Wand NewCo 3 Inc.'s credit metrics continue to improve as it benefits from favorable demand trends in the collision repair industry. The company (doing business as Caliber Collision) also extended and upsized its revolving credit facility to 2025 and $625 million, and completed an $160 million repayment of its second-lien term loan. As a result, S&P Global Ratings expects EBITDA to improve, leading to leverage and cash flow to improve. We therefore raised our issuer credit rating on Caliber to 'B' from 'B-'. The stable outlook reflects our view that the demand environment for collision repair will remain healthy, while the company continues to invest in growth and expand its labor capacity. Year to date, Caliber upsized its revolver credit
