The US mutual funds rating company Morningstar has acquired a Toronto-based DBRS credit ratings. The 699 millions dollars deal was published on Wednesday.
According to Morningstar, it is entering the credit ratings markets with the acquisition, which is dominated by the three agencies S&P, Moody´s and Fitch. Morningstar says it will expand the global coverage and provide an enhanced platform.
DBRS, which is the fourth largest rating company in the world, reported a 167 million dollars revenue for the fiscal year ended November 2018.