S&P cuts Caliber Collision

S&P said it downgraded Wand NewCo 3 Inc. (Caliber Collision) and its first-lien term loan to B- from B. The agency also lowered the second-lien term loan to CCC from CCC+.

“Caliber and other collision repair companies have indicated demand for their services are already down 40% to 50% as car owners shelter in place and reduce their time on the road as a result of the coronavirus. While we expect vehicle miles traveled to recover, it is not clear the level to which it will recover and when,” said S&P in a press release.

S&P said it sees Caliber’s leverage staying above its 8x threshold for a B rating.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.