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

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.

To respect copyright, we link to the source rather than republishing the full text. Read the complete article on Bloomberg.