Wand NewCo 3 Inc. (doing business as Caliber Collision) generated positive free cash flow and increased its cash balances despite the revenue pressure stemming from its declining same-store sales due to the fallout from the COVID-19 pandemic. Therefore, we revised our outlook on Caliber to stable from negative and affirmed our 'B-' issuer credit rating. The stable outlook reflects our expectation that the company will generate a modest amount of free cash flow and maintain its current market share, sustainable capital structure, and adequate liquidity over the longer term even as its volumes remain weak due to the fallout from the pandemic. The stable outlook on Caliber reflects our expectation that, over the longer term, the company will generate a
