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Committed to sustainable finance

Who we are - The EthiFinance Group

EthiFinance is an independent European rating, research and advisory group, fully committed to Sustainable Finance. Our group provides investors, banks, insurances, corporates and organisations of all sizes with impactful analysis and solutions to the challenges of financing as well as environmental and societal transformation. 

EthiFinance provides its services to a wide range of leading international clients under the brands EthiFinance (ESG assessments and credit ratings), Spread Research (independent credit research) and imug rating (ESG assessments).   

Our governance and shareholding structure matches our ambition to become the leading European financial and non-financial rating agency. 

EthiFinance is registered with the European Securities and Markets Authority (ESMA) and recognized by the European Insurance and Occupational Pensions Authority (EIOPA) and the European Banking Authority (EBA). 

What drives us

Our commitment to sustainability and ethical business practices is reflected in our name and relies on a collective as well as individual responsibility. Applied to the financial market, our mission reads as follows: Foster enlightened and responsible decision making for a more sustainable finance and economy.  

We believe that our actions matter. By contributing to the transparency and efficiency of credit and investment markets through our expert and independent opinions, we support a financial industry and an economy that serves the planet and society.   

Our work is guided by the principle of double materiality. Double materiality is a concept in which companies should consider how their actions affect people and the planet, but also how sustainability issues can affect their economic success. For EthiFinance, double materiality also means both impact materiality and financial materiality are already reflected in our methodologies.

History of EthiFinance

Created in 2017, the EthiFinance Group is the result of a merger between Spread Research and EthiFinance, French financial and nonfinancial rating agencies both founded in 2004. The objective was to create the leading financial and nonfinancial rating agency in Europe.  

In 2020, the family holding Andromède (the Hériard Dubreuil family) took a majority stake in the Group to amplify the development of the Group through all its businesses and to help it expand further and deepen its role as a significant European player. Pursuing this goal, the Group acquired amongst others Axesor Rating, a Spanish leader in credit rating in 2022, and imug rating, a German pioneer in sustainability research in 2023.  

Now present in five locations in France, Germany and Spain, EthiFinance provides investors, banks, insurance companies, companies and organizations of all sizes with high-impact analysis and solutions to the challenges of financing, environmental and social transformation.

EthiFinance acquired imug | rating, a German pioneer in sustainable research, a major step towards becoming a pan-European service provider of choice in sustainable finance.
Qivalio acquired Axesor Rating, the Spanish leader in credit rating, to form the EthiFinance group.
Qivalio acquired Advanced CMA, the French leader in credit risk analysis and modeling, which became EthiFinance Analytics.
The Andromède family holding company (the Hériard Dubreuil family) has acquired a majority stake in Qivalio in order to support the development of the group in all its activities and to help it expand and consolidate its role as a major European player.
Spread Research was renamed Qivalio, which also became the name of the rating agency and the name of the group consisting of the brands Spread Research, Qivalio Ratings (formerly Spread Ratings), EthiFinance (including Gaia Research).
Spread Research worked with a group of institutional investors to develop its project to provide integrated European corporate ratings. At the same time, Spread Research partnered with EthiFinance to create the first financial and non-financial rating agency for mid-cap and large companies in Europe.
Spread Research has been registered as a credit rating agency with the European Securities and Markets Authority (ESMA).
Spread Research was ranked in the top 5 independent research providers.
Creation of EthiFinance by Emmanuel de La Ville and Spread Research by Julien Rérolle.

Committed to Sustainable Finance

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