TORONTO, March 20, 2018 /PRNewswire/ -- DBRS, the fourth-largest global rating agency, announced the opening of an office in Frankfurt as a further step to strengthen its presence in Europe.
The establishment of an additional legal entity named DBRS Ratings GmbH marks the expansion of the global ratings provider and, upon registration with the European Securities and Markets Authority, will also ensure ongoing compliance with applicable regulation in the European Union and the United Kingdom post-Brexit.
"In recent years, DBRS gained significant momentum with both investors and issuers in some of the core European markets. The decision to further expand in Europe is simply a function of our successful European business strategy," said Stephen W. Joynt, DBRS Chief Executive Officer.
Prior to the United Kingdom's Brexit decision, DBRS already envisioned the opening of additional office locations in continental Europe. While the timing reflects the current Brexit timetable, DBRS's key business motivation is to serve its growing issuer base and to respond to the investors' needs in continental Europe.
DBRS chose Frankfurt in large part due to the city's impressive talent pool and proximity to current and prospective customers.
"The fact that Frankfurt is located in the heart of Europe, offers good infrastructure and has great communication links to other locations in the continent helped our decision on DBRS's second location in Europe," said Detlef Scholz, Head of Europe at DBRS and managing director of DBRS Ratings GmbH.
DBRS Ratings GmbH, located at Neue Mainzer Strasse in Frankfurt's banking district, already hired its first non-executive employee and is currently reviewing job applications for a full range of open positions in analytical areas, as well as compliance and support functions. Like London, DBRS rating coverage out of Frankfurt will ultimately include the analysis of banks, covered bonds, securitisations and corporate funding structures.
Frankfurt becomes DBRS's second office location in Europe and the sixth globally. Across all these locations DBRS employs nearly 500 people.
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DBRS is an independent, privately held, globally recognised credit ratings agency with offices in Toronto, New York, Chicago, Mexico City, London and Frankfurt. Founded in 1976, DBRS is a rapidly growing, international ratings agency with deep roots in Canada. DBRS's four decades of experience and strong track record provide the foundation to seek out new opportunities and to make targeted investments that align with its core ratings operations.
As the world's fourth-largest rating agency, DBRS's approach and size allow it to be nimble enough to respond to its customers' needs in their local markets and large enough to provide the requisite expertise and resources.
DBRS Ratings GmbH
Neue Mainzer Straße 75
60311 Frankfurt am Main
Geschäftsführer: Detlef Scholz
Amtsgericht Frankfurt am Main, HRB 110259
A German translation of this press release is also available at www.dbrs.com.
The DBRS group of companies consists of DBRS, Inc. (Delaware, U.S.)(NRSRO, DRO affiliate); DBRS Limited (Ontario, Canada)(DRO, NRSRO affiliate); DBRS Ratings Limited (England and Wales)(CRA, NRSRO affiliate, DRO affiliate); DBRS Ratings México, Institución Calificadora de Valores S.A. de C.V. (Mexico)(CRA, NRSRO affiliate, DRO affiliate); and DBRS Ratings GmbH (Germany). Please note that DBRS Ratings Limited was registered as an NRSRO affiliate on July 14, 2017. DBRS Ratings GmbH is not a registered credit rating agency and does not issue credit ratings. For more information on regulatory registrations, recognitions and approvals, please see: http://www.dbrs.com/research/225752/highlights.pdf.
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