# EDGAR Filing Document

**Accession Number:** 0001651011
**File Stem:** 0001104659-25-059785
**Filing Date:** 2025-6
**Character Count:** 32354
**Document Hash:** abc18d4fe92f8b5d455b9be05a9be379
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-059785.hdr.sgml**: 20250616

**ACCESSION NUMBER**: 0001104659-25-059785

**CONFORMED SUBMISSION TYPE**: NRSRO-UPD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250616

**DATE AS OF CHANGE**: 20250616

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DBRS, Inc.
- **CENTRAL INDEX KEY:** 0001651011

**ORGANIZATION NAME:**
- **EIN:** 200381928
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NRSRO-UPD
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 110-00122
- **FILM NUMBER:** 251049243

**BUSINESS ADDRESS:**
- **STREET 1:** 140 BROADWAY 35TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
- **BUSINESS PHONE:** 212-806-3277

**MAIL ADDRESS:**
- **STREET 1:** 140 BROADWAY 35TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005

### Attached PDF Documents

**Attachment 1:** `tm2518019d1_nrsroupd.pdf`

FORM NRSRO

| OMB APPROVAL |
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| OMB Number: 3235-0625 |
| Expires: Dec. 31, 2026 |
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# APPLICATION FOR REGISTRATION AS A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION (NRSRO)

SEC 1541 (1-24)

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

APPLICATION FOR REGISTRATION AS A
NATIONALLY RECOGNIZED
STATISTICAL RATING ORGANIZATION (NRSRO)

☐ INITIAL APPLICATION
☐ APPLICATION TO ADD CLASS OF CREDIT RATINGS
☐ APPLICATION SUPPLEMENT
Items and/or Exhibits Supplemented: _________________________

☐ ANNUAL CERTIFICATION
☑ UPDATE OF REGISTRATION
Items and/or Exhibits Amended: Exhibit 4
☐ WITHDRAWAL FROM REGISTRATION

Important: Refer to Form NRSRO Instructions for General Instructions, Item-by-Item Instructions, an Explanation of Terms, and the Disclosure Reporting Page (NRSRO). “You” and “your” mean the person filing or furnishing, as applicable, this Form NRSRO. “Applicant” and “NRSRO” mean the person filing or furnishing, as applicable, this Form NRSRO and any credit rating affiliate identified in Item 3.

1. A. Your full name:
DBRS, Inc.

B. (i) Name under which your credit rating business is primarily conducted, if different from Item 1A:
DBRS

(ii) Any other name under which your credit rating business is conducted and where it is used (other than the name of a credit rating affiliate identified in Item 3):
Morningstar DBRS Credit Ratings or Morningstar DBRS may be used in external communications.

C. Address of your principal office (do not use a P.O. Box):

| 140 Broadway | New York | NY | 10005 |
| --- | --- | --- | --- |
| (Number and Street) | (City) | (State/Country) | (Zip/Postal Code) |

D. Mailing address, if different:
N/A

| (Number and Street) | (City) | (State/Country) | (Zip/Postal Code) |
| --- | --- | --- | --- |

E. Contact person (See Instructions):

| Detlef Scholz |  | President, DBRS, Inc. |  |
| --- | --- | --- | --- |
| (Name and Title) |  |  |  |
| 140 Broadway, 43rd Fl. | New York | NY | 10005 |
| (Number and Street) | (City) | (State/Country) | (Zip/Postal Code) |

CERTIFICATION:

The undersigned has executed this Form NRSRO on behalf of, and on the authority of, the Applicant/NRSRO. The undersigned, on behalf of the Applicant/NRSRO, represents that the information and statements contained in this Form, including Exhibits and attachments, all of which are part of this Form, are accurate in all significant respects. If

2

this is an ANNUAL CERTIFICATION, the undersigned, on behalf of the NRSRO, represents that the NRSRO's application on Form NRSRO, as amended, is accurate in all significant respects.

6/16/2025

DBRS, Inc.

