...+ Irving, Texas-based arts and crafts specialty retailer The Michaels Cos. Inc. faces extraordinarily challenging environment amid the COVID-19 outbreak. + We are downgrading Michaels to 'B' from 'B+'. + At the same time, we are lowering our issue-level rating on the company's term loan to 'B+' from '##-'. The '2' recovery rating is unchanged. We are also lowering our issue-level rating on the company's senior unsecured notes to '###+' from 'B-'. The '6' recovery rating is unchanged. + The negative outlook reflects the potential for a lower rating if Michaels underperforms our forecast because of prolonged social distancing norms or weaker-than-expected recovery. NEW YORK (S&P Global Ratings) March 25, 2020--S&P Global Ratings today took the rating actions listed above. We anticipate a significant impact to Michaels' operations as a result of the coronavirus pandemic. While the full impact of the outbreak is uncertain at this time, we expect revenues to be pressured throughout the year,...
