Completing a periodic review of Adidas, the rating agency Moody’s confirms its A2 credit rating; which it assigned one year ago when the group obtained a €3 billion loan to prop up its liquidity during the coronavirus pandemic. Moody’s mentioned among the positive factors Adidas’ long track record, its leading position in the market and the brand’s strong recognition, supported by product innovation, marketing and sponsorships. On the other hand, it cites among the risks the negative impact of the pandemic, the fickle nature of apparel and footwear demand, its (future) reliance on a single brand and sizable fixed commitments for the payment of certain sponsorship fees.