(Date)

(Name of the Applicant/NRSRO)

By: /s/ Detlef Scholz

(Signature)

Detlef Scholz, President

(Print Name and Title)

2. A. Your legal status:

☑ Corporation ☐ Limited Liability Company ☐ Partnership ☐ Other (specify)

B. Month and day of your fiscal year end: 12/31

C. Place and date of your formation (i.e., state or country where you were incorporated, where your partnership agreement was filed, or where you otherwise were formed):

State/Country of formation: Delaware Date of formation: 8/21/03

3. Your credit rating affiliates (See Instructions):

| Item 3 is attached and made | a part of this Form NRSRO |
| --- | --- |
| (Name) | (Address) |
| (Name) | (Address) |
| (Name) | (Address) |
| (Name) | (Address) |
| (Name) | (Address) |

4. The designated compliance officer of the Applicant/NRSRO (See Instructions):

Zulema Aragones Monjas Global Chief Compliance Officer

(Name and Title)

140 Broadway, 43rd Fl. New York NY 10005

(Number and Street) (City) (State/Country) (Postal Code)

5. Describe in detail how this Form NRSRO and Exhibits 1 through 9 to this Form NRSRO will be made publicly and freely available on an easily accessible portion of the corporate Internet website of the Applicant/NRSRO (See Instructions):

This information is available free of charge for DBRS, Inc., DBRS Limited, DBRS Ratings Limited, and DBRS Ratings GmbH at http://dbrs.morningstar.com/regulatory.

6. COMPLETE ITEM 6 ONLY IF THIS IS AN INITIAL APPLICATION, APPLICATION SUPPLEMENT, OR APPLICATION TO ADD A CLASS OF CREDIT RATINGS.

A. Indicate below the classes of credit ratings for which the Applicant/NRSRO is applying to be registered. For each class, indicate the approximate number of obligors, securities, and money market instruments in that class as of the date of this application for which the Applicant/NRSRO has an outstanding credit rating and the approximate date the Applicant/NRSRO began issuing credit ratings as a "credit rating agency" in that class on a continuous basis through the present (See Instructions):

| Class of credit ratings | Applying for registration | Approximate number currently outstanding | Approximate date issuance commenced |
| --- | --- | --- | --- |
| financial institutions as that term is defined in section 3(a)(46) of the Exchange Act (15 U.S.C. 78c(a)(46)), brokers as that term is defined in section 3(a)(4) of the Exchange Act (15 U.S.C. 78c(a)(4)), and dealers as that term is defined in section 3(a)(5) of the Exchange Act (15 U.S.C. 78c(a)(5)) | ☐ |  |  |
| insurance companies as that term is defined in section 3(a)(19) of the Exchange Act (15 U.S.C. 78c(a)(19)) | ☐ |  |  |
| corporate issuers | ☐ |  |  |
| issuers of asset-backed securities as that term is defined in 17 CFR 229.1101(c) | ☐ |  |  |
| issuers of government securities as that term is defined in section 3(a)(42) of the Exchange Act (15 U.S.C. 78c(a)(42)), municipal securities as that term is defined in section 3(a)(29) of the Exchange Act (15 U.S.C. 78c(a)(29)), and foreign government securities | ☐ |  |  |

B. Briefly describe how the Applicant/NRSRO makes the credit ratings in the classes indicated in Item 6A readily accessible for free or for a reasonable fee (See Instructions):

C. Check the applicable box and attach certifications from qualified institutional buyers, if required (See Instructions):

☐ The Applicant/NRSRO is attaching ______ certifications from qualified institutional buyers to this application. Each is marked “Certification from Qualified Institutional Buyer.”

☐ The Applicant/NRSRO is exempt from the requirement to file certifications from qualified institutional buyers pursuant to section 15E(a)(1)(D) of the Exchange Act.

Note: You are not required to make a Certification from a Qualified Institutional Buyer filed with this Form NRSRO publicly available on your corporate Internet website pursuant to Exchange Act Rule 17g-1(i). You may request that the Commission keep these certifications confidential by marking each page “Confidential Treatment” and complying with Commission rules governing confidential treatment. The Commission will keep the certifications confidential upon request to the extent permitted by law.

