Credit Rating Agency

EthiFinance Ratings is a European credit rating agency, registered by ESMA since 2012. In 2022, EthiFinance SAS (formerly Qivalio) acquired Axesor Rating in Spain to create a European CRA. The french and spanish rating agencies were combined to create a full service rating agency that operates across Europe.
Our international team of analysts, spread across offices in Madrid, Paris, Granada and Lyon, is dedicated to the credit analysis of European corporates working with companies of all sizes (large cap to SMEs). The agency is also active rating other asset classes such as structured finance, project finance, financial institutions as well as sovereign and subsovereign ratings.
 
As a credit rating agency, we provide credit analysis – particularly ratings – to issuers (solicited ratings) and/or investors (unsolicited ratings).
 
Thanks to its public, specific methodologies, covering a large spectrum of asset classes, EthiFinance Ratings can provide ‘short-term’ or ‘long-term’ ratings to tap capital markets. As a strong advocate for sustainable finance, our credit analysis benefits from EthiFinance’s expertise in ESG. Our ratings incorporate ESG considerations and factor in their related impact on the creditworthiness of issuers.
Our 8-step rating process has been carefully designed to ensure transparent, efficient, customer-focused approach to credit analysis using transparent and tested methodologies.
 
Our extensive suite of credit products includes public ratings as well as private evaluations such as solvency reports, and proxy private rating. EthiFinance Ratings’ analysts can promptly evaluate the creditworthiness of issuers to meet a variety of needs:
  • Financing purposes: Issuers can use EthiFinance’s credit ratings to provide investors with independently assessed creditworthiness.
  • Investing purposes: Investors can benchmark their internal evaluation with an independent assessment of the credit risk of their exposure.
  • Regulatory purposes: Obtain a regulated opinion on the creditworthiness for regulatory purposes.
Ratings List
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Methodologies

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Rating Process

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Rating Scales
& Definitions

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EthiFinance Ratings - Committed to sustainable finance

Our rating process has been designed to be transparent, agile and customer-focused. We are dedicated to bridging the gap between issuers and investors through a comprehensive analysis of the creditworthiness of issuers, including ESG-related impacts.

Governance bodies membership EthiFinance Ratings SL 

Board of Directors

Director and Chairman of the Board
  • Élie Hériard-Dubreuil, Andromède CEO  Director
Directors
  • Carol Sirou, EthiFinance SAS CEO
  • Blaise Ganguin, SwissThink CEO, Former Head of Companies and Infrastructure rating at Standard & Poor’s
  • Myriam Fernández de Heredia
  • Olivier Delfour

Audit Committee

Member and Chairwoman
  • Myriam Fernández de Heredia
Members
  • Olivier Delfour
  • Carol Sirou, EthiFinance SAS CEO
  • Blaise Ganguin, SwissThink CEO, Former Head of Companies and Infrastructure rating at Standard & Poor’s

Contact Our Experts

Adolfo Estevez Beneyto
Managing Director
EthiFinance Ratings Spain

+34 661 503 388 adolfo.estevez@ethifinance.com
Bertrand Potier
Senior Vice President 
EthiFinance Ratings France  
 
+33 6 04 50 19 68  
bertrand.potier@ethifinance.com
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