Ratings agency S&P Global has upgraded to ‘B+’ with a stable outlook the rating of Tendam Brands, one of Europe’s leading fashion retailers operating in the specialised chain segment through the Cortefiel, Pedro del Hierro, Springfield, Women’secret and Fifty brands.

S&P Global bases its recommendation on the fact that Tendam demonstrated positive progression of its like-for-like operating performance in the last financial year, generating solid free operating cash flows (FOCF) and buying back a substantial amount of its debt.

Its credit metrics have improved, leading S&P to upgrade the rating for Tendam’s senior secured notes from B to B+ and the rating for the super senior revolving credit facility (RCF) from ‘BB-‘ to ‘BB’.