Moody's changes Mister Car Wash view to negative

Moody's Investors Service said it changed the outlook of Mister Car Wash Holdings, Inc. to negative from stable and affirmed all ratings, including the B3 corporate family rating.

"The outlook change to negative reflects the potential stress to Mister Car Wash's credit metrics, which Moody's notes have been improving over the past few quarters, of the effects of the coronavirus," said Charlie O'Shea, a Moody's vice president, in a press release.

"The overwhelming majority of its 300+ car washes remain closed, with slight reopening presently occurring, however, there is uncertainty with respect to the potential overall levels of stress to credit metrics that will ultimately result. Moody's notes that with over $100 million in cash presently, liquidity is sufficient to handle the current level of expected cash flow deficits," O’Shea added.

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