The formulated hypotheses are tested in the European context for bond issuances. The sample includes issuances of fixed-interest, publicly placed corporate bonds denominated in euros and issued by European issuers. Based on the multivariate analyses, the null hypothesis—that ESG performance has no effect on the assessment of credit risk—cannot be rejected. Financial indicators have an impact on credit risk, while no relationship is observed with respect to a company's ESG performance indicators. If market ESG preference increases, a relationship can be observed; however, it is economically insignificant and determined by governance performance.