Regulatory Affairs | Form NRSRO

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 its acquisition of DBRS, Inc. (DBRS). At that time, each of DBRS and MCR was registered with the U.S. Securities and Exchange Commission (SEC) as a nationally recognized statistical rating organization (NRSRO). DBRS and MCR are in the process of integrating their credit rating services under the brand name DBRS Morningstar. On November 15, 2019, MCR filed an amendment to its Form NRSRO with the SEC withdrawing its NRSRO registration effective December 30, 2019. Also on that date, DBRS filed an amendment to its Form NRSRO with the SEC to identify MCR as a credit rating affiliate of DBRS, in which capacity MCR operates today. Credit ratings determined by MCR on financial institutions (e.g., banks), corporate issuers and asset-backed securities on, before or after December 30, 2019 (and not previously withdrawn) are now deemed issued by DBRS in accordance with DBRS’s Form NRSRO and, thereby, retain their status as NRSRO ratings. For information on the integration of DBRS and MCR credit rating procedures and methodologies, please see Exhibit 2 to DBRS’s Form NRSRO, which can be found at https://www.dbrsmorningstar.com/regulatory/.

For more information on regulatory registrations, recognitions and approvals of the DBRS group of companies and MCR, please see: http://www.dbrsmorningstar.com/research/highlights.pdf.

JavaScript and Cookies need to be enabled to show the full capabilities of the Morningstar Credit Ratings website.
Turn on switch to see debug info.
JavaScript and Cookies need to be enabled to show the full capabilities of the Morningstar Credit Ratings website.
JavaScript and Cookies need to be enabled to show the full capabilities of the Morningstar Credit Ratings website.