7. DO NOT COMPLETE ITEM 7 IF THIS IS AN INITIAL APPLICATION.

A. Indicate below the classes of credit ratings for which the NRSRO is currently registered. For each class, indicate the approximate number of obligors, securities, and money market instruments in that class for which the NRSRO had an outstanding credit rating as of the most recent calendar year end and the approximate date the NRSRO began issuing credit ratings as a “credit rating agency” in that class on a continuous basis through the present (See Instructions):

| Class of credit rating | Currently registered | Approximate number outstanding as of the most recent calendar year end | Approximate date issuance commenced |
| --- | --- | --- | --- |
| financial institutions as that term is defined in section 3(a)(46) of the Exchange Act (15 U.S.C. 78c(a)(46)), brokers as that term is defined in section 3(a)(4) of the Exchange Act (15 U.S.C. 78c(a)(4)), and dealers as that term is defined in section 3(a)(5) of the Exchange Act (15 U.S.C. 78c(a)(5)) | ☑ | 8767 | 1976 |
| insurance companies as that term is defined in section 3(a)(19) of the Exchange Act (15 U.S.C. 78c(a)(19)) | ☑ | 241 | 1981 |
| corporate issuers | ☑ | 3510 | 1976 |
| issuers of asset-backed securities as that term is defined in 17 CFR 229.1101(c) | ☑ | 46768 | 1989 |
| issuers of government securities as that term is defined in section 3(a)(42) of the Act (15 U.S.C. 78c(a)(42)), municipal securities as that term is defined in section 3(a)(29) of the Exchange Act (15 U.S.C. 78c(a)(29)), and foreign government securities | ☑ | 8057 | 1987 |

B. Briefly describe how the NRSRO makes the credit ratings in the classes indicated in Item 7A readily accessible for free or for a reasonable fee (See Instructions):

Item 7(B) is attached and made a part of this Form NRSRO.

8. Answer each question. Provide information that relates to a “Yes” answer on a Disclosure Reporting Page (NRSRO) and submit the Disclosure Reporting Page with this Form NRSRO (See Instructions). You are not required to make any disclosure reporting pages submitted with this Form publicly available on your corporate Internet website pursuant to Exchange Act Rule 17g-1(i). You may request that the Commission keep any disclosure reporting pages confidential by marking each page “Confidential Treatment” and complying with Commission rules governing confidential treatment. The Commission will keep the disclosure reporting pages confidential upon request to the extent permitted by law.

6

|  | YES | NO |
| --- | --- | --- |
| A. Has the Applicant/NRSRO or any person within the Applicant/NRSRO committed or omitted any act, or been subject to an order or finding, enumerated in subparagraphs (A), (D), (E), (G), or (H) of section 15(b)(4) of the Securities Exchange Act of 1934, been convicted of any offense specified in section 15(b)(4)(B) of the Securities Exchange Act of 1934, or been enjoined from any action, conduct, or practice specified in section 15(b)(4)(C) of the Securities Exchange Act of 1934 in the ten years preceding the date of the initial application of the Applicant/NRSRO for registration as an NRSRO or at any time thereafter? | ☑ | ☐ |
| B. Has the Applicant/NRSRO or any person within the Applicant/NRSRO been convicted of any crime that is punishable by imprisonment for 1 or more years, and that is not described in section 15(b)(4) of the Securities Exchange Act of 1934, or been convicted of a substantially equivalent crime by a foreign court of competent jurisdiction in the ten years preceding the date of the initial application of the Applicant/NRSRO for registration as an NRSRO or at any time thereafter? | ☐ | ☑ |
| C. Is any person within the Applicant/NRSRO subject to any order of the Commission barring or suspending the right of the person to be associated with an NRSRO? | ☐ | ☑ |

9. Exhibits (See Instructions).

| Exhibit 1. Credit ratings performance measurement statistics. ☐ Exhibit 1 is attached and made a part of this Form NRSRO. |
| --- |
| Exhibit 2. A description of the procedures and methodologies used in determining credit ratings. ☐ Exhibit 2 is attached and made a part of Form NRSRO. |
| Exhibit 3. Policies or procedures adopted and implemented to prevent the misuse of material, nonpublic information. ☐ Exhibit 3 is attached and made a part of this Form NRSRO. |
| Exhibit 4. Organizational structure. ☑ Exhibit 4 is attached to and made a part of this Form NRSRO. |
| Exhibit 5. The code of ethics or a statement of the reasons why a code of ethics is not in effect. ☐ Exhibit 5 is attached to and made a part of this Form NRSRO. |
| Exhibit 6. Identification of conflicts of interests relating to the issuance of credit ratings. ☐ Exhibit 6 is attached to and made a part of this Form NRSRO. |
| Exhibit 7. Policies and procedures to address and manage conflicts of interest. ☐ Exhibit 7 is attached to and made a part of this Form NRSRO. |

