Morningstar DBRS Publishes Updated Methodologies for Rating Canadian Provincial, Territorial, and Municipal Governments

Morningstar DBRS published two updated sub-sovereign methodologies as follows:

-- "Rating Canadian Provincial and Territorial Governments" (April 25, 2025); and
-- "Rating Canadian Municipal Governments" (April 25, 2025).

The updates supersede the following previous versions:

-- "Rating Canadian Provincial and Territorial Governments" (April 15, 2024); and
-- "Rating Canadian Municipal Governments" (April 15, 2024).

Morningstar DBRS deems the updates not to be material and determined that no credit ratings are expected to change as a result of these updates. The updates are effective as of April 25, 2025.

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

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