DBRS Morningstar released its 2019 DBRS rating transition and default studies for corporate finance and structured finance.

The corporate finance study is the 15th annual default and 14th rating transition update. The structured finance study is the 12th annual default and 14th rating transition update. Please refer to the appropriate study for a detailed analysis of the corporate issuers and structured finance transactions rated by DBRS Morningstar.

The rating transitions presented in the structured finance study represent securities issued in Canada, the United States, and Europe in the following sectors: asset-backed securities, commercial mortgage-backed securities, residential mortgage-backed securities, medium-term notes issued by asset-backed commercial paper conduits, and structured credit transactions. In the corporate finance study, detail is provided for the individual areas of corporate, financial services, public finance, insurance, and sovereigns credit performance.

DBRS Morningstar is a global credit ratings business with approximately 700 employees in eight offices worldwide. On July 2, 2019, Morningstar, Inc.-the parent company of Morningstar Credit Ratings, LLC (MCR)-completed its acquisition of the DBRS group of companies (DBRS). Combining DBRS' strong market presence in Canada, Europe, and the U.S. with MCR's U.S. footprint expanded global asset class coverage and provided investors with an enhanced platform featuring thought leadership, analysis, and research. DBRS and MCR are committed to empowering investor success, serving the market through leading-edge technology, and raising the bar for the industry.

DBRS and MCR are in the process of integrating their credit rating services under the brand name, DBRS Morningstar. DBRS Morningstar is the world's fourth-largest credit ratings agency and a market leader in Canada, Europe, and the U.S. in multiple asset classes. DBRS Morningstar rates more than 2,600 issuers and 54,000 securities worldwide and strives to bring more clarity, diversity, and responsiveness to the ratings process. DBRS Morningstar's approach provides the agility to respond to customers' needs while its size provides the necessary expertise and resources. For more information on the integration of DBRS Morningstar, visit https://www.dbrsmorningstar.com/learn/dbrsmorningstar.

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The studies are available at www.dbrsmorningstar.com.

For more information on these industries, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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