MFR Credit Ratings: Enhancing transparency in sustainable and inclusive finance, and boosting impactful investments

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Compliance & Risk Officer

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Alasdair Lindsay-Walters

Review Officer

Alasdair Lindsay-Walters is the Review Officer at MFR Credit Ratings, where he is responsible for the technical validation framework and specializes in the regular review and validation of credit rating models and methodologies. With a strong background in quantitative analysis and computational methods, Alasdair holds a BSc from King’s College London and a Professional Master’s degree from Bologna Business School.

Dorina Furculita

Compliance & Risk Officer

Dorina Furculita joined MFR Credit Ratings in 2022 as the Compliance and Risk Officer. She played a significant role in developing MFR CR’s internal policies and procedures and supported the company during its application process to become a registered Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA).

Prior to this role, Dorina interned at the Bank of Italy, where she was part of a Joint Supervisory Team and actively participated in the supervision of Internal Rating-Based Models for Credit Risk. With a strong academic background in economics and finance, Dorina has a deep understanding of the structure and functioning of the European System of Financial Supervision. Her master’s thesis research on the regulatory and supervisory powers of ESMA inspired her to focus on credit rating agencies and their regulation within the European Union.

Ivan Sannino

Head of Credit Ratings

Ivan Sannino has been the Head of Credit Ratings at MFR Credit Ratings since its inception in 2021. He oversees the entire credit rating process, ensuring the quality of the ratings and chairing the rating committees. Ivan has been with MFR, the parent company, since January 2004, where he has chaired Rating Committees for Institutional Ratings worldwide and is a member of the Credit Rating Committees in Ecuador and Bolivia. Over his career, Ivan has chaired more than 400 committees and led over 130 ratings and assessments globally.

Before joining MFR, he spent five years working in Latin America in economic development, conducting evaluations, technical reviews, and consulting in microfinance, rural finance, and the MSMEs sector. Ivan holds an MSc in Economics from Bocconi University in Italy and is fluent in English, Spanish, and Portuguese, with Italian as his native language. In his free time, Ivan enjoys traveling and discovering the hidden beauty of different countries and cultures.

Andrea Maini

Finance Manager

Andrea Maini has been serving as the fractional CFO for MFR Credit Ratings, part of the MFR Group, for the past five years. He is responsible for ensuring the financial health of all companies within the group, overseeing all aspects of accounting, financial management, planning, and control.

With over 30 years of experience, Andrea brings a high level of expertise in administrative and financial management control. He began his career as an auditor at Deloitte and has since focused on helping small and medium enterprises design and implement integrated management accounting and control systems. In addition to his financial duties, Andrea is committed to training and mentoring junior staff, building a team of qualified professionals who can work independently.

Fabio Tarantini

Independent Director

Fabio Tarantini has more than 25 years of experience in financial services. He has been working at the World Bank as an international credit reporting expert since 2012, partnering with prominent organizations in more than 40 countries across Europe, Africa, Middle East and North Africa, Europe and Central Asia regions on credit infrastructure development projects, covering credit reporting, secured transactions, and insolvency.

He also serves as advisor for other international institutions such as EBRD and the Asian Development Bank, as well as and national institutions like Catholic University of Milan, focusing on credit risk management and insolvency-related projects. From 1998 to 2012, Fabio worked in Italy as an advisor for a leading consulting firm, collaborating with the Bank of Italy on the management of supervisory flows and assisting approximately 80 banks with the Bank of Italy’s periodic on-site and off-site supervisory activities. He also partners with several international organizations, including ACCIS and Early Waring Europe), contributing to various initiatives referred to small medium enterprises credit risk management.

Claudia Curi

Independent Director

Claudia Curi is an Associate Professor in Finance at the Free University of Bolzano and the Director of the Master in Accounting and Finance. She also serves as Co-Editor of the Journal of Management and Governance. Before joining UNIBZ as Assistant Professor, Claudia was Research Economist at the Central Bank of Luxembourg and a Postdoc Researcher at the Luxembourg School of Finance.

She graduated and received her PhD in Business and Management Engineering from the University of Rome Tor Vergata. Her research fields are financial intermediation and corporate finance. Claudia is experienced in financial services in Europe and regulatory banking frameworks. She has published numerous articles on financial stability, banking and finance, and economic behavior, and is the author of three monographs. Additionally, Claudia is a multilingual and multicultural experienced professor.

Aldo Moauro

BoD-Member and CEO

Aldo Moauro has over 25 years of work experience in the inclusive finance sector. He has been leading the Management Team of MFR, the mother company of MFR CR, providing strategic guidance and supervision of operations and representing MFR globally.

Since the beginning of operations in 2000, he has directly conducted more than 200 rating and assessment missions and has overseen more than 700 rating and assessment reports. Before joining MFR, Aldo worked in ethical banking in Europe, managing the microfinance investments portfolio. For more than 10 years, he has been a faculty member at the Boulder Microfinance Training Program.

Massimo Vita

BoD-Chairperson

Massimo Vita has over 25 years of experience in financial services and financial inclusion. He is Executive Director of Impact+ Advisory Pte. Ltd. and serves as Chief Portfolio Advisor for A-Impact Advisors SA. Additionally, he is a Nominee Director on the boards of CA-Grameen, a listed financial institution in India, CreditAccess Philippines Financing Company Inc., PT Bina Artha Ventura in Indonesia, and several other companies in India and South-East Asia on behalf of A-Impact.

From 2016 to 2023, he worked as Group Chief Risk Officer for CreditAccess Asia. Massimo is Co-Founder of MFR, where, from 2003 to 2010, he conducted over 100 ratings, held the position of Operations Director, and obtained MFR’s registration as a credit rating agency in Ecuador. From 2011 to 2015, he worked as Field Expert for Symbiotics SA, a Swiss investment advisor and portfolio manager in impact finance. He Co-Founded the Risk Management Initiative in Microfinance (RIM) hosted by the Professional Risk Management International Association (PRMIA).

Massimo is a Certified Expert in Risk Management from the Frankfurt School of Finance & Management in Germany and a Certified Expert in Digital Money from the Digital Frontiers Institute in South Africa. He also served as faculty for the Boulder Institute’s Microfinance Training Program from 2008 to 2019.

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