DBRS and Morningstar Credit Ratings Confirm U.S. Structured Credit Asset Class Coverage

On July 11, 2019, Morningstar Credit Ratings, LLC (MCR) and DBRS, Inc. (DBRS; collectively, DBRS Morningstar) published their first announcement regarding the integration of their respective analytical teams focused on the U.S. Structured Finance market. Today’s press release is the thirteenth in a series to keep the market updated on analytical integration decisions and is focused on the U.S. Structured Credit (SC) sector.

<a href="https://www.dbrs.com/research/347875/" target="_blank">"DBRS and Morningstar Credit Ratings Announce Analytical Integration Process and Ratings Overlap."</a>

DBRS Morningstar has conducted an analysis for the U.S. SC sector to determine the methodologies that will be used to assign new ratings. As a result of this analysis, as of October 15, 2019, new rating engagements in the following asset classes will be rated using the DBRS methodologies listed below.

Asset Classes:
Asset-Backed Commercial Paper (ABCP) Conduits
ABCP Liquidity Support Instruments
Private Equity LP Interest Backed Collateralized Fund Obligations
Credit-Linked Notes
Rating Mappings of Financial Institutions Internal Ratings to DBRS Ratings
Structured Finance Collateralized Debt Obligation (CDO) Restructurings
Subscription Loans/Capital Calls
Trade Receivables

DBRS U.S. SC Rating Methodologies:
Rating and Monitoring Asset-Backed Commercial Paper: U.S. ABCP Conduits
Rating U.S. Collateralized Fund Obligations Backed by Private Equity
Structured Finance Flow-Through Ratings
Mapping Financial Institution Internal Ratings to DBRS Ratings for Global Structured Credit Transactions
Rating Structured Finance CDO Restructurings
Rating and Monitoring Subscription Loans (Capital Call)
Trade Receivables

DBRS Morningstar will publish further announcements once decisions are made regarding other asset classes in the U.S. Structured Credit sector.

For analytical inquiries regarding this press release, please contact Jerry van Koolbergen, Managing Director, U.S. Structured Credit.

DBRS
Jerry van Koolbergen
jvankoolbergen@dbrs.com
+1 212 806 3260

For rating engagement inquiries regarding the U.S. Structured Credit asset class coverage or any asset classes not listed, please contact Sean O’Connor, Managing Director, Head of Global Business Development.

DBRS
Sean O’Connor
soconnor@dbrs.com
+1 212 806 3252

For more information on the transactions rated by DBRS, please visit <a href="http://www.dbrs.com" target="blank">www.dbrs.com</a> or contact DBRS at info@dbrs.com. For transactions rated by MCR, please visit <a href="http://www.morningstarcreditratings.com" target="blank">www.morningstarcreditratings.com</a> or contact ratingagency@morningstar.com.

DBRS
Stephen Bernard
sbernard@dbrs.com
+1 212 806 3240

Morningstar Credit Ratings
Vanessa Sussman
Vanessa.sussman@morningstar.com
+1 646 560 4541