DBRS Morningstar Places All Its Rated Automotive Issuers Under Review with Negative Implications

DBRS Limited (DBRS Morningstar) placed all its rated automotive issuers Under Review with Negative Implications. Further to DBRS Morningstar’s commentary “The Impact of the Coronavirus on Automotive Manufacturers” dated March 12, 2020, DBRS Morningstar notes that the Coronavirus Disease (COVID-19) has spread globally at a substantially faster rate than previously anticipated.

Given this rapid escalation, jurisdictions across Europe and North America (and, in fact, across the globe, with the notable exception of China, where incidences of the coronavirus appear to have peaked and are declining meaningfully) have implemented drastic countermeasures, including, among others, social distancing/self-isolation/quarantine and widespread mandatory closures of almost all nonessential businesses.

As a result (and, in many cases, associated with interruptions to the supply base), substantially all automotive original equipment manufacturers (OEMs) active in Europe and North America have implemented plant closures with an initial duration of one to two weeks, subject to extension(s) pending further developments. Moreover, given the sharp associated declines in demand, DBRS Morningstar notes that production activity over the immediate term is likely to remain at considerably weaker levels compared with recent historical norms.

With the near-instantaneous stoppage of production and demand in two major regional markets (that, in addition to China, collectively account for the disproportionate majority of industry earnings), DBRS Morningstar notes that the adverse effects on the OEMs’ respective cash flows and liquidity positions will prove consequential and could place substantial negative pressure on several issuers. Moreover, initial indications that production and sales levels in China appear to have appreciably rebounded in March (albeit from very weak levels) at this point only represent a minor offset.

Accordingly, OEMs can (selectively) implement a variety of countermeasures, including suspension of dividend payments, drawdowns of committed credit lines, and cutbacks on spending, among others. In addition, depending on the duration and severity of the coronavirus outbreak, DBRS Morningstar anticipates some OEMs may potentially receive various forms of support from their respective national governments, such as state guarantees of OEM debt, employee wage subsidies, vehicle purchase incentives, and, possibly, government equity stakes to offset, in part, the negative impacts. DBRS Morningstar notes that such potential support has not been factored in today’s rating actions.

In response to the above and further recognizing that there remains very limited visibility regarding the timing of an eventual recovery from the coronavirus outbreak, all ratings on automotive OEMs rated by DBRS Morningstar have been placed Under Review with Negative Implications.

Regarding future rating actions, DBRS Morningstar does not currently expect to take subsequent actions in a uniform and concurrent manner across the automotive sector. Instead, actions will be subject to an individual review of the effects of the coronavirus on each OEM’s business risk assessment and (primarily) financial risk assessment, once these can be reasonably determined.

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at https://www.dbrsmorningstar.com/research/357792.

DBRS Morningstar notes that the above press release was amended on April 29, 2020, to include links to all of the principal methodologies. The amendment was minor and would not impact the understanding of the reader.

Notes:
THE FOLLOWING DISCLOSURES APPLY TO BMW AG:
The principal methodologies are Rating Companies in the Automotive Manufacturing and Supplier Industries (October 2019), DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 2020), and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

The rating was not initiated at the request of the rated entity.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar did not have access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This rating is endorsed by DBRS Ratings Limited (DBRS Morningstar) for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

Each of the principal methodologies employed in the analysis addressed one or more particular risks or aspects of the rating and were factored into the rating decision. Specifically, DBRS Morningstar used “Rating Companies in the Automotive Manufacturing and Supplier Industries” as the primary rating methodology in determining the rating of the parent company, BMW AG. Subsequently, “DBRS Morningstar Criteria: Guarantees and Other Forms of Support” was applied in determining the rating of BMW Canada Inc., which benefits from a guarantee from BMW AG. The guarantee, in combination with DBRS Morningstar’s assessment of additional implicit support considerations, including (but not limited to) business, reputational, and financial factors that are deemed likely to motivate a parent or affiliated company to support its subsidiary issuer, results in a flow-through of BMW AG’s rating to BMW Canada Inc. Finally, “DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships” was applied to assess the corporate structure of the BMW group of companies.

