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S&P lowers Michaels
S&P said it downgraded Michaels Cos. Inc. to B from B+.
At the same time, the agency lowered the issue-level rating on the company's term loan to B+ from BB-. The 2 recovery rating is unchanged.
S&P also lowered the issue-level rating on the company's senior unsecured notes to CCC+ from B-. The 6 recovery rating is unchanged.
The outlook is negative.
S&P noted that the arts and crafts specialty retailer faces an “extraordinarily challenging environment” due to the Covid-19 pandemic and resulting store closures.
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