Moody’s upgrades Tendam Brands’ rating to “B1”, with a stable outlook

26 / June / 2019

Moody’s upgrades Tendam Brands’ rating to “B1”, with a stable outlook

26 / June / 2019

Ratings agency Moody’s has upgraded the corporate family rating (CFR) of Tendam Brands – one of Europe’s leading fashion retailers operating in the specialised chain segment– to B1 from B2 and its probability of default rating (PDR) to B1-PD from B2-PD, with a stable outlook.

According to Moody’s, the rating upgrade reflects the strengthening of the company’s key credit metrics, the track record of successful execution of the business plan by the management team and the commitment to continue using its healthy free cash flow generation to reduce leverage further.

Moody’s details in its report that Tendam’s B1 ratings reflect: (1) the strengthening of the company’s key credit metrics over the last two years; (2) its strong brand awareness and differentiated market position in the Spanish apparel market; (3) above peers profitability underpinned by an efficient supply chain and a successful omnichannel distribution model; and (4) solid free cash flow generation and deleveraging prospects.

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