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-

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