The European credit rating agency and External Credit Assessment Institution (ECAI), Modefinance, has confirmed for the year 2025 the A3- (Affirm) corporate credit rating assigned to ETC Invest S.p.A (holding company of the ETC Export Trading Cooperation Group), thereby recognizing the company’s strong capacity to meet its financial obligations.
This reaffirmation highlights the soundness of ETC’s financial structure and the relevance of its strategy, focused on trade finance and investment project funding in Africa.
This new rating comes amid a contrasted global and African economic context. Africa’s growth remains among the most dynamic in the world, driven by services, infrastructure, and natural resources sectors. However, companies still face pressure on profitability, persistent inflation in some countries, and regional political instability that complicates cross-border operations.
In this demanding landscape, the confirmation of the A3- rating reflects ETC’s resilience and its ability to create sustainable value for its partners.
ETC is a non-banking financial institution specializing in trade finance and supply chain support for exchanges with Sub-Saharan Africa. A member of SWIFT under the code ETCGIT2T, ETC provides guarantee instruments such as Standby Letters of Credit (SBLC) compliant with the International Chamber of Commerce (ICC) rules.
The company acts as a strategic bridge between Europe and Africa, assisting banks, financial institutions, and industrial groups in structuring and securing their investment and procurement operations.
In addition to this European public rating, the institution also holds a long-term AA and short-term A1 rating issued by Bloomfield Investment Corporation, valid across the AMF-UMOA zone and other African markets.
Modefinance’s analysis highlights a sound financial situation, characterized by solid solvency and a balanced liquidity level. The company’s turnover shows steady growth, while governance was strengthened in April 2024 with a transition to a single-tier management system, aligned with international best practices.
ETC is also audited by an external auditor, and its capital is controlled by Monte Paschi Fiduciaria S.p.A, a subsidiary of the Italian banking group Monte dei Paschi di Siena, whose major shareholder is the Italian State.
Compared to its European and African peers, ETC holds a favorable position in terms of size and solvency, though its profitability remains below the sector median. Nonetheless, Modefinance points out that ETC’s unique business model—focused on guaranteeing, structuring, and securing African trade finance—has no strict equivalent within the NACE code standards, giving the company a distinctive and strategic profile.
In summary, the confirmation of the A3- (Affirm) rating by Modefinance represents a strong acknowledgment of ETC’s financial reliability and its capacity to sustainably support economic exchanges between Europe and Africa.
In an environment where stability and transparency have become key trust factors, ETC Invest S.p.A continues to establish itself as a reference player, combining financial discipline, strategic vision, and a positive impact on Africa’s development.
About Modefinance
ModeFinance S.r.l. is an External Credit Assessment Institution (ECAI) registered with the European Securities and Markets Authority (ESMA), in compliance with Regulation (EU) No. 1060/2009.
As a recognized European rating agency, its ratings are integrated into the official EU Credit Quality Step Mapping system, meaning that Modefinance’s ratings—including the one assigned to ETC—enjoy the same prudential recognition as those issued by the Big Three and other ESMA-registered agencies.
To ensure rigorous and transparent assessments, Modefinance applies two complementary methodologies:
- MORE, an advanced quantitative model tested internationally, and
- RATING, an approach integrating expert analysis and continuous monitoring by specialized teams.
Relying on strict regulation, proprietary analytical tools, and methodological independence, Modefinance provides a financial evaluation framework aligned with European standards, as applied to ETC Invest S.p.A.
