Qivalio, a provider of credit rating, research and advisory services, completed the acquisition of Axesor Rating, a provider of credit rating services intended to offer independent and objective opinions, providing analysis for decision making in capital market investment. This acquisition marks the formation EthiFinance. Financial terms were not disclosed. “We are extremely excited to join the EthiFinance family. All along, we have seen them as the ideal partner to realize our common vision of becoming the leading European rating agency with a strong focus on ESG. The combined company addresses the growing needs of institutional investors to have transparency on the credit risk whilst favoring those companies that have embraced the ESG needs of society at large," Adolfo Estevez Beneyto, Axesor Rating Managing Director.