Wand NewCo 3 Inc. (doing business as Caliber Collision) benefitted from the favorable market conditions for collision repairs in 2022. In addition, we view the company as well positioned to continue benefitting from the favorable supply and demand dynamics in its industry. Therefore, we revised our outlook on Caliber to positive from stable and affirmed our ratings, including our 'B-' issuer credit rating. The positive outlook reflects that we could raise our ratings on the company over the next 12 months if labor shortages, inflationary pressures, and weaker macroeconomic conditions do not significantly affect its operating performance and its credit metrics remain in line with our expectations. Nonetheless, we believe the fundamentals of the collision repair industry remain favorable. Steady
