Corporate Credit Rating for 3A DEI F.LLI ANTONINI S.P.A.: B1- (Upgrade)

Press release 14 July 2022

Solicited Corporate Credit Rating for 3A DEI F.LLI ANTONINI S.P.A.: B1- (Upgrade)

modefinance published the Solicited Corporate Credit Rating of 3A DEI F.LLI ANTONINI S.P.A. on the CRA website and the rating assigned to the entity is B1- (Upgrade). The analysis revealed it is an adequate company with average capability of repaying financial obligations and it is little affected by adverse economic scenarios.

3A DEI F.LLI ANTONINI S.P.A. is a company established in 1982 that operates as a 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, focusing mainly on behalf of customers such as footwear and clothing stores.

Key Rating Assumptions

The company was established in 1982 as an apparel retailer. To date, the value of production has increased by 32 million euros compared to 2020, registering an increase of 75%. This is due to the increase in turnover in the Distribution segment itself, thanks to the signing of a new distribution mandate for two international brands for the Underwear and Accessories segment on small value account customers. 

Retail sales, in 2021 , were up sharply compared to the previous year, although the attention to the events in Ukraine and the consequent repercussion on the markets remains high. 

From a financial point of view, the company is in a sufficient state of health overall, characterized by a solvency that, as at 31.12.2021, was not entirely sufficient but still sustainable. Liquidity remains positive thanks to an appreciable monetary cycle, and profitability shows strong expansion, leading to good values and indicative of a correct performance. The analysis of cash flow shows an increasing amount of liquid assets, thanks to the contributions from credit institutions, but a negative and continuous absorption by working capital, which shows an incorrect operational management. 

As far as governance is concerned, the company is controlled by two shareholders, both natural persons to be traced back to the ANTONINI family, who administer it within its board of directors. The company does not control any other companies and has a board of statutory auditors and an external auditing company. 

The company achieves a very high ranking in terms of size, being one of the largest companies in terms of turnover. Solvency ranks perfectly in the middle of the reference sample and is considered adequate. Finally, profitability reports a strongly improved positioning compared to the previous year, with indicators such as ROE and ROI that could be considered more than adequate. 

The sector appears to be in a generally sufficient state of health over the reference period, with a growth in profitability. From the point of view of the reference sector and market trends, Italy, home to some of the world's best-known brands, represents a strong clothing and fashion market. These sectors appear to be the hardest hit and are expected to return to the 2019 level only in 2023 - 2024. Sales through online channels will be the fastest growing, representing 9.4% of total retail sales by 2026

Finally, the macroeconomic picture for Italy shows that the recovery in 2021 has overall, been in line with forecasts, with sustained economic growth that could be confirmed in the coming years. However, recent geopolitical tensions undermine the forecasts, especially about maintaining adequate economic growth, with domestic consumption likely to be affected by rising inflation. The 2022 macroeconomic forecast data are therefore likely to be revised downwards.

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 (credit risk software). 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 – Stefania Latin (Rating Analyst)

Assistant Analyst – Stefano Chirsich (Rating Analyst)

Responsible for Rating Approval – Pinar Dilek