Alternative & Sustainable


Who we are

Qivalio is a European rating, research and advisory group providing innovative services in the field of sustainable finance.
The Group provides services to help investors, companies and organisations to meet their financing needs as well as their rising environmental and social challenges.


More precisely, Qivalio provides to all corporates’ stakeholders (in particular investors) high quality financial and ESG information pertaining to these corporates. This data is rigorously and fundamentally analysed so as to enable a meaningful assessement of their contribution to a sustainable growth.
Launched in 2017, Qivalio is a merger between Spread Research and EthiFinance, two French agencies respectively involved infinancial and ESG rating activities for the past 15 years.

A team of 40 people, located in Lyon and Paris, France
More than 100 clients across Europe, including small and mid cap enterprises, very large corporates as well as investors (asset managers and institutional investors) and municipalities
Qivalio provides its services to a wide range of leading international clients mainly under the brands Spread Research, Spread Ratings, EthiFinance and Gaïa Rating



An independent organization that combines
financial and extra-financial expertise

Spread Research Spread Rating Gaia Index Ethifinance

Offers & Services

Qivalio has been supporting asset owners and asset managers for the past 15 years with risk assessment of assets from both a financial and a non-financial standpoint.

Credit Research

  • Fundamental and relative value analysis

Expertise in credit research covering all segments of corporate debt (High Yield, Convertible bonds, Crossover, Private Placement, Unitranche)

  • Unsolicited Ratings

A wide coverage of European corporate issuers in the fixed income market rated on behalf of portfolio managers or credit risk departments.

  • Analytics

Our services can be distributed for analytic purposes with APIs processing our extended proprietary data on all HY and CB issuers from 2004.

  • Documents techniques



ESG rating agency for small & midcaps

We collect and score more than 100 datapoints annually for each of the 1,000 European companies under our coverage. Gaïa Rating specialises on small and midcap companies

ESG services for alternative assets

OneTrack is our platform for the collection and assessment of ESG data applied to complex asset classes such as private equity, private debt, and real estate.

Portfolio analysis & reporting

Experience in developing responsible investment strategies and integrating them into asset management processes. We also assist our clients in the conversion or creation of funds, as well as in obtaining SRI accreditation.

Active ownership

Our experts offer shareholder engagement services to investors with a view to improving companies CSR performance.



Mirela Vlad Senior Sales

Pierre-Yves Le Stradic Head of Research & Operations

Laetitia IsaacSenior Accounting Manager

Mateo Salcedo credit analyst

Céline Bonnefant Manager - Responsible Investment Services

Joan Sehim Credit analyst

Aurélia PrellierExecutive Assistant

Jean-Rene Meduri Senior credit analyst

Clarisse MacéResponsible Investment Services

Bertrand PotierHead of Sales and Business Development - Rating activities

Margot CazeauxSales & Marketing

Johann ScavoneSenior Rating Analyst

Emmanuelle KrygerESG Research Assistant

Philippe TastevinHead of Sales and Business Development

Amélie RudowskiHR Manager

Maxime GuionieSenior Rating Analyst

Benjamin SabahiHead of Credit Research

Anne ChanonHead of CSR Services

Emmanuel De La VilleDeputy CEO

Caroline MoyManager - Gaïa Rating

Xavier LeroyHead of Investor Services

Fleur MastermanManager - OneTrack

Julien RerolleCEO

Déborah RajaossafaraResponsible Investment Services

Thomas DilasserSenior Rating Analyst

Bastien GuerrierResponsible Investment Services

Christophe MaroniCTO

Anthony GiretSenior Credit Analyst, CFA

Anne MilaESG Research Assistant

Djivan TorossianCredit Analyst

Mathieu VernaySenior Sales

40 people at your service
between Lyon and Paris

  • 2 Managers dedicated to methodologies
  • 12 financial analysts
  • 12 ESG analysts
  • 14 people in sales support, marketing, admin IT …


Institutional investors

Qivalio is a French limited company registered and headquartered in Lyon. Qivalio is run by a CEO and two deputies, with an Executive Committee comprising senior managers. The company’s Supervisory Board is composed of seven individuals with extensive experience and deep understanding of financial and/or ESG matters.
Qivalio is majority-owned by a group of institutional shareholders, including several insurance companies. The remaining capital is shared between the founders and management. This set-up gives the group the financial resources it needs to grow as well as a dynamic corporate culture, all shareholders’ interests being aligned.
Institutional investors : AG2R La Mondiale, Apicil, Aviva France, BPI France, Eiffel Group, Groupama ARA, Klésia, Siparex, SMA BTP.

Management & Supervisory Board


  • Julien Rérolle, CEO
  • Emmanuel de La Ville, Deputy CEO
  • Philippe Tastevin, Head of Sales & Business Development

Supervisory Board

  • Chairman : Pierre Ducret, Climate Adviser to the Caisse des Dépôts Group. He also chairs the Institute for Climate Economics (I4CE) and is interim Chairman of Finance for Tomorrow.
  • Bertrand Jounin, Vice-Chairman, Deputy CEO, Gresham Banque, Apicil Group
  • Nicolas Fourt, Deputy CEO, Acofi Gestion, Independent Non-Executive Director
  • Jean-Florent Rérolle* Independent Non-Executive Director
  • Bruno Silva, Deputy CEO, Groupama ARA
  • Alban de la Selle
  • Julien Rérolle

*Jean-Florent and Julien are not related

Revue de presse annuelle Qivalio

Pour accéder à l’intégralité de la revue de presse Qivalio : cliquez-ici

High Yield un troisième trimestre dynamique en Europe – Option Finance

En matière de levées de fonds, le marché européen de la dette à effet de levier (émissions obligataires high yield et leveraged loans) se porte bien.

Pour accéder à l’article d’Option Finance : cliquez-ici

Panorama des crédits à impact en Europe – Esteval Editions

Qivalio, groupe européen de notation et de recherche, expert en analyse financière et extra-financière, publie un panorama des crédits à impact réalisé par EthiFinance, sa filiale spécialisée en analyse et conseil extra-financiers.

Pour accéder à l’article de Esteval Editions : cliquez-ici

Les banques d’investissement toujours dépendantes des énergies fossiles – Les Echos

Bien que les banques investissent toujours dans des projets d’énergie fossiles, les crédits de finance durable affichent une forte croissance.

Pour accéder à l’article des Echos : cliquez-ici

Le marché de la dette court terme s’automatise – l’Agefi Hebdo

Plusieurs plates-formes annoncent leur démarrage imminent en France sur les NeuCP.

Pour accéder à l’article de l’Agefi : cliquez-ici