S&P Global Ratings downgraded its long- and short-term ratings on Adidas AG on Tuesday to A+/A-1 from A-/A-2, citing deteriorating credit metrics in the wave...
S&P Global Ratings downgraded its long- and short-term ratings on Adidas AG XE:ADS DE:ADS1 ADDYY on Tuesday to A+/A-1 from A-/A-2, citing deteriorating credit metrics in the wave of the termination of its partnership with Kanye West’s Yeezy. The outlook is negative, meaning the credit agency may downgrade again in the medium term. The Yeezy deal accounted for about 5% of total sales in 2021 and was planned to account for 7% in 2022, the agency said in a statement.
The outlook is negative, meaning the credit agency may downgrade again in the medium term. The Yeezy deal accounted for about 5% of total sales in 2021 and was planned to account for 7% in 2022, the agency said in a statement. Adidas is also facing competitive pressures in the key Chinese market, which accounted for 15.5% of total sales in the nine months through Sept. 30, as well as shrinking consumer demand in Western countries.
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