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

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

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

PRECIOUS METALS ASSET CLASS
Following an analysis of the Precious Metals asset class, DBRS Morningstar concluded that, effective today, any new rating engagements in this asset class will be rated and monitored by DBRS Morningstar using MCR’s “U.S. ABS General Ratings Methodology.” This methodology is now available on www.dbrsmorningstar.com.

<a href="https://www.dbrsmorningstar.com/research/363126" target="_blank">“U.S. ABS General Ratings Methodology”</a>

PRECIOUS METALS ASSET CLASS TRANSACTIONS PLACED UNDER REVIEW
As a result of DBRS Morningstar’s selection of MCR’s “U.S. ABS General Ratings Methodology” for Precious Metals ratings, MCR has placed its ratings on five outstanding classes from two outstanding transactions in this asset class Under Review–Analytical Integration Review. The rating actions on such ratings were taken in relation to the ongoing consolidation of MCR and DBRS into one single U.S. registration. DBRS Morningstar expects to assign new ratings to the outstanding MCR Precious Metal asset class transactions.

For more information related to the rating actions taken on the Precious Metals asset class, please see the following rating announcement:

<a href="https://ratingagency.morningstar.com/PublicDocDisplay.aspx?i=DcrlgTbEZjs%3d&m=&s=LviRtUKXqs8kml5dHt7FTeE2SZmY0Fvqd4iX49Mk%2f9UapyiFTEO6TA%3d%3d" target="_blank">“Morningstar Credit Ratings Places Ratings on AM Capital Funding, LLC Series 2018-1 and Scala Funding Company, Series 2016-1 Under Review”</a>

DBRS Morningstar methodologies, including any MCR methodology selected for use by DBRS Morningstar as part of the analytical integration process, are publicly available on its website www.dbrsmorningstar.com under Methodologies & Criteria.

For analytical inquiries regarding this press release, please contact Chris D’Onofrio, Managing Director, U.S. ABS.

DBRS
Chris D’Onofrio
chris.donofrio@dbrsmorningstar.com
+1 212 806-3284

For rating engagement inquiries regarding the U.S. ABS 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
sean.oconnor@dbrsmorningstar.com
+1 212 806-3252

For more information on the transactions rated by DBRS, please visit <a href="http://www.dbrsmorningstar.com" target="blank">www.dbrsmorningstar.com</a> or contact DBRS at info@dbrsmorningstar.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
stephen.bernard@dbrsmorningstar.com
+1 212 806-3240