Press Release

DBRS Updates Business Code of Conduct and Rating Scales

September 10, 2010

DBRS regularly reviews its policies, procedures and practices to ensure it meets high standards of independence, integrity and transparency. As a result, DBRS has updated its Business Code of Conduct (Business Code) and the definitions of its two primary rating scales: Commercial Paper and Short-Term Debt and Long Term Obligations. These changes reflect DBRS’s commitment to maintaining its high standards.

As part of its annual review and to include its new European legal entity, DBRS Ratings Limited, DBRS today has released its updated Business Code of Conduct (Business Code), which reflects its compliance with the International Organization of Securities Commissions Code of Conduct Fundamentals for Credit Rating Agencies (IOSCO Code). The Business Code is a summary of the extensive range of policies, procedures and internal controls that DBRS has implemented to ensure the objectivity and integrity of its ratings and the transparency of its operations. In addition to those reflected in its Business Code, DBRS also has established policies and practices to meet specific jurisdictional requirements.

The IOSCO Code is a framework of practical measures designed to improve investor protection and the fairness, efficiency and transparency of the securities markets and reduce systemic risk. DBRS believes the IOSCO Code serves as an appropriate foundation for prudent regulatory oversight in all jurisdictions.

DBRS has updated the definitions for its Commercial Paper and Short-Term Debt rating scale and its Long Term Obligations rating scale. The changes in the definitions were made to improve clarity, consistency and comparability of these rating scales. All rating symbols remain unchanged and the new definitions do not in any way alter DBRS’s fundamental view of the default risk for each rating category or give rise to any rating changes.

DBRS’s Business Code and the Rating Scales are publicly available on its website at