The US financial data and investor information provider Morningstar takes over the Canadian credit rating agency DBRS for $ 669 million. With this, Morningstar wants to compete better in the field of credit assessments with the dominant players Standard & Poor’s (S&P), Moody’s and Fitch.

DBRS, based in Toronto, has around five hundred employees and accounts for an annual turnover of $ 167 million. The company is active in the field of ratings in the United States, Canada and Europe. DBRS was acquired five years ago for around $ 500 million by investors Carlyle Group and Warburg Pincus.

CEO Kunal Kapoor of the Chicago-based Morningstar stated that with the acquisition of DBRS a ‘fintech’ rating agency is being built up to challenge existing market players.

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