We expect demand for collision repair services to fall significantly because of the coronavirus as more consumers are staying home and driving less. As a result, we are lowering our issuer credit rating on Wand NewCo 3 Inc. (doing business as Caliber Collision) to 'B-' from 'B'. At the same time, we are lowering our issue-level ratings on the company's first-lien term loan to 'B-' from 'B' and the second-lien term loan to 'CCC' from 'CCC+'. The negative outlook reflects the increased risk that cash flow will remain negative for a number of months, hurting liquidity. This could occur if sales and margins contract more than our current expectations for an extended period of time due to weaker demand for
