Credit-ratings agency Standard & Poor's Ratings Services on Thursday revised its debt ratings outlook on apparel retailer Jo-Ann Stores Inc. to stable from negative.
S&P also affirmed all ratings, including the corporate rating of "B-," a junk-bond rating six notches below investment grade.
"The change in outlook reflects the company's improved operating performance and debt reduction, primarily as a result of the new management team's increased focus on merchandising and inventory management," said Standard & Poor's Credit Analyst Charles Pinson-Rose in a statement.
Shares rose 85 cents, or 3.1 percent, to $28.09 during midday trading.
