Apollo-Backed Michaels Wins S&P Ratings Lift After Cutting Debt

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Arts-and-crafts retailer Michaels received a credit-rating upgrade from S&P Global after cutting debt. The agency raised its rating to B from B-, citing recent sales growth and debt paydowns; Michaels is owned by Apollo Global Management.

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.

Markets Deals Michaels credit rating debt reduction sales growth Apollo Global Management S&P Global

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