Feller Rate

What Feller Rate does

Feller Rate Clasificadora de Riesgo Ltda. is a privately held Chilean credit rating agency founded in 1988, the first of its kind in Latin America. Headquartered in Las Condes, Santiago, the firm provides independent credit risk opinions on issuer solvency and financial instruments — including bonds, deposits, insurance obligations, fund quotas, securitizations, and project finance — across six Latin American jurisdictions: Chile, Paraguay, Dominican Republic, El Salvador, Costa Rica, and Panama. Its methodology is published in each country and follows an S&P-aligned nomenclature, covering banking, insurance, investment funds, corporations, and structured finance.

The product platform is anchored by the core Clasificación de Riesgo (credit rating) service and extended by three adjacent modules: Feller ESG (independent environmental, social, and governance risk assessment), Feller Scope (crime prevention model certification under Chilean Law 20.393, with 350+ certifications performed since 2011), and a corporate solutions suite covering financial scoring, free competition certification, business valuation, training, and strategy consulting. A recently added Second Party Opinion (SPO) capability targets green, social, and sustainability-linked debt instruments. The technology layer is built on proprietary credit risk assessment methodologies rather than disclosed AI/ML systems, delivered through a direct B2B sales model with country-based regional Managing Directors and a free online ratings database (registration-gated).

The business model is professional services: fees are paid by issuers and underwriters for initial ratings and recurring surveillance, supplemented by ESG evaluations, SPOs, mandatory MPD certifications, and corporate consulting. Feller Rate is family-controlled (Feller family, with Álvaro Feller as President and Max Feller as Executive Director) with no disclosed external institutional shareholders, PE/VC backers, or public listing. Recent activity has emphasized geographic expansion (Panama and Guatemala subsidiaries in 2024) and product extension into sustainable finance SPOs, supported by a leadership transition that elevated Claudio Salin G. to General Manager in 2025.

Name

Feller Rate

Legal name

Feller Rate Clasificadora de Riesgo Ltda.

Website

https://feller-rate.com

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

11–50 employees

Short description

Feller Rate is the first credit rating agency in Latin America (founded 1988, Santiago, Chile), providing independent credit risk opinions on banks, insurers, corporations, investment funds, and structured finance across six LatAm countries (Chile, Paraguay, Dominican Republic, El Salvador, Costa Rica, Panama), with adjacent ESG, SPO, and compliance certification services.

Ownership category

akta.pro rank

Product category

Credit Rating Services

NAICS

Credit Bureaus (561450), Activities Related to Credit Intermediation (5223)

SIC

Services-Consumer Credit Reporting, Collection Agencies (7320)

akta.pro primary industry

Consumer Credit Decisioning & Underwriting Platforms (FSAKAKAG)

akta.pro secondary industry

Credit Scoring Models & Score Providers (FSAKAKAC)

Keywords

• Credit rating services
• Risk classification
• ESG assessment
• Corporate consulting
• Latin America financial

Headquarters

HQ city

Las Condes

HQ country

Chile

HQ region

Latin America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Credit Rating Services: Feller Rate receives fees from issuers (companies issuing debt securities) or underwriters for credit rating services. The company rates solvency of companies and various financial instruments including bonds, deposits, and securities.
2. Feller Scope MPD Certification: Certification services for Crime Prevention Models under Law 20.393, providing periodic independent evaluation required by law for entities to demonstrate their compliance models exist.
3. Feller ESG Evaluation: ESG risk assessment services providing independent opinion on environmental, social, and governance risk levels facing organizations.
4. Corporate Solutions: Additional services including financial scoring, free competition certification, valuation, training, and strategy consulting services for corporate clients.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Feller Rate is a credit rating agency that provides independent risk classification opinions on the solvency of companies and financial instruments, including bonds, deposits, insurance obligations, fund quotas, securitizations, and project financing. The company also delivers complementary services such as ESG risk evaluations, Feller Scope MPD (Crime Prevention Model) certification under Chilean Law 20.393, and corporate consulting solutions including financial scoring, free competition certification, business valuation, training, and strategic consulting.

