Moody's lifts Michaels

Moody's Investors Service said it upgraded Michaels Stores, Inc.'s corporate family and probability of default ratings to B3 from Caa1.

The agency said that the company's speculative-grade liquidity rating of SGL-2 was affirmed.

The outlook remains stable.

The upgrade in the company's ratings reflects recent improvement in operating performance resulting from higher comparable store sales and operating margin expansion and Moody's expectations this improved performance can be sustained, the agency added.

The stable outlook reflects expectations that the company will maintain current performance, Moody's said. While leverage remains high for the current rating, the agency said it expects the company will continue to moderately deleverage over the near to intermediate term.

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