OREANDA-NEWS. National Rating Agency has withdrawn its credit rating on CentrObuv Trade House JSC (CentrObuv) due to the lack of information needed for NRA’s rating methodology application in conformity with Clause 5, Article 12 of Federal Law No.222-FZ 'On the Activities of Credit Rating Agencies in the Russian Federation'. The absence of necessary informatin makes it impossible for NRA to assign an exit rating to CentrObuv. The company’s first-time ‘AA-’ credit rating (falling into the “Enterprises” section of NRA’s rating list) was assigned on May 29, 2013. The rating was downgraded to 'BBB+' on the national scaleand placed on NRA's Watchlist with indefinite implications on Nov. 23, 2015. The downgrade by more than one notch reflected the company's failure to provide requested information about its financial and operating performance needed for NRA surveillance purposes, as well as the reports of arbitration disputes involving the company and of a creditor’s decision to initiate bankruptcy proceedings in respect of CentrObuv.

The downgrade by more than one notch reflects the absence of any official response to NRA’s information requests by the company’s executives and, therefore, CentrObuv’s failure to provide requested financial and operating performance information needed for NRA’s surveillance purposes, as well as the reports of arbitration disputes involving the company and of a creditor’s decision to initiate bankruptcy proceedings in respect of CentrObuv.

CentrObuv is part of Centrofashion Corp (founded in 1992) and acts as the group's profit center. Currently, the group is a leading footwear retailer in Russia, using complementary brands (the group member companies operate family footwear 'CentrObuv'shops sand 'Centro' fast-fashion shops for juniors. In early January 2015, the group outperformed competitors several times by the size of retail network (the group's network included 1,297 outlets in 438 owns and cities of Russia, Ukraine, Poland and Baltic states. The group's 2014 consolidated revenue totaled around US$ 1.3 billion.

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