DBRS
| DBRS Ltd.
|
|
|---|---|
 |
|
| legal form | Limited |
| founding | 1976 |
| Seat | Toronto , Ontario , Canada |
| management | Stephen W. Joynt (President and CEO ) |
| Branch | Financial services / rating agency |
| Website | www.dbrs.com |
DBRS is a global rating agency founded in Toronto in 1976 . The original company name was Dominion Bond Rating Service. The current group of owners, led by The Carlyle Group and Warburg Pincus , announced the purchase of the company in December 2014. The acquisition was completed in March 2015. DBRS, with branches in Toronto, New York , Chicago , London , Frankfurt am Main and Madrid, is the fourth largest rating agency with a global market share of between 2% and 3%. DBRS consists of four operating group companies - DBRS Limited, DBRS Inc., DBRS Ratings Limited and DBRS Ratings GmbH.
Stephen Joynt was appointed as interim CEO of DBRS in addition to chairman of the board of directors in August 2016. Joynt was previously CEO of Fitch Ratings. Registered with the US Securities and Exchange Commission (SEC) as a Nationally Recognized Statistical Rating Organization (NRSRO) under the Credit Rating Agency Reform Act of 2006 (CRA Reform Act) and the regulations passed under that law.
DBRS is registered as a Nationally Recognized Statistical Rating Organization with the United States' Securities and Exchange Commission (SEC), one of only 10 companies to have this rating.
Registered as a CRA in the European Union (EU) in accordance with Regulation (EC) No. 1060/2009 of the European Parliament, amended by Regulation (EU) No. 513/2011 and No. 462/2013 on rating agencies (EU-CRA- Ordinance) and with the Ontario Securities Commission (OSC) in Canada.
The company is one of only four rating agencies, including its larger competitors Standard & Poor’s , Moody's Investors Service and Fitch Ratings , that have been formally recognized by the European Central Bank (ECB). This classification identifies rating agencies whose ratings can be used by the ECB as part of its ECAF requirements to determine creditworthiness. In recent years the ECB has u. a. DBRS's sovereign ratings for European countries, including Portugal , Ireland and Italy , are also used for such purposes.
history
The company was founded by Walter Schroeder, who drew up a business plan on a family vacation while driving to Montreal. Without further support, the rating agency founded with less than $ 1,000 seed capital. The company opened its first office in Toronto, a small office of almost 150 m². Schröder and his family sold the company to the current owners. Since then, DBRS has grown to become the largest rating agency in Canada with offices in the US and Europe. In 2003 the first offices were opened in Chicago and New York; the current office in London in 2010, followed by the one in Frankfurt in 2018 and Madrid in 2019. In 2008 the organization changed its name from Dominion Bond Rating Service to DBRS.
Today DBRS has almost 500 employees worldwide and evaluates more than 2,400 issuer families and almost 50,000 securities worldwide.
In May 2019 it was announced that the US financial information group Morningstar would take over DBRS for an amount equivalent to 670 million euros.
Rating activities
DBRS offers independent rating analyzes for financial institutions, companies and countries as well as securitisations in all regions in which the company operates.
Credit assessments are forward-looking statements about credit risks that reflect the creditworthiness of a company or security. Rating decisions are made by rating committees and represent a collective assessment of the views of DBRS and not the opinion of an individual analyst. Ratings require sufficient information, which takes into account both global and local considerations and the application of verified methods, and are independent of actual or perceived conflicts of interest to create.
Corporate and operational structure
DBRS Limited is the group company in Canada. DBRS, Inc. is the company operating in the United States. DBRS Ratings Limited is the operating unit based in London. DBRS Ratings GmbH is the company's German group unit.
DBRS viewpoint
DBRS Viewpoint is an online platform launched in 2016 (formerly iReports) that offers interactive access to information about securitisations secured by commercial real estate. The platform gives users more transparency in credit analysis and the underlying data.
Supervisory authorities
In Canada, DBRS is regulated by the Canadian Securities Administrators, whose primary regulatory agency is the OSC. Rating agencies in Canada must be a Designated Rating Organization so that their ratings can be used for securities law.
In the US, DBRS is regulated by the SEC, which, as part of the Dodd-Frank Act, recommended rules that place additional governance, transparency, conflict of interest and performance measurement requirements for the rating industry.
In Europe, DBRS Ratings Limited is regulated by ESMA. In Europe, additional rules - CRA III - have been adopted, which focus on increasing competition, the transparency and independence of assessments, the standardization of country ratings and the introduction of a new liability regime.
Web links
Footnotes
- ↑ DBRS Appoints Stephen W. Joynt as Interim Chief Executive Officer , August 29, 2016
- ^ DBRS: The Carlyle Group and Warburg Pincus Complete Acquisition of DBRS. (PDF) Retrieved March 20, 2018 .
- ↑ Timothy W. Martin: Carlyle, Warburg to Go After Big Three Ratings Firms With DBRS Purchase . In: Wall Street Journal . March 2, 2015, ISSN 0099-9660 ( wsj.com [accessed March 20, 2018]).
- ^ DBRS: DBRS Appoints Stephen W. Joynt as Interim Chief Executive Officer. Retrieved March 20, 2018 .
- ↑ SEC.gov | Credit Rating Agencies and Nationally Recognized Statistical Rating Organizations (NRSROs). Accessed March 20, 2018 .
- ↑ External Credit Assessment Institutions (ECAI) - European Banking Authority. Retrieved March 20, 2018 (UK English).
- ^ Peter Wise: Portugal retains investment-grade rating at DBRS. April 21, 2017. Retrieved March 20, 2018 (UK English).
- ↑ Is DBRS right on Europe? ( theglobeandmail.com [accessed March 20, 2018]).
- ^ The Carlyle Group and Warburg Pincus to Acquire DBRS | The Carlyle Group. Accessed March 20, 2018 .
- ^ DBRS: About DBRS. Archived from the original on November 14, 2017 ; accessed on March 20, 2018 .
- ↑ Handelsblatt: Morningstar takes over the rating agency DBRS for 670 million euros. May 29, 2019, accessed May 30, 2019 .
- ^ DBRS: Understanding Ratings. (No longer available online.) Formerly in the original ; accessed on March 20, 2018 . ( Page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ↑ DBRS: DBRS Viewpoint. (No longer available online.) Formerly in the original ; accessed on March 20, 2018 . ( Page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ↑ Canada to impose code of conduct on debt raters . ( theglobeandmail.com [accessed March 20, 2018]).
- ↑ Stephen L. Bernard: DBRS Pitches Increased Competition for Rating European Debt . In: Wall Street Journal . October 9, 2012, ISSN 0099-9660 ( wsj.com [accessed March 20, 2018]).
