Who are we?
Investors & financial institutions
- Independent credit research
  - High Yield credit research
  - Index sponsor
- ESG Solutions
- Consulting
- Our services for Investors & financial institutions
  - EthiFinance is an independent European rating, research and advisory company, operating in both the financial and non-financial fields. The Group offers a full range of services to Investors and Financial institutions through its four complementary business units. Its solutions address all financial players: institutional investors, asset managers, banks, insurance companies, etc.
Corporates & organisations
- ESG solutions
- Consulting
- Practices
  - Taxonomy
  - Biodiversity analysis
- Our services for corporates & organisations
  - EthiFinance is an independent European rating, research and advisory company, operating in both the financial and non-financial fields. The Group offers a full range of services to Corporates and Organisations through its three complementary business units. Its solutions address both companies and local governments.
Credit rating agency
- About ratings
- Product & services
- Regulatory
- Notifications & events
  
  Notifications
  
  Publications
  
  News
  Login
Insights
News
|
- FR
- ES
Language
- - |
    
    French
  - |
    
    Spanish

CORPORACIÓN FINANCIERA AZUAGA SL

Type of ratings:

Rating value: BBB

Outlook: Stable

License: EthiFinance Ratings

Solicited

EthiFinance Ratings assigns a "BBB" rating with a Stable outlook for the first time to Corporación Financiera Azuaga, S.L. (CFA). CFA is a Spanish financial group of family origin established in 2020. It comprises subsidiaries specializing in financial services and serves as an investment platform with a long-term focus on business projects from various sectors that share a clear sustainable component and innovative character. CFA primarily operates in the domestic market, with some international forays. CFA has achieved significant revenue growth, reaching € 43.1m in 2022 (€ 22.3m in 2021) and a strong generation of results with high EBITDA margins (76.3% in 2022). The group shows a negative NFD/EBITDA ratio in 2022, reaching its lowest levels at the end of the first half of 2023, in addition to a high interest coverage with its FFO (93.3x in 2022) and a consolidated LTV (Loan-to-Value) ratio that remains appropriate (<20%).

Ratings

Rating action: New

Action date: 2023-09-15

Date last rating: 2023-09-15

Date first rating: 2023-09-15

Documents

Executive summary:

Methodology

Corporate Rating Methodology - Investment Holding

Return to the rating page