Morningstar DBRS Publishes Consolidated Global Methodology for Rating CLOs and Corporate CDOs, Updates Global Methodology for Rating and Monitoring Covered Bonds

Morningstar DBRS published its "Global Methodology for Rating CLOs and Corporate CDOs" (the Methodology), which consolidates the previous version of this methodology with the "Modelling Assumptions for Portfolios of Public Sector Exposures". For consistency, Morningstar DBRS made editorial and nonmaterial changes to update references and nomenclature.

The Methodology supersedes the following, previously separate, versions, which Morningstar DBRS archived as a result of the consolidation, and is effective as of July 9, 2025:

-- Global Methodology for Rating CLOs and Corporate CDOs (November 19, 2024)
-- Modelling Assumptions for Portfolios of Public Sector Exposures (July 9, 2024)

Morningstar DBRS conducted a periodic review of the "Modelling Assumptions for Portfolios of Public Sector Exposures" methodology as part of the consolidation. Morningstar DBRS deems the update not to be material and determined that no credit ratings are expected to change as a result of this update.

Morningstar DBRS also made editorial and nonmaterial changes to its "Global Methodology for Rating and Monitoring Covered Bonds" to update all references to the now-retired "Modelling Assumptions for Portfolios of Public Sector Exposures" to the those in Methodology.

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

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