Ratings

What is a rating?

Rating agencies independently assess the credit quality of issuers, that is, their ability to honor their financial debts in the more or less near future. A wide spectrum of issuers can use ratings: companies, states, funds, communities, etc.

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Methodologies

Main methodologies

Comments related to the commercial real estate transactions rating methodology

Methodologies appendices

Requests for comments

EthiFinance Ratings (registered trademark by Qivalio SAS) is launching a request for comments for its Corporate Ratings, Short Term Ratings and Instrument Ratings methodologies, and is inviting companies, investors and other stakeholders to submit their comments and suggestions.

The Request for Comments period is starting on 1 st of July and is expected to last until mid-August. Unless specified otherwise, these comments will be considered as public. During that period, we will also reach out to rated issuers to explain the new methodologies and obtain feedback. Comments should be submitted at the following email address: rfc@ethifinance.com.
The final version is expected to be published and implemented in Q4 2022.

The proposed corporate methodology incorporates changes in the analytical factors and their respective weights. We develop further the approach to non-financial (ESG) risk factors and their impact on the credit quality of a rated entity. Also, we present further refinements and clarifications in order to provide additional transparency and clarity. Finally, a reviewed liquidity analysis process led to adjustments in the short-term rating methodology.

We anticipate that the vast majority of credit ratings will remain unchanged and for those ratings that could be impacted, the change would be limited to one notch with a slight positive bias. Estimates have been realised with a standard economic scenario that is not considering a recession in the coming 24 months. A more conservative scenario could lead to a more neutral effect on current ratings.

List of ratings (France)

Delivery Hero SE

Just Eat Takeaway.com N.V

Outokumpu

Outokumpu

Cellnex telecom

Cellnex telecom

Voltalia

Falck Renewables SpA

Financière Agache

Financière Agache

Groupe SEB

Groupe SEB

Zalando

GN Store Nord

GN Store Nord

Symrise

ANDRITZ

Bureau Veritas

Bureau Veritas

Lagardère

Lagardère

Fugro

Galp Energia

Brenntag

Prosieben

Air France - Klm

Korian

Korian

Orpea

Plastic Omnium

Plastic Omnium

Ipsos

PUMA

LDC

Ferrari

Kemira

Kemira

Sgl Carbon

Quadient

Quadient

Bekaert

L'Oréal

L'Oréal

KONE Corporation

KONE Corporation

Schindler Group

Sacyr

RTL Group

Mowi (Marine Harvest)

Nexity

Nexity

Kloeckner & CO

Pirelli

Michelin

Michelin

Safran

Safran

adidas

Valeo

Valeo

Prysmian

Neoen SA

Iliad

Iliad

Maisons Du Monde

List of ratings (Spain)

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