New York, August 16, 2016 -- Moody's Investors Service (Moody's") today downgraded the Probability of Default rating for Claire's Stores, Inc. ("Claire's") to Ca-PD from Caa3-PD, and downgraded various debt instruments as outlined below. The Caa3 Corporate Family rating and negative outlook are unaffected. These actions are in reaction to the company's announcement on August 12, 2016 of an exchange offer. We expect to upgrade the PDR to Caa3-PD/LD upon the closing of the exchange offer.
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