DBRS Publishes Three Updated Corporate Finance Methodologies

DBRS Limited, DBRS, Inc. and DBRS Ratings Limited (DBRS) have today published three methodologies as follows:

(1) Rating Companies in the Industrial Products Industry;
(2) Rating Companies in the Services Industry; and
(3) DBRS Criteria: Recovery Ratings for Non-Investment Grade Corporate Issuers.

These updates supersede previous versions published in April 2016 (for the first methodology) and March 2016 (for the second and third methodologies). While certain details have been clarified in these methodologies (including those noted below for the first two methodologies), changes overall are not substantive and DBRS has determined that no ratings have changed as a result of these updates.

Per the press release dated September 2, 2016, DBRS is incorporating the following changes in certain of its corporate methodologies (including the first two listed above) as they are published over the coming year:

(1) A description of each business risk assessment (BRA) factor in the BRA grid;
(2) A range for the B-range financial risk assessment (FRA) metrics to show the interface of the B and CCC ranges, where applicable; and
(3) A new appendix that provides definitions of the FRA metrics (which have historically been included in, and will continue to be a part of, “DBRS Criteria: Financial Ratio Definitions and Accounting Adjustments – Non-Financial Companies”).

DBRS rating definitions and the terms of use of such ratings are available at www.dbrs.com.

DBRS’s methodologies and criteria are available at www.dbrs.com or by contacting us at info@dbrs.com.