareholders are Santa Cruz Development Group and Grupo Empresarial Anglarill, all of whom have made repeated capital injections to support the clinic’s ramp-up.

Not published: the exact ownership percentages held by each shareholder group are not disclosed in the publicly accessible BBV ficha, ASFI issuer card, or rating-report excerpts reviewed for this profile. The PCR and Moody’s Local Bolivia reports describe Nacional Vida as “the principal shareholder” but give no specific percentage.

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Who runs it

The rating reports note the management team’s experience in medical-project development. However, Moody’s Local Bolivia flags high executive turnover as a structural weakness, citing difficulty attracting specialist management talent in Bolivia’s labour market.

Not published: the names of the current chief executive, chief financial officer, and board chair are not disclosed in the publicly accessible BBV ficha (CTM_CAR.PDF, December 2025), the ASFI issuer card, or the rating-report summaries reviewed. A board resolution from early 2025 convened a General Ordinary Shareholders’ Meeting on 22 March 2025 to consider the audited 2024 financial statements, suggesting active governance, but executive names are not recorded in the accessible portions of that filing.

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The money, in plain words

The clinic opened on 7 June 2022, starting with outpatient consultations, laboratories, and diagnostic imaging; it now operates all services. Revenue has been climbing fast — growing close to 42% year-on-year through the third quarter of 2024 — but the business has not yet earned more than it spends: accumulated losses have persistently weakened the equity base, though shareholders have repeatedly injected fresh capital to compensate.

The first phase of the project demanded an investment of USD 77.77 million, covering construction and equipment. To help fund this, the company registered as a bond issuer with ASFI in June 2018 (registry ASFI/DSVSC-EM-CTM-004/2018), and launched a bond programme — “Bonos Clínica de las Américas I” — with a ceiling of USD 67.1 million, traded on the BBV.

The clinic has not generated enough cash to meet the original bond repayment schedule, and had to seek temporary waivers from bondholders for breached financial covenants in 2022 and 2023.

The bond carries mortgage and equipment collateral covering 104% of the outstanding principal of Emisión 1, which offers bondholders meaningful security even if trading conditions remain tight. Moody’s Local Bolivia rates the bonds BB+.bo with a Negative outlook — below investment-grade on the local scale, reflecting below-average credit quality by Bolivian standards.

PCR rates the same bonds BA- / A3 equivalent (ASFI scale), with a Stable outlook.

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What it is doing now

The clinic is mid-way through an expansion that will add 43 beds, two operating theatres, and three emergency bays by fitting out floors 5 and 6; the work is expected to finish in early 2026. In March 2025, shareholders also held an extraordinary meeting to discuss a capital increase — the latest in a series of equity top-ups designed to keep the business funded while revenue catches up with costs.

As of 30 June 2025, total assets had grown 11.6% from the end of 2024, driven by higher liquidity and amounts receivable from shareholders linked to new working-capital contributions.

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What to watch

• Break-even timing. The key financial test is whether the clinic can lift revenue fast enough to turn the current losses — which are squeezing all solvency ratios — into a sustainable profit.
• Expansion delivery. Adding 43 beds and two theatres by early 2026 is the operational milestone that should raise capacity and, with it, the revenue needed to service the bond.
• Bond covenant compliance. The clinic has had to request waivers from bondholders for financial-ratio breaches in 2022 and 2023; sustained covenant compliance would be a meaningful sign of financial maturity.
• Management stability. High turnover in senior management is a rated weakness; retaining experienced medical and financial executives will be critical as the clinic scales.
• Owner support. The strategic logic for the controlling shareholder, Grupo Nacional Vida, is vertical integration — selling insurance and then owning the hospital that treats the insured — so continued capital backing seems likely, but it is not contractually guaranteed.

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This is news, not investment advice.