DBRS Morningstar Publishes Updated Preferred Share and Hybrid Security Criteria

DBRS Morningstar published an updated version of its “DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers” methodology, hereafter referred to as the “DBRS Morningstar Global Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers” (the Methodology). In accordance with the discussion in the press release entitled “DBRS Morningstar Publishes Five Final Corporate Methodologies and Clarifies Geographic Scope of Certain Corporate Methodologies,” dated August 29, 2022, the title of this Methodology has changed from the prior year.

DBRS Morningstar has conducted a periodic review of the Methodology. This update supersedes the previous version published on October 21, 2021, and is effective as of October 20, 2022. DBRS Morningstar deems the update not to be material and has determined that no ratings are expected to change as a result of this update.

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DBRS Morningstar methodologies are publicly available on its website www.dbrsmorningstar.com under Methodologies & Criteria.

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