Type of ratings:

Rating value: BBB

Outlook: Stable

License: EthiFinance Ratings


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%).


Rating action: New

Action date: 15/09/2023

Date last rating: 15/09/2023

Date first rating: 15/09/2023


Executive summary:
Executive summary:


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