15.07.2016 20:50:00

Michaels Stores, Inc. -- Moody's upgrades Michaels Corporate Family Rating to Ba2; outlook stable

New York, July 15, 2016 -- Moody's Investors Service, ("Moody's") today upgraded Michaels Companies, Inc. ("Michaels") Corporate Family Rating to Ba2 from Ba3 and Probability of Default Rating to Ba2-PD from Ba3-PD. Concurrently, the rating on Michaels Stores, Inc.'s ("Michaels Stores") 5.875% subordinated notes due 2020 was upgraded to B1 from B2. The company's senior secured term loan due 2020 was affirmed at Ba2. Michaels' Speculative Grade Liquidity Rating was also affirmed at SGL-1. The rating outlook is stable.

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