Product overview

Feller Rate is a risk rating agency founded in 1988 (the first in Latin America) offering a platform of interconnected services. Its core product is Credit Risk Classification (Clasificación de Riesgo), which rates the solvency of companies and financial instruments across seven countries. This core is extended by three specialized modules: Feller ESG (environmental, social, and governance risk evaluation), Feller Scope (crime prevention model certification under Chilean Law 20.393), and a set of corporate consulting solutions comprising Financial Scoring, Free Competition Certification, Business Valuation, Training, and Strategy. The company serves banks, insurance companies, corporations, investment funds, mutual funds, pension fund administrators, securitizations, and project finance across Chile, Paraguay, Dominican Republic, El Salvador, Costa Rica, Panama, and Corporate coverage.

Differentiator

Problem solved

Functional benefit

Products and services

• Credit Risk Classification (Clasificación de Riesgo) Primary service providing independent credit risk opinions on solvency of issuers and financial instruments (bonds, deposits, insurance obligations, fund quotas, securitizations, project financing) for banks, insurance companies, corporations, investment funds, and other entities in six Latin American markets.
• Feller ESG Assessment Independent evaluation methodology for assessing environmental, social, and governance risk factors and their potential impact on long-term organizational viability.
• Feller Scope MPD Certification Periodic independent evaluation under Chilean Law 20.393 verifying the adequate design, implementation, and operation of entities' crime prevention models.
• Scoring Financiero (Financial Scoring) Evidence-based financial scoring service supporting clients in making better financial decisions.
• Certificación Libre Competencia (Free Competition Certification) Corporate certification service focused on free competition compliance, helping organizations meet regulatory requirements.
• Valorización (Business Valuation) Business valuation service providing independent and evidence-based valuations for clients.
• Capacitación (Training) Training and professional development services delivered to client organizations.
• Estrategia (Strategic Consulting) Strategic consulting services tailored to client needs, enabling better decision-making.
• Feller Rate | SPO (Second Party Opinions) Second Party Opinions for green, social, and sustainability-linked debt instruments.

Quantifiable outcome

• 650+ entities classified across Latin American markets
• +2 more outcomes

Named customers10 records

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• DBRS Morningstar: Global credit rating agency rating financial institutions, corporates, and structured finance with growing Latin American presence. Comparable as a mid-tier global competitor in LatAm rating mandates.
• Fitch Ratings: One of the three major global credit rating agencies with active coverage of Latin American banks, corporates, and sovereigns. Comparable as a direct competitor in regional rating mandates but with much broader scope.
• Moody's: Global credit rating agency with sovereign, corporate, and financial institution ratings across Latin America. Comparable as a direct competitor in credit rating services for larger cross-border LatAm issuances, but with vastly broader geographic and product scope.
• S&P Global Ratings: Global credit rating agency following a similar methodology nomenclature to Feller Rate (AAA scale). Comparable as the dominant global rating competitor in Latin American capital markets for sovereign and large corporate debt.

Emerging players

• A.M. Best: Specialty credit rating agency focused on the insurance industry globally, including Latin American insurance carriers. Comparable as a sector-specific rating agency covering insurance obligations, an area where Feller Rate also has a dedicated Director Seguros team.
• ISS ESG: Institutional Shareholder Services' ESG ratings and Second Party Opinion provider. Comparable as a competitor in ESG assessments and SPO services for sustainable finance instruments in Latin American markets.
• Sustainable Fitch: Fitch's ESG ratings and sustainable finance opinion provider. Comparable as a competitor in the Second Party Opinion (SPO) and sustainable debt opinion space where Feller Rate | SPO operates.

Direct peers

• HR Ratings: Mexican credit rating agency (HR Ratings de México) rating banks, corporates, insurance, and structured finance in Mexico. Comparable as a regional LatAm rating agency competing for similar mid-market issuer mandates, though focused on Mexico rather than South/Central America.
• PCR Verum: Mexican credit rating agency rating corporates, financial institutions, and structured finance in Mexico. Comparable as a regional LatAm rating agency competing in similar asset classes with overlapping methodologies.

Regional players

• Equilibrium (Ecuador): Ecuadorian-based credit rating agency rating issuers in Ecuador and other Andean markets. Comparable as a regional LatAm rating agency operating in smaller markets with similar business model, though geographically distinct from Feller Rate's footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/fellerrate

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Feller Rate