This year, Morningstar DBRS, a subsidiary of Morningstar, Inc. (NASDAQ:MORN), commemorates 50 years of delivering independent credit ratings and research to the market, a journey that began in April 1976 when Walter Schroeder founded Dominion Bond Rating Service (DBRS) in Toronto.

"From our beginnings in Toronto, Morningstar DBRS has helped shape the Canadian credit markets with rigorous analysis and transparent opinions. That legacy continues as we focus on following our clients and issuance into new asset classes and adjacent markets with the trust of transparent, globally consistent criteria that give investors clarity," said Richard Sibthorpe, Head of Canada and Global Investor Strategy.

The firm expanded to the U.S. in 2003 and Europe in 2005, laying the groundwork for a global footprint that now serves issuers and investors across key markets. In 2019, Morningstar, Inc. acquired DBRS and combined capabilities to establish Morningstar DBRS as one of the world's top four credit rating agencies.

After more than two decades of rating global offerings from issuers in the Asia-Pacific (APAC) region, Morningstar DBRS officially expanded its presence in 2025 with the opening of its hub in Sydney, Australia. This move brought Morningstar DBRS' full range of services closer to clients and investors in the region, establishing a truly global footprint.

In January 2026, BNY integrated Morningstar DBRS' credit ratings into its Global Collateral platform, broadening eligibility for a wider set of rated securities to be evaluated for collateral allocation on leading triparty infrastructure as well as supporting liquidity and choice for institutional investors. This integration reflects the growing relevance of Morningstar DBRS' credit ratings in essential fixed income market infrastructure.

"Recent milestones, from the opening of our APAC hub to the inclusion of our ratings on BNY's Global Collateral platform, reflect the market's growing adoption of Morningstar DBRS' opinions across geographies and market sectors," said Detlef Scholz, President of Morningstar DBRS. "Given our more nimble and service-minded approach, we are also well positioned in the rapidly evolving private credit markets and on-balance sheet risk assessments for insurance companies globally."

To that end, over the past several years, Morningstar DBRS has invested in methodology initiatives to enhance analytical transparency, global comparability, and consistency across asset classes. The firm has modernized and streamlined its fundamental and structured finance methodologies with the goal of ensuring global applicability and supporting newer asset classes in the market in a clear, transparent, and user-friendly way.

As Morningstar DBRS looks ahead, the firm is deeply committed to continuing to challenge the status quo by bringing differentiated credit insights, solutions, and innovative thought leadership to global credit markets as it helps issuers and investors navigate liquidity and risk with confidence.

For more information on this milestone, please see https://go-dbrs.morningstar.com/dbrs50.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $378 billion in AUMA as of Dec. 31, 2025. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar.

About Morningstar DBRS

Morningstar DBRS is a leading provider of independent credit rating services and opinions for corporate and sovereign entities, financial institutions, and project and structured finance instruments globally. Rating more than 4,500 issuers and 68,000 securities, we are one of the top four credit rating agencies in the world and a market leader in Canada, the U.S., and Europe in multiple asset classes.

For 50 years, Morningstar DBRS has been committed to bringing greater transparency and a much-needed diversity of opinion in the credit rating industry. Our nimble approach combined with Morningstar's global scale and resources enable us to respond to customers' needs in their local markets while also empowering investor success worldwide. Market innovators choose to work with us because of our agility, tech-forward approach, and exceptional customer service.

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Susan Morton, +1 416 597-7406, susan.morton@morningstar.com

Morningstar DBRS Marks 50 Years of Credit Ratings; Advances Global Methodology Program and Asia-Pacific Growth