ESG Factors for Real Estate Entities
In this commentary, we discuss environmental, social, and governance (ESG) factors that DBRS Morningstar considers in its rating analysis and that could influence credit ratings of real estate entities, which are rated using the Rating Entities in the Real Estate Industry methodology. Of the 17 ESG risk factors identified in DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings, 13 are relevant when rating real estate entities. Although relevant, it is rare for these ESG factors to have a financial impact that is sufficiently material to directly affect a rating. More often, the identified ESG factors are incorporated into the key Business and Financial Risk Assessment Factors. In this commentary, DBRS Morningstar considers how these ESG factors may affect a real estate entity and factor into ratings.
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