DBRS and Morningstar Credit Ratings Conclude Analytical Integration ProcessABCP, Auto, RMBS
DBRS Morningstar announced today the conclusion of its analytical integration of DBRS, Inc. and Morningstar Credit Ratings, LLC (MCR) that began in July 2019, when Morningstar, Inc. successfully completed the acquisition of DBRS. The acquisition further strengthened the world’s fourth-largest global credit rating agency currently located in eight offices with approximately 700 employees. Today’s announcement is the forty-third press release the global credit rating agency released to offer a maximum of transparency and to keep the market updated on the progress of its analytical integration.
U.S. STRUCTURED FINANCE RATING COVERAGE
As noted in the initial July 2019 communication by DBRS Morningstar, the focus of the analytical integration was primarily in the U.S. structured finance market and it did not impact the DBRS European or Canadian structured finance sectors. In addition to numerous private credit ratings, DBRS Morningstar maintains at the completion of its analytical integration:
-- Public credit ratings on 5,584 classes of debt across 624 transactions in the U.S. commercial mortgage-backed securities (CMBS) sector,
-- Public credit ratings on 12,670 classes of debt across 1,009 transactions in the U.S. residential mortgage-backed securities (RMBS) sector,
-- Public credit ratings on 1,490 classes of debt across 482 transactions in the U.S. asset-backed securities (ABS) sector, and
-- Public credit ratings on 194 classes of debt across 54 transactions in the U.S. structured credit sector.
GLOBAL STRUCTURED FINANCE AND OTHER SECTOR RATING COVERAGE
DBRS Morningstar currently maintains public credit ratings on 1,376 classes of debt across 484 transactions in the European structured finance sector, and public credit ratings on 382 classes of debt across 123 transactions in the Canadian structured finance sector.
DBRS Morningstar currently publicly rates 318 corporate issuers, 160 financial institution groups, and 47 sovereign, sub-sovereign, and supranational issuers.
PREVIOUS MCR RESEARCH AND RATING INFORMATION
Information regarding previous MCR credit ratings, previous MCR rating methodologies, research, commentaries, and historical information will be retained on ratingagency.morningstar.com for the following specified lengths of time:
-- Rating history of previous MCR ratings: in accordance with applicable regulatory requirements;
-- Rating action announcements associated with previous MCR ratings: three years from the date of announcement;
-- New issue rating reports associated with previous MCR ratings: three years from the date of issuance of the rating report;
-- Surveillance rating reports associated with previous MCR ratings: three years from the date of issuance of the rating report;
-- Previous MCR rating methodologies and guidelines: three years from the date when the methodology or guideline was archived;
-- Events, external news, and videos: three years from the date of publication on MCR’s website;
-- News releases: three years from the date of publication on MCR’s website; and
-- Research commentaries: three years from the date of publication on MCR’s website.
As of today, MCR no longer issues or monitors credit ratings. As the last step of the consolidation of the regulatory registrations in the U.S., DBRS, Inc. intends to deregister MCR as a credit rating affiliate within the Securities and Exchange Commission’s (SEC’s) Nationally Recognized Statistical Rating Organization (NRSRO) registration regime. As a result of this process, MCR will no longer be a credit rating affiliate within DBRS, Inc.’s NRSRO.
DBRS Morningstar maintains regulatory registrations for its operating entities in Canada, the United States, the United Kingdom, and the European Union and continues to issue and monitor credit ratings in accordance with its methodologies, policies, procedures, and published rating scales.
All data provided in this press release regarding outstanding DBRS Morningstar credit ratings is as of October 30, 2020. For more information on the transactions and debt issues rated by DBRS Morningstar, visit dbrsmorningstar.com or contact DBRS Morningstar at email@example.com .