Vision
A transparent and sustainable future, where capital combines with purpose.
Mission
Generate independent opinions for the sustainable finance industry, based on verified information, to foster responsible investments.
We have a long history of conducting independent ratings and assessments, but we also provide high-quality information, and technical expertise to facilitate investment and responsible practices.
Our clients are Financial Institutions (FIs), investors, regulators, renewable energy companies and networks working to achieve financial inclusion and sustainable development.
Through MFR’s platform ATLAS, we offer data management and benchmark solutions that centralize social, environmental, and financial data of FIs and renewable energy companies to make our industry accountable.
Created in 2000 as a dedicated department of Microfinanza SRL, MFR was spun off as an independent Limited Liability Company in 2006. Headquartered in Italy, MFR operates through a network of 5 regional offices (Ecuador
, Mexico, Kenya, Kyrgyz Republic, and India) and 1 country office (Bolivia) across 4 continents, boasting the largest global geographical coverage among specialized rating agencies.
MFR has conducted 2,800+ assignments in 110+ countries worldwide and holds >70% of the global market share.
A transparent and sustainable future, where capital combines with purpose.
Generate independent opinions for the sustainable finance industry, based on verified information, to foster responsible investments.
MFR leverages on a well-founded credibility. MFR was the first specialized rating agency to be licensed by a Supervisory Authority to carry out mandatory ratings (2007, in Ecuador) and it is currently the only one to be licensed in 2 countries (since 2014, also in Bolivia).
Over the years, MFR has been accredited by 2 global rating funds (RF I) and initiatives (Rating Initiative), and a number of regional funds (e.g. Latin America RF II, Moroccan APP) and initiatives (e.g. European Jasmine Initiative, EASI).
Its credibility and technical expertise are further proven by the relations and partnerships established with some of the leading private social investors and fund managers (e.g. ADA, responsAbility, OikoCredit, Blue Orchard, Incofin, Triple Jump, Symbiotics, Triodos etc.), DFIs (e.g. KfW, EBRD, EIB, IFC/WB, IFAD, FMO, IADB, UNDP/UNCDF, USAid, OPIC, AfD, CDC Group, etc.), and specialized hedging funds (e.g. TCX, MFX).
Active partner of industry initiatives:
Ecuador local regulator
Credit Rating of regulated financial institutions (FIs) and Issue Rating since 2008
Bolivia local regulator
Credit Rating, Social & Environmental Rating and Issue Rating of regulated FIs since 2014
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European Securities and Markets Authority (ESMA) Registered as a small ESG rating provider under Regulation (EU) 2024/3005. |
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Bangko Sentral ng Pilipinas Microfinance Institutions Rating Agency (MIRA) |
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European Commission European Code of Good Conduct since 2015 |
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EIB – InvestEU Evaluation products under the SIFTA Program |
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ICMA Second Party Opinions for Green, Social and Sustainability Bond Frameworks |
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GOGLA Consumer Protection Assessment since 2022 |
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MFX / DFC Ratings of MSME funds, clean energy (PAYGO) funds, agricultural funds and housing funds |
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UNPRI Principles for Responsible Investment Statement on ESG in Credit Rating since 2017 |
MFR’s track record comprises partnerships with a variety of industry stakeholders, including private MIVs, DFIs and donors, holdings, specialized hedging facilities:
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Read through MFR’s Code of Ethics.