COVID-19 Related Financial Institution and Sovereign Rating Actions
The impact of the Coronavirus Disease (COVID-19) has considerably dislocated the world economy and drastically altered the course of most industries and companies through, among other things, forced shutdown of operations, sharp declines in demand for products and services, altered consumer behaviour, as well as supply chain and labour supply shocks. While considerable uncertainty remains with respect to the intensity and duration of the shock, DBRS Morningstar has revised the rating cases of many Financial Institution and Sovereign issuers to incorporate the expected impact of the pandemic, consistent with our forward-looking rating philosophy. The situation remains fluid, but we expect this process to continue over the months to come, leading to additional negative rating actions.
DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.
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