Apollo-Backed Michaels Wins S&P Ratings Lift After Cutting Debt
S&P Global upgraded the credit rating of Michaels Cos. from B- to B. The upgrade follows the retailer's recent sales growth and debt reduction efforts.
Michaels Cos., the arts-and-crafts retailer owned by Apollo Global Management Inc., received a credit upgrade on Monday from S&P Global. The ratings firm raised Michaels to B from B-, citing recent sales growth and debt paydowns.
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