Regulatory Affairs | Form NRSRO

Pursuant to Exchange Act Rule 17g-1(i), a nationally recognized statistical rating organization (NRSRO) must make its current Form NRSRO and information and documents filed in Exhibits 1 through 9 to Form NRSRO publicly and freely available on an easily accessible portion of its corporate Internet website within 10 business days after the date of the Commission Order granting an initial application for registration as an NRSRO or an application to register for an additional class of credit ratings and within 10 business days after filing with or furnishing to, as applicable, the Commission an update of registration, annual certification, or withdrawal from registration on Form NRSRO. Exhibits 10 through 13 are not required to be made publicly available by the NRSRO pursuant to Rule 17g-1(i).

Exhibit 1: Credit rating performance measurement statistics
Exhibit 2: Procedures and methodologies used in determining credit ratings
Exhibit 3: Policies or procedures to prevent the misuse of material, non-public information
Exhibit 4: Organizational structure
Exhibit 5: Code of ethics
Exhibit 6: Identification of conflicts of interest
Exhibit 7: Policies and procedures to address and manage conflicts of interest
Exhibit 8: Certain information regarding credit analysts and credit analyst supervisors
Exhibit 9: Certain information regarding the designated compliance officer

On July 2, 2019, Morningstar, Inc., the parent of Morningstar Credit Ratings, L.L.C. (MCR), completed the acquisition of DBRS. Each of DBRS, Inc. and MCR is registered with the U.S. Securities and Exchange Commission ("SEC") as a Nationally Recognized Statistical Rating Organization ("NRSRO").

On November 15, 2019, MCR amended its Form NRSRO and submitted its notice to withdraw its separate NRSRO registration. On November 15, 2019, DBRS, Inc. amended its Form NRSRO and registered MCR as a credit rating affiliate within DBRS, Inc.'s NRSRO registration. For a period of time following the filing of its notice (not less than 45 days), MCR will maintain its separate NRSRO registrant status while also operating as a credit rating affiliate of DBRS. Thereafter, MCR and DBRS will operate solely within DBRS Inc.'s NRSRO registration.

During and as a result of this process, MCR will remain a NRSRO subject to SEC supervision and MCR's credit ratings (outstanding as at the time of the filing of MCR's amended Form NRSRO or issued by MCR thereafter) will remain ratings of a NRSRO.

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