Corporate Credit Rating 2021 for 3A DEI F.LLI ANTONINI S.P.A.

Press release 24 December 2021

Solicited Corporate Credit Rating 2021 for 3A DEI F.LLI ANTONINI S.P.A.: B2+ (Downgrade)

modefinance published the update of 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 B2+ (downgrade).

The analysis revealed it is an average company, with only enough capability of repaying financial obligations and it is 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 brands and boasting nowadays a considerable experience within the reference sector.

The Company operates almost exclusively on the Italian market and in 2020 managed to contain the negative effects of Covid-19, keeping a sufficient economic and financial situation, in line with the previous year.

Compared to 2019, the Company improves its liquidity, which was already adequate, but worsens both in terms of solvency – due to the increase in medium/long-term financial debt – and in terms of profitability, which recorded a decrease due to the economic situation linked to the pandemic crisis. Overall the Company demonstrates strong resilience.

The economic and financial situation of the company in the first 9 months of 2021 has significantly improved and the management expects to close 2021 with a revenue growth of over 60%, thanks to the recovery in orders and the distribution of two new brands.

In 2020, the cash flow from operations is largely negative, due to the lower self-financing and the huge resources absorbed by working capital. Unlike the previous year, the financing activity, although growing, fails to cover the operational and the investment activities, although the final liquidity shows an adequate value.

The analysis of the Central Credit Register of the Bank of Italy does not reveal any critical issues.

In terms of governance, the Company is controlled by two shareholders, both individuals attributable to the Antonini family, who also manage it from the board of directors. The Company does not control other companies and has a control body with collegial form and an external auditing firm.

The comparison with the reference peer group highlights that the Company is one of the largest in terms of turnover, with a sufficient profitability but a solvency to improve. At the sector level, the peer group demonstrates an overall sufficient health status with an improvement in solvency and liquidity over time. The profitability of the sector, on the other hand, is in decline, although the main indicators are still sufficient.

Clothing and footwear were among the retail segments most affected during the pandemic and despite the recent recovery, consumption will not return to pre-pandemic levels until 2023. From a macroeconomic point of view, the recovery in 2021 complied with forecasts, and the sustained economic growth should also be confirmed in the coming years.

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

Responsible for Rating Approval – Pinar Dilek
+39 040 3756740