Moody’s withdraws ICWG’s ratings

Moody’s Investors Service said it withdrew Shine Holdco III Ltd.’s (International Car Wash Group) B3 corporate family rating and the B3-PD probability of default rating. Simultaneously, Moody’s withdrew the B2 ratings of Shine Acquisition Co Sarl’s $545 million senior secured first-lien term loan due 2024 and the $75 million revolving credit facility due 2022, and the Caa2 rating of the $175 million senior secured second-lien term loan due 2025.

Moody’s also withdrew the stable outlooks for both issuers.

“This rating action reflects that the rated instruments are no longer outstanding following ICWG’s repayment of all its existing financing facilities on Jan. 20, 2021. The repayment followed the successful initial public offering (IPO) of ICWG’s parent Driven Brands Holdings Inc,” the agency said in a press release.

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