EthiFinance

EthiFinance: Empowering Sustainable Finance. We are thrilled to announce that EthiFinance has officially notified the European Securities and Markets Authority (ESMA) pursuant to Articles 69 and 70 of the European Green Bond Regulation. This milestone enables us to provide services as EU Green Bond External Reviewers during the transitional period. The European Green Bond Standard (EU GBS) is a voluntary framework designed to enhance the transparency and credibility of green bonds. It aims to support the transition to a sustainable economy by ensuring that funds raised are allocated to projects that align with the EU taxonomy for environmentally sustainable activities. At EthiFinance, we are committed to fostering sustainable finance and contributing to the EU's climate goals. Our role as an EU Green Bond External Reviewer will involve rigorous assessment and verification of EU Green Bond issuances, ensuring they meet the highest standards of environmental integrity. Connect with our team to support your sustainable finance initiatives. Julia Haake, Jill Kuo, Lotta Marchal, CFA, Maria Cristina Romero Download our methodology - https://lnkd.in/dMMcasxe #EthiFinance #SustainableFinance #EUGreenBondStandard #ESMA #EU

Our Spread Research’s analysts have just published their European Corporate credit High Yield - Prospects and recommendations for 2025. Good technicals and resilient credit metrics to drive strong returns in 2025:  • “Stronger spread tightening than expected for 2024 2024 has been a good year for the European corporate High Yield market, despite evident caution among market participants at the start given the strong recovery of the market in 2023. We were positive regarding the asset class going into 2024.Overall, Euro HY bonds have generated a total return of +8.6%“.  • “We expect the market to deliver a strong total return of 8.3-8.8% in 2025 amid still positive technical While spreads are at or close to their historically tight levels, we view the current yield of the asset class as attractive enough”.  • “We expect investors to price the Euro HY market based on yields, not on spreads. We expect BBs to generate a total return of 9-9.5% in 2025. We see Single Bs generating a comparable total return, with yields probably landing at 5.3-5.5% at end-2025 on the back of 50-80bps spread compression”.   To get access to the full report, including sector by sector and name by name views, please visit https://lnkd.in/gQTqZrpZ  • Benjamin Sabahi - Head of Credit Research - Chemicals / Debt Collectors / Oil & Gas  • Rémi Ramadou, CFA - Deputy Head of Credit Research - Automotive / Travel & Leisure  • Adrien Laheu CIIA - Senior High Yield Credit Analyst – Telecoms Cable&Media  • Andrea Oelsner - Senior High Yield Credit Analyst - Real Estate & Construction / Capital Goods  • Nicholas Campello - Senior High Yield Credit Analyst - Paper & Packaging, ESG Specialist  • Francois Guyot, CFA - High Yield Credit Analyst - Services / Retail / Consumer Goods  • Damien Bigdon - Junior High Yield Credit Analyst - Gaming / Technology / eRetail  • Paolo Massa - Junior High Yield Credit Analyst Healthcare  • Jérémy TONIETTA - Quantitative Analyst #EthiFinance #SpreadResearch #European #Credit #HighYield

2025 is just around the corner, and EthiFinance is more committed than ever to the well-being of its teams! As we shape our vision for the year ahead, we believe that to become a European leader in sustainable finance solutions, we must create a work environment where our employees can thrive, both personally and professionally. Through our partnership with Lily Facilite la Vie, a platform dedicated to enhancing employees’ mental health and overall quality of life, we’re stepping up to ensure well-being is at the heart of everything we do: • Tailored support through access to specialised advisors and resources, helping our teams address both personal and professional challenges with confidence • Leadership workshops empowering our managers with tools to lead with empathy and confidently address multicultural challenges • Enhanced monitoring tools to continuously track and improve well-being In 2025, we’re not just focusing on performance – we’re building a future where well-being drives success! #EthiFinance #SustainableFinance #2025Goals #EmployeeSupport #LilyFaciliteLaVie

As the year comes to a close, EthiFinance wishes you happy holidays and a sustainable 2025! ❄️ This season, we want to take a moment to reflect and express our gratitude for your trust, collaboration, and shared commitment to driving positive change. Every year, as part of our end-of-year tradition, EthiFinance supports initiatives that align with our commitment to sustainability and positive impact. This year, we have chosen to support Cruz Roja Española (Spanish Red Cross). Thousands of volunteers are providing vital assistance to communities in southeastern Spain affected by the recent devastating floods – a stark reminder of the challenges we face as we address the impact of climate change. Together, we remain committed to addressing these challenges and contributing to a more sustainable and resilient world. Wishing you and your loved ones a joyful holiday season and a bright start to 2025! ❄️ #ClimateAction #ESG #EthiFinance #Sustainability #SustainableFinance

European High Yield Conference by #SpreadResearch. SpreadResearch by EthiFinance is delighted to invite you to our European High Yield Conference, a key event to explore the latest trends and outlook in this dynamic market. During the event, our analysts will present their 2025 market outlook, following the much-anticipated release of our Outlook 2025 (available on the SpreadResearch Platform). Our speakers will answer your questions, covering key market trends and the High Yield issuers we actively monitor : • Benjamin Sabahi - Head of Credit Research - Chemicals / Debt Collectors / Oil & Gas • Rémi Ramadou, CFA - Deputy Head of Credit Research - Automotive / Travel & Leisure • Adrien Laheu, CIIA - Senior High Yield Credit Analyst - Telecommunication • Andrea Oelsner - Senior High Yield Credit Analyst - Real Estate & Construction / Capital Goods  • Nicholas Campello - Senior High Yield Credit Analyst - Paper & Packaging, ESG Specialist • Francois Guyot, CFA, CFA - High Yield Credit Analyst - Services / Retail / Consumer Goods • Damien Bigdon - High Yield Credit Analyst - Gaming / Technology / eRetail Register now - https://lnkd.in/ey9KAe8H • January 21, 2025, from 8:45 AM to 11:30 AM • Hôtel Napoléon, 40 avenue de Friedland, 75008 Paris • Presentation language: French Thank you Manon Richard and Mathieu Vernay for organising this not-to-be-missed High Yield event in Paris. #EthiFinance #SpreadResearch #HighYield #Conference #Paris