| Exhibit 8. Certain information regarding the credit rating agency's credit analysts and credit analyst supervisors. ☐ Exhibit 8 is attached to and made a part of this Form NRSRO. |
| --- |
| Exhibit 9. Certain information regarding the credit rating agency's designated compliance officer. ☐ Exhibit 9 is attached to and made a part of this Form NRSRO. |
| Exhibit 10. A list of the largest users of credit rating services by the amount of net revenue earned from the user during the fiscal year ending immediately before the date of the initial application. ☐ Exhibit 10 is attached to and made a part of this Form NRSRO. Note: You are not required to make this Exhibit publicly available on your corporate Internet website pursuant to Exchange Act Rule 17g-1(i). You may request that the Commission keep this Exhibit confidential by marking each page “Confidential Treatment” and complying with Commission rules governing confidential treatment. The Commission will keep the information and documents in the Exhibit confidential upon request to the extent permitted by law. |
| Exhibit 11. Audited financial statements for each of the three fiscal or calendar years ending immediately before the date of the initial application. ☐ Exhibit 11 is attached to and made a part of this Form NRSRO. Note: You are not required to make this Exhibit publicly available on your corporate Internet website pursuant to Exchange Act Rule 17g-1(i). You may request that the Commission keep this Exhibit confidential by marking each page “Confidential Treatment” and complying with Commission rules governing confidential treatment. The Commission will keep the information and documents in the Exhibit confidential upon request to the extent permitted by law. |
| Exhibit 12. Information regarding revenues for the fiscal or calendar year ending immediately before the date of the initial application. ☐ Exhibit 12 is attached to and made a part of this Form NRSRO. Note: You are not required to make this Exhibit publicly available on your corporate Internet website pursuant to Exchange Act Rule 17g-1(i). You may request that the Commission keep this Exhibit confidential by marking each page “Confidential Treatment” and complying with Commission rules governing confidential treatment. The Commission will keep the information and documents in the Exhibit confidential upon request to the extent permitted by law. |
| Exhibit 13. The total and median annual compensation of credit analysts. ☐ Exhibit 13 is attached and made a part of this Form NRSRO. Note: You are not required to make this Exhibit publicly available on your corporate Internet website pursuant to Exchange Act Rule 17g-1(i). You may request that the Commission keep this Exhibit confidential by marking each page “Confidential Treatment” and complying with Commission rules governing confidential treatment. The Commission will keep the information and documents in the Exhibit confidential upon request to the extent permitted by law. |

# DBRS FORM NRSRO

ITEM 3

| Credit Rating Affiliate | Address |
| --- | --- |
| DBRS Limited | 181 University Avenue Suite 700 Toronto, ON M5H 3M7 |
| DBRS Ratings Limited | 1 Oliver's Yard 55-71 City Road London EC1Y 1HQ United Kingdom |
| DBRS Ratings GmbH | Neue Mainzer Straße 75 60311 Frankfurt am Main Germany |

# DBRS FORM NRSRO

# ITEM 7(B)

With the exception of private ratings and ratings for certain private placement transactions, DBRS, Inc. ("DBRS") distributes its ratings publicly at no cost through its website, https://www.dbrsmorningstar.com/.

These ratings are also publicly distributed through Bloomberg, Thomson Reuters, First Call, and other electronic and print service providers.

# DISCLOSURE REPORTING PAGE (NRSRO)

This Disclosure Reporting Page (DRP) is to be used to provide information concerning affirmative responses to Item 8 of Form NRSRO.

