Moody's changes Caliber view to negative

Moody's Investors Service said it changed the outlook of Wand NewCo 3, Inc. (Caliber) to negative from stable, and affirmed all ratings, including the B2 corporate family rating.

"The outlook change to negative reflects the potential stress to Caliber's credit metrics as a result of the impact of the Covid-19 outbreak," said Charlie O'Shea, a Moody's vice president, in a press release.

"While Caliber has been deemed an essential business and all of its centers remain open, assignment volumes have declined as a result of lockdown orders in states that represent more than 90% of Caliber's center footprint, and this results in uncertainty with respect to the potential stress to credit metrics as a result, " continued O'Shea. "Moody's notes that with nearly $300 million in cash presently, liquidity is sufficient to handle any foreseeable cash flow deficits."

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