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Published on 2/5/2021 in the Prospect News Bank Loan Daily and Prospect News Distressed Debt Daily.

S&P ups Mister Car Wash

S&P said it raised its ratings on Mister Car Wash Holdings Inc. and the company’s first-lien debt to B- from CCC+. The 3 recovery rating remains unchanged.

The upgrade reflects the firm’s improved operating performance due to consistent car wash demand, leading to a sustainable capital structure, S&P said.

“We expect the company to generate modest FOCF in the $15 million-$20 million range over the coming 12 months while the company continues to invest a relatively high annual capital expenditure (capex),” the agency said in a press release.

The outlook is stable.


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