Investment research firm Morningstar Inc. will acquire credit rating agency DBRS for $669 million, according to the companies. The deal is expected to close in the third quarter.
Morningstar has been mostly absent from the public auto-ABS rating space, primarily rating private placement transactions, a company spokeswoman said, without providing details. In the public ABS sector, the firm rated ThunderRoad Financial’s motorcycle securitization back in April 2016. By contrast, DBRS has rated securitizations this year from auto lenders such as Credit Acceptance Corp., First Investors Financial Services, Flagship Credit Acceptance, and United Auto Credit. It continues to monitor previously rated securitizations from Exeter Finance Corp. and Consumer Portfolio Services.
Representatives from both Morningstar and DBRS declined to comment on the merger.
Source : AutoFinanceNews
