Menu Products Sign In search Understanding Ratings Ratings Process Overview DBRS Morningstar provides independent credit ratings services for financial institutions, corporate and sovereign entities and structured finance products and instruments. Credit ratings are forward-looking opinions about credit risk that reflect the creditworthiness of an entity or security. The Rating Committee process facilitates rating decisions, which are a collective assessment of DBRS Morningstar’s opinion rather than the view of an individual analyst. Ratings are based on sufficient information that incorporates both global and local considerations and the use of approved methodologies. They are independent of any actual or perceived conflicts of interest. Learn More About the Rating Process Methodologies and Criteria DBRS Morningstar credit ratings are formed and disseminated based on established methodologies, models and criteria (Methodologies) that apply to entities and securities that we rate, including corporate finance issuers, financial institutions, insurance companies, public finance and sovereign entities as well as Structured Finance transactions. DBRS Morningstar methodologies are periodically reviewed and updated by the team. Learn More About Methodologies And Criteria About Ratings Rating Scales DBRS Morningstar uses rating scales to assign and monitor credit ratings. Occasionally, rating scales may be retired or new rating scales introduced. Rating scales currently used by DBRS Morningstar, as well as historical scales and mapping documents, are set out below. Structured finance credit ratings are denoted by the addition of an "(sf)" modifier, when applicable. Claims Paying Ability Rating Scale (Retired) Commercial Paper and Short-Term Debt Rating Scale Credit Fund Rating Scale Expected Loss Rating Scale Financial Strength Rating Scale 1 / 2 Rating Policies DBRS Morningstar maintains a comprehensive range of rating policies to support the objectivity and integrity of its rating processes and to promote the transparency of its rating operations. These policies are reviewed on a regular basis and modified, as necessary, to ensure that they continue to meet these objectives. Analyst Rotation Policy for Europe Corporate Finance Criteria Committee Global Policy Corporate Finance Ratings Surveillance Global Policy Corporate and Structured Finance Rating Committee Global Policy Credit Estimates Global Policy 1 / 4 Rating Studies On an annual basis, DBRS Morningstar publishes rating studies about the historical default rates of its rating categories and whether the default rates have changed over time. 2020 DBRS Morningstar Structured Finance Rating Transition and Default Study 2020 DBRS Corporate Finance Transition and Default Study 2019 DBRS Corporate Finance Transition and Default Study 2019 DBRS Structured Finance Rating Transition and Default Study 2018 DBRS Structured Finance Rating Transition and Default Study 1 / 7 Bloomberg Expected Ratings DBRS Morningstar has licensed to Bloomberg the authority to use DBRS rating scales and associated trademarks in conjunction with Bloomberg's display of "Expected Ratings." Bloomberg designates an Expected Rating by an "e" after the rating code. Expected Ratings are not a DBRS Morningstar credit rating and do not indicate whether DBRS Morningstar will issue a rating. Expected Ratings are produced by Bloomberg to anticipate agency ratings that may be assigned and are based upon information from third party sources and/or the agency's established policy and practices. Bloomberg's expectation of a DBRS Morningstar rating is provided without any participation or prior review by DBRS Morningstar and may differ from any corresponding DBRS Morningstar rating. Contact UsCareers Regulatory AffairsCode of ConductPrevious MCR Credit RatingsDisclaimerTerms and ConditionsPrivacy PolicyProprietary Rights The DBRS Morningstar group of companies consists of DBRS, Inc. 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