The last rating action on this transaction took place on July 24, 2019, when DBRS Morningstar confirmed the ratings on BMW AG and BMW Canada Inc. at A (high) with Stable trends.

Solely with respect to ESMA regulations in the European Union, this is an unsolicited credit rating. This credit rating was not initiated at the request of the issuer.

With Rated Entity or Related Third Party Participation: YES
With Access to Internal Documents: NO
With Access to Management: YES

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see http://cerep.esma.europa.eu/cerep-web/ statistics/defaults.xhtml.

Lead Analyst: Robert Streda, Senior Vice President, Autos
Rating Committee Chair: Charles Halam-Andres, Managing Director, Industrials & Natural Resources
Initial Rating Date: March 10, 2013

THE FOLLOWING DISCLOSURES APPLY TO DAIMLER AG:
The ratings on Daimler Canada Finance Inc. and Daimler Finance North America LLC are guaranteed by Daimler AG.

The principal methodologies are Rating Companies in the Automotive Manufacturing and Supplier Industries (October 2019), DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 2020), DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 2020), and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This rating is endorsed by DBRS Ratings Limited (DBRS Morningstar) for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

Each of the principal methodologies employed in the analysis addressed one or more particular risks or aspects of the rating and were factored into the rating decision. Specifically, DBRS Morningstar used “Rating Companies in the Automotive Manufacturing and Supplier Industries” as the primary rating methodology in determining the rating of the parent company, Daimler AG. Subsequently, “DBRS Morningstar Criteria: Guarantees and Other Forms of Support” was applied in determining the ratings of Daimler Canada Finance Inc. and Daimler Finance North America LLC, both of which benefit from a guarantee by Daimler AG. The guarantee, in combination with DBRS Morningstar’s assessment of additional implicit support considerations, including (but not limited to) business, reputational, and financial factors that are deemed likely to motivate a parent or affiliated company to support its subsidiary issuer, results in a flow-through of Daimler AG’s rating to Daimler Canada Finance Inc. and Daimler Finance North America LLC. “DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers” was applied to ensure that the provided liquidity in support of Daimler Canada Finance Inc.’s and Daimler Finance North America LLC’s Commercial Paper ratings was consistent with DBRS Morningstar criteria. Finally, “DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships” was applied to assess the corporate structure of the Daimler group of companies.

The last rating action took place on November 28, 2019, when DBRS Morningstar confirmed its ratings on Daimler AG and related entities at “A” with a Negative trend.

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Robert Streda, Senior Vice President, Autos
Rating Committee Chair: Charles Halam-Andres, Managing Director, Industrials & Natural Resources
Initial Rating Dates:
-- Daimler AG—August 29, 2000
-- Daimler Canada Finance Inc.—August 29, 2000
-- Daimler Finance North America LLC—November 14, 2016

THE FOLLOWING DISCLOSURES APPLY TO FIAT CHRYSLER AUTOMOBILES N.V.:
The principal methodologies are Rating Companies in the Automotive Manufacturing and Supplier Industries (October 2019) and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This rating is endorsed by DBRS Ratings Limited (DBRS Morningstar) for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

The principal methodologies employed in the analysis addressed one or more particular risks or aspects of the rating and were factored into the rating decision. Specifically, “Rating Companies in the Automotive Manufacturing and Supplier Industries” was utilized to evaluate the ratings of Fiat Chrysler Automobiles N.V. Subsequently, “DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships” was applied to assess the corporate structure of the Fiat group of companies.

The last rating action took place on November 4, 2019, when DBRS Morningstar placed the ratings of Fiat Chrysler Automobiles N.V. Under Review with Positive Implications.

