Ratings & sustainable finance
Covivio’s sustainable development policy has been recognised regularly by non-financial rating agencies. The success of the Green Bonds issued by the Group also underscores this policy and its results.
Ratings
Recognised sustainable performance
Covivio is notably included in the following indices:
- DJSI World and Europe
- Euronext CAC SBT 1.5°
- Ethibel Sustainability Index
- FTSE4Good
- Gaïa Ethifinance
- MSCI
- STOXX Europe Sustainability and Global ESG Impact
- Vigeo-Eiris 20 France, 120 Europe, 120 Eurozone and 120 World
In 2023, Covivio confirmed its 5-star GRESB rating and obtained the maximum score from MSCI.
Change in non-financial ratings 2022-2023
| 2022 | 2023 | |||
 | Moody’s Analytics (former-VE) New methodology in 2023 | 68/100 Sector Leader | ||
 | CSA S&P (Former DJSI) World index since 2013, World index since 2016 | 69/100 (Percentile 96) | ↑ | 70/100 (Percentile 98) |
 | CDP Participation since 2012 | B | A | |
 | ISS-ESG Prime since 2015 | B- | — | B- |
 | GRESB Green Star since 2013 | 88/100 (5-stars) | ↑ | 90/100 (5-stars) |
 | GAÏA RATING Included in the index since 2013 | 79/100 | ↑ | 82/100 |
 | ECOVADIS Gold since first taking part in 2018 | 81/100 | ↓ | 70/100 (change of category) |
 | MSCI | AAA | — | AAA |
 | Sustainalytics ESG Risk Rating (scale reversed from 0 to 100, where 0 qualifies as zero risk) | 7.9 Segment rank: 16/1,040 World: 67/15,061 | ↑ | 5.9 Segment rank: 6/1,048 World: 24/15,922 |
Sustainable finance
Green bonds: Covivio aligns financing policy with ESG goals
A pioneer in the issuance of green bonds since 2016, Covivio passed a key milestone in aligning its financing policy with its ESG goals by launching the conversion of a number of bond tranches issued by Covivio into green bonds. This gave a portfolio of 100% green bonds for Covivio (€3.5 billion) and Covivio Hotels (€0.9 billion). In addition, Covivio signed nearly €1.2 billion in corporate credit lines incorporating criteria, i.e. a total of 57% of its total debt (vs 38% in 2022).
As part of the new Sustainable Bond Framework published in 2022 for its offices activity, gradually integrating the criteria of the European Taxonomy and whose alignment with the Green Bond Principles and the Sustainability Linked Bond Principles (published by the International Capital Market Association) has been confirmed by Moody’s ESG , assets eligible for Sustainable Bonds must:
- have a minimum certification of HQE Excellent, BREEAM Excellent (Very good for assets already delivered), LEED Gold or DGNB Gold;
- be located less than 500 meters from public transport;
- have an annex or green clauses on leases in France and new leases in Italy and Germany
In order to align its financial policy with its ESG ambitions and confirm its pioneering role in the hotel industry, Covivio Hotels has become the first hotel real estate company in Europe to adopt a Green Financing Framework, with the commitment that its future bond issues are carried out in Green Bonds format. Under this Green Financing Framework, eligible assets in operation must meet at least one of the following criteria:
- carbon intensity of the asset below the consumption threshold necessary to comply with the 1.5°C trajectory of the Paris Agreement as defined by the CRREM and validated by SBTi (Science Based Targets initiatives);
- full alignment with the taxonomy for the acquisition and holding of real estate assets;
- HQE certification “Excellent” / BREEAM “Excellent” / LEED or DGNB “Gold” or higher.
Our financial publications
Here you will find all Covivio financial publications over the last five years.
