S&P lifts Mister Car Wash

S&P said it upgraded Mister Car Wash Holdings Inc. to CCC+ from SD (selective default).

The outlook is negative.

The agency said it had lowered the issuer credit rating on Mister Car Wash to SD after it executed an amendment to its second-lien term loan to allow it to make pay-in-kind interest payments for the March, June and September quarters of 2020.

“Although the company maintains adequate liquidity, we continue to view its capital structure as unsustainable absent a significant improvement in its performance,” the agency said in a news release.

At the same time, the agency affirmed the issue-level rating on the company's first-lien debt, which was unaffected by the restructuring.

The second-lien term loan is unrated.

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