Submit a separate DRP for each person that: (a) has committed or omitted any act, or been subject to an order or finding, enumerated in subparagraphs (A), (D), (E), (G), or (H) of section 15(b)(4) of the Securities Exchange Act of 1934, has been convicted of any offense specified in section 15(b)(4)(B) of the Securities Exchange Act of 1934, or has been enjoined from any action, conduct, or practice specified in section 15(b)(4)(C) of the Securities Exchange Act of 1934; (b) has been convicted of any crime that is punishable by imprisonment for 1 or more years, and that is not described in section 15(b)(4) of the Securities Exchange Act of 1934, or has been convicted of a substantially equivalent crime by a foreign court of competent jurisdiction; or (c) is subject to any order of the Commission barring or suspending the right of the person to be associated with an NRSRO.

| Name of Applicant/NRSRO | Date |
| --- | --- |
| DBRS, Inc. | 3/27/2025 |

Check Item being responded to:

☑ Item 8A
☐ Item 8B
☐ Item 8C

Full name of the person for whom this DRP is being submitted:
DBRS, Inc.

If this DRP provides information relating to a "Yes" answer to Item 8A, describe the act(s) that was (were) committed or omitted; or the order(s) or finding(s); or the injunction(s) (provide the relevant statute(s) or regulation(s)) and provide jurisdiction(s) and date(s):

Please see Exchange Act Release No. 92952 (Sept. 13, 2021),
Release No. 98636 (Sept. 29, 2023), and Release No. 98638 (Sept. 29, 2023)

If this DRP provides information relating to a "Yes" answer to Item 8B, describe the crime(s) and provide jurisdiction(s) and date(s):
N/A

If this DRP provides information relating to a "Yes" answer to Item 8C, attach the relevant Commission order(s) and provide the date(s):
N/A

37

List of Material Changes

Form NRSRO - Annual Certification

March 2025

MORNINGSTAR | DBRS

This list reflects material changes made to the information or documents in Morningstar DBRS’ Form NRSRO during the previous calendar year unless otherwise indicated below.

## Form NRSRO

### Item 4

On April 1, 2024, Item 4 was amended to reflect the appointment of a new Designated Compliance Officer (“DCO”) of the NRSRO.1

### Item 7A

Item 7A was updated to allocate certain ratings from our internal sector classifications from asset-backed security subclasses to financial institutions.

### Exhibit 1

Exhibit 1 rating transition tables allocate certain ratings from our internal sector classifications from asset-backed security subclasses to financial institutions.

### Exhibit 4

Updates to Exhibit 4 were made to reflect organizational changes and/or title changes.

### Exhibit 6

The list of conflicts was updated.

### Exhibit 9

On April 1, 2024, Exhibit 9 was amended to reflect the resume of the DCO noted in Item 4 in Form NRSRO.2

***

In addition, the Independent Review Function was renamed as the Methodology Review Function, effective January 2, 2025

1 As of the March 31, 2025 Form NRSRO filing, Item 4 was further amended to reflect the appointment of another DCO.

2 As of the March 31, 2025 Form NRSRO filing, Exhibit 9 was further amended to reflect the resume of another DCO.

**Attachment 2:** `tm2425888d1_ex99-ra4nrsro3.pdf`

MORNINGSTAR | DBRS

# Form NRSRO - Annual Certification

# Exhibit 4: Organizational Structure

June 2025

MORNINGSTAR
DBRS

# Exhibit 4A - Organization of DBRS, Inc., Holding Companies and Material Affiliates

![img-0.jpeg](img-0.jpeg)

MORNINGSTAR

DBRS

# Exhibit 4B - Divisions, Departments, Business Units and Managerial Structure (Credit Ratings Organization)

![img-1.jpeg](img-1.jpeg)

* Solid line (--) indicates direct administrative reporting line.
Dotted line (---) indicates secondary reporting line.
** Is accountable to the DBRS Group Boards of Directors.
- Blue text indicates the role is employed by Morningstar, Inc.
- Black text indicates the role is employed by DBRS, Inc. or a registered affiliate.
- There may be additional Morningstar employees providing Morningstar shared services to Morningstar DBRS from time to time.

MORNINGSTAR

DBRS

# Exhibit 4B - Divisions, Departments, Business Units and Managerial Structure (Compliance)

![img-2.jpeg](img-2.jpeg)

* Solid line (--) indicates direct administrative reporting line.
Dotted line (---) indicates secondary reporting line.
** Is accountable to the DBRS Group Boards of Directors.
+ The Global Chief Compliance Officer, Ratings &amp; Benchmarks is the interim US DCO as of March 21, 2025.
- Blue text indicates the role is employed by Morningstar, Inc.
- Black text indicates the role is employed by DBRS, Inc. or a registered affiliate.
- Green text indicates the role is employed by a Morningstar, Inc. affiliate outside of DBRS, Inc.
- There may be additional Morningstar employees providing Morningstar shared services to Morningstar DBRS from time to time.

