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S&P upgrades Michaels
Standard & Poor's said it raised the corporate credit rating on Michaels Stores Inc. to B from B-.
All of the ratings remain on CreditWatch with positive implications.
The agency also said it raised the rating to BB- from B+ on the company's senior secured term loan B-1, B-2 and B-3 tranches. The recovery rating is unchanged at 1, which indicates 90% to 100% expected recovery in a default.
The agency also said it raised the rating to CCC+ from CCC on the company's $800 million 7¾% senior unsecured notes due 2018, $400 million 11 3/8% senior subordinated notes due 2016 and $250 million 13% subordinated discount notes due 2016. The recovery ratings are 6, indicating 0% to 10% expected recovery in a default.
The upgrades reflect the improvement in financial ratios following the company's performance in the important fourth quarter, given the seasonality of the company's business, S&P said.
The CreditWatch placement remains effective, given the pending initial public offering, the agency said.
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