Wand NewCo 3 Inc. Outlook Revised To Stable From Negative On Improved Liquidity And Cash Flow, 'B-' ICR Affirmed

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. TORONTO (S&P Global Ratings) April 2, 2021-- S&P Global Ratings today took the rating actions listed above. The

...April 2, 2021 - 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. TORONTO (S&P Global Ratings) April 2, 2021-- S&P Global Ratings today took the rating actions listed above. The outlook revision and affirmation reflect Caliber's improved liquidity position and higher cash flow generation. The company steadily improved its liquidity (cash and revolver availability) while growing its location footprint...

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