3A DEI F.LLI ANTONINI S.P.A. Corporate Credit Rating (First Issuance)

Press release 29 March 2021

New rating for 3A DEI F.LLI ANTONINI S.P.A.

modefinance published the Solicited Corporate Credit Rating of 3A DEI F.LLI ANTONINI S.P.A. on its CRA website, and the rating assigned to the entity is B1- (first issuance).

The analysis revealed an adequate company, with average capability of repaying financial obligations and little affected by the adverse economic scenario.

3A DEI F.LLI ANTONINI S.P.A. is a company founded in 1982 that operates as full-service provider for the conveyance of footwear articles, sports clothing and accessories. The Company operates as a reseller and distributor of major sports brands, operating mainly on behalf of customers such as footwear and clothing stores.

Key Rating Assumption

The Company was founded in 1982 as a clothing retailer, becoming over time a full-service provider on behalf of major sport brands and boasting nowadays a considerable experience within the reference sector. The Company operates almost exclusively on the Italian market and has a sufficient economic-financial condition, with adequate and growing profitability values but high financial indebtedness.

The cash flow analysis highlights the growth phase of the company with an increase in investments and financing, although operational activities have undergone a drain of liquidity by the elements of working capital and need to be improved. The analysis of the Central Credit Register of the Bank of Italy does not reveal any critical issues. It should be noted that the Company has managed to contain the negative effects of Covid-19 and to maintain the financial balance that preserves the business continuity.

In terms of governance, the Company is controlled by two shareholders, both members of the Antonini family, who also manage it within the board of directors. The Company has a collegial board of control and does not control any subsidiary.

From the comparison with the reference peer group it emerges that the Company is one of the largest in terms of turnover, with sufficient profitability values but an improvable solvency condition. The peer group shows an overall sufficient health status with an improvement in solvency and liquidity over time. The profitability of the sector, on the other hand, has slightly decreased, although the main indicators are still more than sufficient.

From a macroeconomic point of view, the global current and short-term future economic condition appear critical and, in any case, an ecomonic growth without lasting government stability does not appear to be predictable. The ongoing health crisis will inevitably impact the Italian and European economy throughout 2021.

Sensitivity Analysis

In the following table, the addressing factors, actions or events that could lead to an upgrade or a downgrade are summarized:


The present Corporate Credit rating is issued by modefinance under EU Regulation N. 1060/2009 and following amendments.

The present rating is solicited, and based on both private and public information. The rated entity and/or related third parties have provided all private information used. modefinance had access to some accounts and other relevant internal documents of the rated entity and/or related third parties. Solicited and unsolicited ratings issued by modefinance are of comparable quality, as the solicitation status has no effect on methodologies used. More comprehensive information on modefinance Corporate Credit Ratings are available here.

The present Corporate Credit Rating is issued on MORE Methodology 2.0 and Rating Methodology 1.0. A comprehensive description of both methodologies, as well as information on modefinance Rating Scale and Mappings, is available here. For information on historical default rates of modefinance Corporate Credit Ratings please refer to ESMA Central Repository and ESMA European Rating Platform.

modefinance refers to default as a company under bankruptcy, or under liquidation status, or under administration or for which missed payments on a financial obligation are officially recorded.

The quality of the information available on the rated entity and used to determine the present rating was judged by modefinance as satisfactory. Please note that modefinance does not perform any audit activity and is not in a position to guarantee the accuracy of any information used and/or reported in the present document. As such, modefinance can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect.

The present credit rating was notified to the rated entity in order to identify potential factual errors, as prescribed by the CRA Regulation.

No amendments were applied after the notification process.

The rated entity is not a buyer of ancillary services provided by modefinance.

The rating action issued by modefinance was performed independently. The analysts, members of the rating team involved in the process, modefinance Srl and its members and shareholders do not have any conflicts of interest in relation to the Rated Entity and/or Related Third Parties. If in the future a potential conflict of interest is identified in relation to the persons reported above, modefinance Ratings will provide the appropriate information and if necessary the rating will be withdrawn.

The present Credit Rating is an opinion of the general creditworthiness that modefinance issues on the rated entity, and should be relied upon to a limited degree. The issued rating is subject to an ongoing monitoring until withdrawal.


Head Analyst – Andrea Marion (Rating Analyst)
+39 040 3756740

Assistant Analyst – Fabio Politelli (Rating Analyst)
+39 040 3756740

Responsible for Rating Approval – Pinar Dilek
+39 040 3756740