MORNINGSTAR
DBRS

# Exhibit 4B - Divisions, Departments, Business Units and Managerial Structure (HR, Audit, Finance, Information Security, Legal)

![img-3.jpeg](img-3.jpeg)

![img-4.jpeg](img-4.jpeg)

![img-5.jpeg](img-5.jpeg)

![img-6.jpeg](img-6.jpeg)

* Solid line (--) indicates direct administrative reporting line.
Dotted line (---) indicates secondary reporting line.
** Is accountable to the DBRS Group Boards of Directors.
- Blue text indicates the role is employed by Morningstar, Inc.
- Black text indicates the role is employed by DBRS, Inc. or a registered affiliate.
- There may be additional Morningstar employees providing Morningstar shared services to Morningstar DBRS from time to time.

MORNINGSTAR
DBRS

# Exhibit 4C - Subsidiaries of Morningstar, Inc.

The information below is presented as of December 31, 2024. Except as specifically indicated below, Morningstar, Inc. holds, directly or indirectly, a 100% interest in each entity listed below. Some inactive subsidiaries have been omitted.

Page 1 of 4

| Subsidiary | Jurisdiction of Formation | Ownership Information |
| --- | --- | --- |
| Corporate Fundamentals, Inc. | US (Delaware) | Morningstar, Inc. owns 100%. |
| DBRS, Inc. | US (Delaware) | Morningstar Ratings Holding Corp. owns 100%. |
| Morningstar Credit Analytics LLC | US (Delaware) | Morningstar, Inc. owns 100%. |
| Morningstar Index Holding Corp. | US (Delaware) | Morningstar, Inc. owns 100%. |
| Morningstar Investment Management LLC | US (Delaware) | Morningstar, Inc. owns 100%. |
| Morningstar Investment Services LLC | US (Delaware) | Morningstar Investment Management LLC owns 100%. |
| Morningstar Ratings Holding Corp. | US (Delaware) | Morningstar, Inc. owns 100%. |
| Morningstar Research Services LLC | US (Delaware) | Morningstar, Inc. owns 100%. |
| PitchBook Data, Inc. | US (Delaware) | Morningstar, Inc. owns 100%. |
| PitchBook Holding, Inc. | US (Delaware) | PitchBook Data, Inc. owns 100% |
| Sustainalytics U.S. Inc. | US (Delaware) | Morningstar, Inc. owns 100%. |
| Morningstar Credit Ratings, LLC | US (Pennsylvania) | DBRS, Inc. owns 100%. |
| Morningstar Australasia Pty Limited | Australia | Morningstar Group Australia Pty Limited owns 100%. |
| Morningstar Group Australia Pty Limited | Australia | Morningstar Holland B.V. owns 100%. |
| Morningstar Investment Management Australia Limited | Australia | Morningstar Group Australia Pty Limited owns 100%. |
| Sustainalytics Australia Pty Ltd. | Australia | Sustainalytics Holding B.V. owns 100%. |
| Morningstar Brasil Informações Financeiras Ltda. | Brazil | Morningstar Holland B.V. owns 100%. (Note A) |
| DBRS Limited | Canada | Ratings Acquisition Corp. owns 100%. |
| Jantzi Research Inc. | Canada | Sustainalytics Holding B.V. owns 100%. |
| Morningstar Canada Group, Inc. | Canada | Morningstar Holland B.V. owns 100%. |
| Morningstar Research, Inc. | Canada | Morningstar Canada Group, Inc. owns 100%. |
| Ratings Acquisition Corporation | Cayman Islands | Morningstar Ratings Holding Corp. owns 100%. |
| Servicios Morningstar Chile Limitada | Chile | Morningstar Holland B.V. owns 100%. (Note A) |
| Morningstar (Shanghai) Ltd. | China | Morningstar Asia, Ltd. owns 100%. |
| Morningstar (Shenzhen) Ltd. | China | Morningstar Asia, Ltd. owns 100%. |
| Morningstar Finance (Cyprus) Limited | Cyprus | Morningstar Ratings Holding Corp. owns 100%. |

MORNINGSTAR

DBRS

# Exhibit 4C - Subsidiaries of Morningstar, Inc.

The information below is presented as of December 31, 2024. Except as specifically indicated below, Morningstar, Inc. holds, directly or indirectly, a 100% interest in each entity listed below. Some inactive subsidiaries have been omitted.

