Moody’s withdraws Tendam’s ratings at the textile company’s request

US credit rating agency Moody’s Ratings on Tuesday withdrew its ratings on Tendam Brands SAU at the request of the textile company, the agency said in a statement.

Specifically, prior to withdrawing the rating for the owner of Cortefiel and Pedro del Hierro, Moody’s had upgraded the company’s rating to “Ba3” with a “stable” outlook.

“We have decided to withdraw the ratings after reviewing the issuer’s request,” the credit rating agency explained.

Tendam entered a new era last July when Abu Dhabi holding company Multiply Group became its largest shareholder, during which it expects to record double-digit growth over the next five years and accelerate the internationalisation of its brands.

“We are starting a new era, opening an important new stage that allows us to develop a long-term agenda with stability, which is good for everyone and where we expect an acceleration in the growth model,” said Tendam’s chairman and CEO, Jaume Miquel, after officially closing the transaction with Multiply Group, a holding company that takes a long-term view of the business and is committed to remaining invested.

Thus, in the fashion group’s business plan for the next five years, which is still being defined, the company expects to record “double-digit” growth, although 2025 is shaping up to be a “transition year” with growth in line with recent years.

This marks a new phase for the group, in which it expects “exponential growth” of its brands, developing them through owned stores and internationally. In addition, Tendam’s CEO said the company is working on “an acquisitions agenda”, as well as investments in digital and artificial intelligence (AI).