Morningstar DBRS Publishes Final Global Corporate Criteria

Morningstar DBRS finalized its "Morningstar DBRS Global Corporate Criteria" (the Methodology).

This Methodology is published in connection with the Fundamental Methodological Integration Project (see announcement dated October 30, 2023, for more details: https://dbrs.morningstar.com/research/422623).

This methodology presents the criteria for the following credit considerations:
-- Rating Corporate Holding Companies and Parent/Subsidiary Relationships
-- Common Adjustments for Calculating Financial Ratios
-- Liquidity
-- Recovery Ratings for Non-Investment-Grade Corporate Issuers
-- Guarantees and Other Forms of Support
-- Commercial Paper Liquidity Support for Nonbank Issuers
-- Preferred Share and Hybrid Security Criteria for Corporate Issuers
-- The Effect of Sovereign Ratings on Other Morningstar DBRS Credit Ratings

The methodology supersedes the prior version published on April 15, 2024, and is effective as of February 3, 2025.

The finalization of the Methodology follows the conclusion of the request for comment period that began on December 6, 2024. We received comments (confidentiality was requested by the respondents) during the request for comment period. The comments were editorial or clarifying in nature and deemed to have no material impact on the Methodology.

While there are no significant changes to the analytical approach, we deem the update to be material. No outstanding credit ratings are expected to change as a result of this update.

All comments received during the request for comment period have been published to the Morningstar DBRS website, except in cases where confidentiality is requested by the respondent.

We also published the following methodologies: "Global Methodology for Rating Companies in Services Industries" and "Global Methodology for Rating Companies in Manufacturing and Production Industries," which can be found at: https://dbrs.morningstar.com/research/447184 and https://dbrs.morningstar.com/research/447185.

We also updated our commentary "Interplay of Global Corporate Finance Rating Methodologies When Analyzing Corporate Finance Transactions" to reflect the above methodology updates. It can be found at: https://dbrs.morningstar.com/research/431153.

Notes:
Morningstar DBRS methodologies are publicly available on its website http://dbrs.morningstar.com under Methodologies & Criteria.

For more information on this methodology or on this industry, visit http://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.