France-based sport apparel retailer Decathlon SA's operating performance for 2020 was stronger than we expected thanks to strong cost management and cash preservation measures. We see encouraging signs of a recovery in the company's main regions of operation as lockdowns ease and nonessential shops reopen. These positive signs, combined with Decathlon's plans to continue managing working capital, should lead to a pickup in its operating results and credit metrics in 2021 and 2022. We therefore affirmed our 'A-2' short-term issuer credit rating on the company. Decathlon is one of the largest athletic footwear, apparel, and sports equipment retailers globally, with a 3.7% market share worldwide and a 17% market share in the French sports apparel market. It has leading positions
