Morningstar DBRS

The company was founded by Walter Schroeder, who started the company in a small office in Toronto with less than $1,000. Schroeder and his family later sold the company to The Carlyle Group and Warburg Pincus.

DBRS opened offices in Chicago and New York in 2003. After changing its name from Dominion Bond Rating Service to DBRS in 2008, the organization opened its current office in London in 2010, an office in Frankfurt in 2018, and an office in Madrid in 2019.

On May 29, 2019, Morningstar, Inc. announced their acquisition of DBRS in an approximately $700 million cash and stock transaction. The takeover closed on July 2, 2019.

Corporate structure and regulation

DBRS Limited is the operating company in Canada. DBRS, Inc. is the operating company in the United States. DBRS Ratings Limited is the operating entity based in London and is home to the agency's broader European operations. DBRS Ratings GmbH is the German operating unit and DBRS Ratings GmbH, Sucursal en España is the operating company in Spain.

In Canada, Morningstar DBRS is regulated through the Canadian Securities Administrators and its principal regulator is the OSC. In the United States, Morningstar DBRS is regulated by the Securities and Exchange Commission. In Europe, Morningstar DBRS is regulated by ESMA and the FCA.