Page 2 of 3

| Subsidiary | Jurisdiction of Formation | Ownership Information |
| --- | --- | --- |
| GES Investment Services Danmark A/S | Denmark | GES International AB owns 100%. |
| Morningstar Danmark A/S | Denmark | Morningstar Danmark Holding ApS owns 100%. |
| Morningstar Danmark Holding ApS | Denmark | Morningstar Holland B.V. owns 100%. |
| Morningstar France Fund Information SARL | France | Morningstar France Holding SAS owns 100%. |
| Morningstar France Holding SAS | France | Morningstar Holland B.V. owns 100%. |
| Morningstar France Services SAS | France | Morningstar France Holding SAS owns 100%. |
| Sustainalytics S.A.R.L. | France | Sustainalytics B.V. owns 100%. |
| DBRS Ratings GmbH | Germany | Ratings Acquisition Corp. owns 100%. |
| Morningstar Deutschland GmbH | Germany | Morningstar Holland B.V. owns 100%. |
| Morningstar Indexes GmbH | Germany | Morningstar Indexes Limited owns 100% |
| Sustainalytics GmbH | Germany | Sustainalytics B.V. owns 100%. |
| Morningstar Asia Limited | Hong Kong | Morningstar Holland B.V. owns 100%. |
| Morningstar Investment Management Asia Limited | Hong Kong | Morningstar Investment Management LLC owns 100%. |
| WealthCraft Limited | Hong Kong | Morningstar Wealth (UK) Limited owns 100%. |
| DBRS Ratings GmbH, Branch India | India | (Note B) |
| Morningstar India Private Limited | India | Corporate Fundamentals, Inc. owns 100%. |
| Morningstar Investment Research India Private Limited | India | Morningstar Investment Management LLC owns 100%. |
| Morningstar Italy, S.R.L. | Italy | Morningstar Holland B.V. owns 100%. |
| Ibbotson Associates Japan K.K. | Japan | Morningstar Investment Management LLC owns 100%. |
| Morningstar Japan, Inc. | Japan | Ibbotson Associates Japan K.K. owns 100%. |
| Sustainalytics Japan Inc. | Japan | Sustainalytics Holding B.V. owns 100%. |
| Morningstar Wealth International Limited | Jersey | Morningstar Wealth Portfolio Services Limited owns 100%. |
| Morningstar Korea, Ltd. | Korea | Morningstar, Inc. owns 100%. |
| Morningstar Luxembourg S.a.r.l. | Luxembourg | Morningstar Holland B.V. owns 100%. |
| Investigaciones MSMexico, S. de R.L. de C.V. | Mexico | Morningstar Holland B.V. owns 100%. (Note A) |
| Morningstar Research Limited | New Zealand | Morningstar Australasia Pty Limited owns 100%. |
| Morningstar Norge AS | Norway | Morningstar Holland B.V. owns 100%. |
| Sustainalytics S.R.L. | Romania | Sustainalytics B.V. owns 100%. |
| Morningstar Investment Adviser Singapore Pte. Limited | Singapore | Morningstar Asia Limited owns 100%. |
| Morningstar Research Pte. Limited | Singapore | Morningstar Asia Limited owns 100%. |
| Sustainalytics Pte Ltd. | Singapore | Sustainalytics Holding B.V. owns 100%. |
| Morningstar Investment Management South Africa (Pty) Limited | South Africa | Morningstar Investment Management LLC owns 100%. |

MORNINGSTAR | DBRS

# Exhibit 4C - Subsidiaries of Morningstar, Inc.

The information below is presented as of December 31, 2024. Except as specifically indicated below, Morningstar, Inc. holds, directly or indirectly, a 100% interest in each entity listed below. Some inactive subsidiaries have been omitted.

