S&P ups Jo-Ann Stores

S&P said it upgraded Jo-Ann Stores LLC to CCC from SD. The agency downgraded Jo-Ann to SD repurchased more than $200 million in principal of loans at about 50% below par.

The upgrade reflects the risk of a conventional default, S&P said.

“The ratings on the 2023 first-lien term loan and 2024 second-lien term loan remain D as we believe the company will likely execute additional below-par debt repurchases,” the agency said in a press release.

The outlook is negative.

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