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Wednesday, 29 May 2019

Morningstar to Acquire DBRS for $669Mln

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Commercial Real Estate Direct Staff Report

Morningstar Inc. has agreed to acquire credit ratings agency DBRS Inc. for $669 million in a deal that will significantly expand Morningstar's bond rating business.

The Chicago company is buying DBRS from a venture of the Carlyle Group and Warburg Pincus, which has owned the Toronto firm since 2014. The transaction is expected to close in the third quarter.

DBRS, which was founded in 1976, has a strong presence in Canada and Europe as well as in the United States, where it is one of only 10 bond rating agencies to have been granted Nationally Recognized Statistical Rating Organization, or NRSRO, status by the SEC.

An SEC report last year noted that DBRS rated 49,648 U.S. financial institutions, insurance companies, corporate issuers, asset-backed securities and government securities, making it the fourth-largest credit ratings agency behind Standard & Poor's, Moody's Investors...

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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS - non-deal specific (CMBS-G), Commercial MBS (CMBS), Mergers & Acquisitions (M&A)
  • Private: Yes
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