Page 3 of 4

| Subsidiary | Jurisdiction of Formation | Ownership Information |
| --- | --- | --- |
| Morningstar Research (Proprietary) Limited | South Africa | Morningstar Holland B.V. owns 100%. (Note B) |
| DBRS Ratings GmbH Sucursal en España | Spain | Morningstar Holland B.V. owns 100%. |
| Morningstar Europe Services, S.L. | Spain | Morningstar Holland B.V. owns 100%. |
| Morningstar Network, S.L. | Spain | Sustainalytics Holding B.V. owns 100%. |
| GES International AB | Sweden | Morningstar Holland B.V. owns 100%. |
| Morningstar HoldCo AB | Sweden | Morningstar HoldCo AB owns 100%. |
| Morningstar Sweden AB | Sweden | Morningstar Holland B.V. owns 100%. (Note C) |
| Morningstar Switzerland GmbH | Switzerland | Morningstar, Inc. owns 100%. (Note D) |
| Morningstar Asia Limited, Taiwan Branch | Taiwan | Morningstar, Inc. owns 100%. |
| Morningstar Research Thailand Limited | Thailand | Morningstar Europe B.V. owns 100%. |
| Morningstar Europe B.V. | The Netherlands | Morningstar Europe B.V. owns 100%. |
| Morningstar Holland B.V. | The Netherlands | Morningstar Europe B.V. owns 100%. |
| Sustainalytics B.V. | The Netherlands | Morningstar Holland B.V. owns 100%. |
| Sustainalytics Holding B.V. | The Netherlands | Morningstar Holland B.V. owns 100%. |
| Morningstar (Dubai) Ltd. | United Arab Emirates | Morningstar Wealth Administration Limited owns 100%. |
| Morningstar Wealth Administration (DIFC Branch) Limited | United Arab Emirates | Ratings Acquisition Corp. owns 100%. |
| DBRS Ratings Limited | United Kingdom | Morningstar Wealth Administration Limited owns 100%. |
| Morningstar Europe Limited | United Kingdom | Ratings Acquisition Corp. owns 100%. |
| Morningstar Finance Limited | United Kingdom | Morningstar Index Holding Corp. owns 100% |
| Morningstar Indexes Limited | United Kingdom | Morningstar Investment Management LLC owns 100%. |
| Morningstar Investment Management Europe Limited | United Kingdom | Morningstar UK Limited owns 100%. |
| Morningstar Real-Time Data Limited | United Kingdom | Morningstar Wealth Portfolio Services Limited owns 100%. |
| Morningstar UK Limited | United Kingdom | Morningstar Wealth Management LLC owns 100%. |
| Morningstar Wealth Management Services Limited | United Kingdom | Morningstar Investment Management, LLC owns 100%. |
| Morningstar Wealth Retirement Trustees Limited | United Kingdom | Morningstar Wealth Administration Limited owns 100%. |
| Morningstar Wealth Software Limited | United Kingdom | Morningstar Wealth (UK) Limited owns 100% |
| Morningstar Wealth Trustee Limited | United Kingdom | Morningstar Wealth Allministration Limited owns 100%. |
| Morningstar Wealth (UK) Limited | United Kingdom | Morningstar Wealth Portfolio Services Limited owns 100%. |
| PitchBook Data Limited | United Kingdom | PitchBook Data, Inc. owns 100%. |
| Smart Investment Management Limited | United Kingdom | Morningstar Wealth Administration Limited owns 100%. |

MORNINGSTAR | DBRS

# Exhibit 4C - Subsidiaries of Morningstar, Inc.

The information below is presented as of December 31, 2024. Except as specifically indicated below, Morningstar, Inc. holds, directly or indirectly, a 100% interest in each entity listed below. Some inactive subsidiaries have been omitted.

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| Subsidiary | Jurisdiction of Formation | Ownership Information |
| --- | --- | --- |
| Smartfund Nominees Ltd Sustainalytics UK Limited | United Kingdom United Kingdom | Morningstar Wealth Administration Limited owns 100%. Sustainalytics B.V. owns 100%. |

Note A: Morningstar, Inc. owns less than 1% of this entity.
Note B: DBRS Ratings GmbH, Branch India and DBRS Ratings GmbH Sucursal en España are each a branch of DBRS Ratings GmbH.
Note C: Morningstar Asia Limited has a Taiwan branch.
Note D: Corporate Fundamentals, Inc. own less than 1% of this entity.

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