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Robert Streda, Senior Vice President, Autos
Rating Committee Chair: Charles Halam-Andres, Managing Director, Industrials & Natural Resources
Initial Rating Date: November 8, 2005

THE FOLLOWING DISCLOSURES APPLY TO FORD MOTOR COMPANY:
The principal methodologies are Rating Companies in the Automotive Manufacturing and Supplier Industries (October 2019), DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 2020), and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This rating is endorsed by DBRS Ratings Limited (DBRS Morningstar) for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

The principal methodologies employed in the analysis addressed one or more particular risks or aspects of the rating and were factored into the rating decision. Specifically, “Rating Companies in the Automotive Manufacturing and Supplier Industries” was utilized to evaluate the ratings of Ford Motor Company, with “DBRS Morningstar Criteria: Guarantees and Other Forms of Support” being applied to subsequently determine the ratings of Ford Motor Credit Company LLC and Ford Credit Canada Company, respectively. Subsequently, “DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships” was applied to assess the corporate structure of the Ford group of companies.

The last rating action on this transaction took place on March 8, 2019, when the trend on Ford Motor Company’s ratings was changed to Negative from Stable.

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Robert Streda, Senior Vice President, Autos
Rating Committee Chair: Charles Halam-Andres, Managing Director, Industrials & Natural Resources
Initial Rating Date: April 14, 2000

THE FOLLOWING DISCLOSURES APPLY TO GENERAL MOTORS COMPANY:
The principal methodologies are Rating Companies in the Automotive Manufacturing and Supplier Industries (October 2019), DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 2020), and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

THE FOLLOWING DISCLOSURES APPLY TO HONDA MOTOR CO., LTD.:
The principal methodologies are Rating Companies in the Automotive Manufacturing and Supplier Industries (October 2019), DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 2019), DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 2020), and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

THE FOLLOWING DISCLOSURES APPLY TO NISSAN MOTOR CO., LTD.:
The principal methodologies are Rating Companies in the Automotive Manufacturing and Supplier Industries (October 2019), DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 2020), DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 2020), and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

THE FOLLOWING DISCLOSURES APPLY TO PEUGEOT SA:
The principal methodologies are Rating Companies in the Automotive Manufacturing and Supplier Industries (October 2019) and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

This rating was not initiated at the request of the rated entity.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar did not have access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This rating is endorsed by DBRS Ratings Limited (DBRS Morningstar) for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

The principal methodologies employed in the analysis addressed one or more particular risks or aspects of the rating and were factored into the rating decision. Specifically, “Rating Companies in the Automotive Manufacturing and Supplier Industries” was utilized to evaluate the ratings of Peugeot SA. Subsequently, “DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships” was applied to assess the corporate structure of the Peugeot group of companies.

The last rating action took place on November 4, 2019, when DBRS Morningstar placed the ratings of Peugeot SA Under Review with Positive Implications.

Solely with respect to ESMA regulations in the European Union, this is an unsolicited credit rating. This credit rating was not initiated at the request of the issuer.

With Rated Entity or Related Third Party Participation: YES
With Access to Internal Documents: NO
With Access to Management: YES

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Robert Streda, Senior Vice President, Autos
Rating Committee Chair: Charles Halam-Andres, Managing Director, Industrials & Natural Resources
Initial Rating Date: August 16, 2006

THE FOLLOWING DISCLOSURES APPLY TO RENAULT S.A.:
The principal methodologies are Rating Companies in the Automotive Manufacturing and Supplier Industries (October 2019) and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

The rating was not initiated at the request of the rated entity.

The rated entity or its related entities did not participate in the rating process for this rating action. DBRS Morningstar did not have access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This is an unsolicited credit rating.

This rating is endorsed by DBRS Ratings Limited (DBRS Morningstar) for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

Each of the principal methodologies employed in the analysis addressed one or more particular risks or aspects of the rating and were factored into the rating decision. Specifically, DBRS Morningstar used “Rating Companies in the Automotive Manufacturing and Supplier Industries” as the primary rating methodology in determining the rating of the parent company, Renault S.A. Subsequently, “DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships” was applied to assess the corporate structure of the Renault group of companies.