EthiFinance is delighted to have participated as a rating agency in this innovative transaction in which the credit rights derived from the supply of electricity or gas from contracts formalized by Enérgya-VM and insured by Coface are securitized. Congratulations to all the entities that worked to make it a reality: @BME | Bolsas y Mercados Españoles, Beka Finance, Garrigues and Cecabank. Read the press release - https://lnkd.in/ecmA2Stu #EthiFinance #Credit #Rating #Agency

The EU’s new ESG Rating Regulation: A milestone for the industry! The EU’s new ESG Rating Regulation was adopted yesterday. Effective July 2026, it is set to transform the industry by promoting independence and transparency. At EthiFinance, we see this as an opportunity to strengthen the ESG ecosystem – not just as a compliance exercise. We are excited to grow our ESG rating business around the two key pillars of the regulation: 🏛️ Independence through governance 🏛️ Transparency through robust processes and methodologies While it promises significant benefits – such as catalysing a dynamic ESG rating market, empowering players of all sizes, and strengthening fair competition – we advocate for a balanced approach: fostering innovation and ensuring proportionality to promote broad-based competition. At EthiFinance, we are prepared and well-positioned to seize the opportunities offered by the regulation: ✔️ Proven expertise: As an ESMA-regulated credit rating agency, we already adhere to rigorous governance and compliance frameworks. 💼 Strategic investments: We have proactively invested in compliance, cybersecurity, and specialised talent. Why it matters Under this regulation, ESG rating agencies in the EU will be authorised and supervised by the European Securities and Markets Authority (ESMA) to ensure integrity, independence, and transparency. We believe this will drive innovation, fair competition, and sustainable growth in the market. EthiFinance is ready for this transformation. Are you? Let’s shape the future of ESG ratings together! The regulation can be downloaded on the European Official Journal website: https://lnkd.in/eiAJXWCM

Teamwork, strategy and a bit of Madrid magic. Last week, the EthiFinance Credit Rating Agency (CRA) gathered in beautiful Madrid for a memorable offsite and strategic meeting. We were thrilled to bring together colleagues from across our offices in Granada, Lyon, Paris, Madrid and other geographies. It was an incredible mix of productive discussions, team building, and enjoying all that this vibrant city has to offer. Here’s a glimpse into our time together: • Morning runs to start the day with energy and clear minds. • Walking tours and visits to emblematic landmarks through the streets of Madrid, exploring its rich history and culture. Reminding us of the beauty of collaboration and legacy. • A wonderful team lunch, where connections were strengthened and ideas flowed freely. This offsite wasn’t just about aligning on our strategic goals for the year ahead—it was about fostering relationships and creating a shared vision for the future. Here’s to the power of collaboration, shared experiences, and the drive to make a positive impact as we are Committed to Sustainable Finance. Scroll through the photos to see our incredible team in action, capturing moments of collaboration, laughter, and shared inspiration! #EthiFinance #TeamBuilding #Leadership #ESG #CRA

ESG and corporate private debt: what are the issues, trends and solutions? Key insights. During our recent webinar, in collaboration with Kls, we explored the key shifts shaping the private debt market. Here are the main key takeaways: A market in transformation: • Transactions in France dropped by 34% in value in 2023 according to France Invest study 2024. • Private debt is increasingly directed towards infrastructure and energy transition projects. The rise of sustainability-linked loans: • Nearly 50% of transactions in 2023 included ESG-linked criteria, aligning financial performance with sustainability goals. • Only 41% of ESG indicators are defined at closing, leaving room for progress across the market according to France Invest study 2024. The growing demand for ESG data: • Reliable and structured ESG data is critical to meet regulatory requirements (SFDR, Taxonomy) and to design impactful financing mechanisms. Reinventing operational models: • Managing growing volumes of financial and non-financial data requires a reorganisation across the investment cycle. The importance of independent expertise: • As ESG continues to evolve, specialised expertise is essential to define relevant KPIs and verify performance trajectories. Integrating ESG into private debt is not just a challenge but a strategic opportunity to stay ahead of investor and regulatory expectations. Watch the replay (FR) : https://lnkd.in/g7U_Az5k Thanks to Bastien Guerrier, Cécile JOLY, Benjamin LEVAILLANT, Lucia Carrascosa #EthiFinance #ESG #Corporate #PrivateDebt #Market

Cash is king! Why cashflow generation should prevail over storytelling, especially for young companies. Opinion by Thomas Dilasser, Chief Rating Officer - Corporates & Project Finance at EthiFinance. In today’s financial markets, young companies often prioritize storytelling to attract investors, focusing on bold narratives instead of sustainable cashflow generation. With interest rates decreasing and financing opportunities growing, the temptation to overpromise is high—but this approach carries significant risks. Cashflow is the foundation of creditworthiness, yet many fast-growing businesses struggle to demonstrate consistent profitability. Credit analysts value recurring revenues, positive EBITDA, and stability over ambitious projections. Investors, too, are increasingly cautious, favoring sustainable metrics over hype. For CEOs, the message is clear: cashflow isn’t just a metric—it’s the key to unlocking financing and long-term growth. Discover why disciplined cashflow management is essential to navigate today’s financial landscape. Read the full opinion - https://lnkd.in/ec6Mca8m #EthiFinance #Ratings #Opinion #Credit #Analysis