Corporate Credit Rating for ETC INVEST S.P.A.: B1+ (First Issuance)

Press release 4 September 2019

modefinance Corporate Credit Rating (Solicited) for ETC INVEST SPA: B1+ (First Issuance)

modefinance published on its CRA website the Corporate Credit Rating (Solicited) of ETC INVEST S.P.A. and the rating assigned to the entity is B1+ (First Issuance). 

It is a average company with average capability of repaying financial obligations.

Key Rating Assumptions

modefinance’s rating is based on the following key elements:

  • The economic and financial condition of the Company can be considered sufficient. It is in a strong expansion phase and today it has good solvency conditions, an adequate financial structure and positive operating margins, although profitability represents the area in which the company can improve the most;
  • The strong growth and the corporate operations in progress bias the cash flows analysis, which in any case does not highlight critical issues;
  • Bank debt is sustainable and the central credit register does not report any problem;
  • ETC Invest S.p.A. is directly controlled by two founding members, who also hold positions in the board of directors. From 2012 onwards the company began a process of internationalization, changing its legal form into a joint stock company with internal and external control bodies. The company has also a public participation, being owned by Finest S.p.A., which is directly controlled by the Friuli Venezia Giulia Region;
  • The company was established in 2016, but its operational activity began in 2012. The business is niche and highly specialized. The partners and directors of the company in this regard have previous experience in the field of major international trade and can rely on a precious network of experts, collaborators and professionals in the countries where it operates;
  • Despite the discrepancy between the NACE code and the actual activity carried out by the Company, the performance can be considered sufficient at present;
  • The company carries out a high-value-added activity thanks to its technical skills, its network and its knowledge in the territories in which it operates. African countries show interesting growth rates with high potential for all national and international operators.


The present Corporate Credit rating is issued by modefinance under EU Regulation 1060/2009 and following amendments and is based on both private and public information. The rated entity and/or related third parties have provided all private information used. modefinance had access to some accounts and other relevant internal documents of the rated entity and/or related third parties. Solicited and unsolicited ratings issued by modefinance are of comparable quality, as the solicitation status has no effect on methodologies used. More comprehensive information on modefinance Corporate Credit Ratings are available here.

The present Corporate Credit Rating is issued on MORE Methodology 2.0 and Rating Methodology 1.0. A comprehensive description of both methodologies, as well as information on modefinance Rating Scale and Mappings, is available here.

For information on historical default rates of modefinance Corporate Credit Ratings please refer to ESMA Central Repository and ESMA European Rating Platform.

The quality of the information available on the rated entity and used to determine the present rating was judged by modefinance as satisfactory. Please note that modefinance does not perform any audit activity and is not in a position to guarantee the accuracy of that information of any information used and/or reported in the present document. As such, modefinance can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect. The present credit rating was notified to the rated entity in order to identify potential factual errors, as prescribed by the CRA Regulation.

The rated entity is a buyer of ancillary services provided by modefinance (credit risk software). modefinance ensures that such situation does not imply a conflict of interest in the issuance of the present credit rating.

The rating action issued by modefinance was performed independently. The analysts, members of the rating team involved in the process, modefinance Srl and its members and shareholders do not have any conflicts of interest in relation to the Rated Entity and/or Related Third Parties. If in the future a potential conflict of interest is identified in relation to the persons reported above, modefinance Ratings will provide the appropriate information and if necessary the rating will be withdrawn.

The present Credit Rating is an opinion of the general creditworthiness that modefinance issues on the rated entity, and should be relied upon to a limited degree. The issued rating is subject to an ongoing monitoring until withdrawal.


Fabio Politelli – Head Analyst
+39 040 3756740

Andrea Marion – Assistant Analyst
+39 040 3756740

Pinar Dilek – Responsible for Rating Approval
+39 040 3756740