The last rating action took place on December 2, 2019, when DBRS Morningstar confirmed the ratings of Renault S.A. at BBB with a Stable trend.

Solely with respect to ESMA regulations in the European Union, this is an unsolicited credit rating. This credit rating was not initiated at the request of the issuer.

With Rated Entity or Related Third Party Participation: NO
With Access to Internal Documents: NO
With Access to Management: NO

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Robert Streda, Senior Vice President, Autos
Rating Committee Chair: Charles Halam-Andres, Industrials & Natural Resources, Global Corporates
Initial Rating Date: August 31, 2006

THE FOLLOWING DISCLOSURES APPLY TO TOYOTA MOTOR CORPORATION:
The principal methodologies are Rating Companies in the Automotive Manufacturing and Supplier Industries (October 2019), DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 2020), DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 2020), and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

THE FOLLOWING DISCLOSURES APPLY TO VOLKSWAGEN AG:
The principal methodologies are Rating Companies in the Automotive Manufacturing and Supplier Industries (October 2019), DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 2020), DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 2020), DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 2019), and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This rating is endorsed by DBRS Ratings Limited (DBRS Morningstar) for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

Each of the principal methodologies employed in the analysis addressed one or more particular risks or aspects of the rating and were factored into the rating decision. Specifically, DBRS Morningstar used “Rating Companies in the Automotive Manufacturing and Supplier Industries” as the primary rating methodology in determining the rating of parent company, Volkswagen AG. Subsequently, “DBRS Morningstar Criteria: Guarantees and Other Forms of Support” was applied in determining the ratings of VW Credit Canada, Inc., which benefit from a guarantee of Volkswagen AG. The guarantee, in combination with DBRS Morningstar’s assessment of additional implicit support considerations, including (but not limited to) business, reputational, and financial factors that are deemed likely to motivate a parent or affiliated company to support its subsidiary issuer, results in a flow-through of Volkswagen AG’s rating to VW Credit Canada, Inc. “DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers” was applied to ensure that the provided liquidity in support of the Commercial Paper rating of VW Credit Canada, Inc. was consistent with DBRS Morningstar criteria. Moreover, “DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers” was applied to determine the equity treatment of various hybrid notes issued by Volkswagen AG. Finally, “DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships” was applied to assess the corporate structure of the Volkswagen group of companies.

The last rating action took place on October 25, 2019, when the rating of Volkswagen AG was upgraded to A (low) and the trend was changed to Stable.

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Robert Streda, Senior Vice President, Autos, Global Corporates
Rating Committee Chair: Tom Currie, Managing Director, Canadian Credit Practices
Initial Rating Dates:
-- Volkswagen AG—May 16, 2001
-- VW Credit Canada, Inc.—April 24, 2000

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].

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Tel. +1 416 593-5577

-- Rating Companies in the Automotive Manufacturing and Supplier Industries (October 28, 2019), https://www.dbrsmorningstar.com/research/352181/rating-companies-in-the-automotive-manufacturing-and-supplier-industries
-- DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 22, 2020), https://www.dbrsmorningstar.com/research/355780/dbrs-morningstar-criteria-guarantees-and-other-forms-of-support
-- DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019), https://www.dbrsmorningstar.com/research/353260/dbrs-morningstar-criteria-rating-corporate-holding-companies-and-parentsubsidiary-rating-relationships
-- DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 10, 2020), https://www.dbrsmorningstar.com/research/357788/dbrs-morningstar-criteria-commercial-paper-liquidity-support-for-nonbank-issuers
-- DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 1, 2019), https://www.dbrsmorningstar.com/research/352346/dbrs-morningstar-criteria-preferred-share-and-hybrid-security-criteria-for-corporate-issuers