Morningstar DBRS Confirms Banca Nazionale Del Lavoro S.p.A.'s Long-Term Issuer Rating at A (High), Stable Trend
Morningstar DBRS confirmed Banca Nazionale del Lavoro (BNL) with a Long‑Term Issuer Rating of A (high) and a Short‑Term Issuer Rating of R‑1, both on a Stable trend. The rating reflects an SA1 support assessment, indicating strong, predictable backing from 100% owner BNP Paribas, whose own rating sits at AA. In 2025 BNL posted pretax earnings of €868 million (≈$946 million) and total assets of €94.2 billion (≈$103 billion), while improving its cost‑to‑income ratio to 61.4% and reducing its gross NPL ratio to 2.0%. The rating remains one notch below the parent, moving in tandem with BNP Paribas’s credit outlook.
Large Canadian Banks' Capital Markets: Robust Results Continue in H1 2026
The six major Canadian banks posted a 14% year‑over‑year increase in capital‑markets revenue for the first half of 2026, driven by record trading, underwriting and advisory earnings. Trading momentum is expected to persist as market volatility stays high, while investment‑banking...
Morningstar DBRS Confirms Norddeutsche Landesbank Girozentrale's Long-Term Issuer Rating at A (High), Stable Trend
Morningstar DBRS confirmed Norddeutsche Landesbank Girozentrale (NORD/LB) with a long‑term issuer rating of A (high) and a stable outlook, mirroring the floor rating of the Sparkassen‑Finanzgruppe (SFG). The bank’s Intrinsic Assessment remains BBB (high), reflecting a stronger standalone credit profile...
WTH Car Rental ULC, Series 2026-1: Presale Report
On June 15, 2026 DBRS Limited (Morningstar DBRS) issued provisional credit ratings for the Series 2026‑1 senior notes that WTH Car Rental ULC plans to sell in a presale offering. The provisional rating, pending final confirmation after the securities are filed, provides early insight into the credit...
Portugal's Football Media Rights Reform: Upside Dependent on Execution and Value Creation
Portugal is moving to a centralized model for football media rights, aiming to consolidate sales and potentially enlarge the overall revenue pool. The reform could redistribute existing value rather than create new money if total broadcast income remains flat. Larger...
Morningstar DBRS Finalizes Provisional Credit Ratings on Verus Securitization Trust 2026-5
Morningstar DBRS has finalized provisional ratings for the Verus Securitization Trust 2026‑5 RMBS, assigning AAA to several senior tranches and extending down to B for the most subordinate notes. The transaction covers roughly $1.5 billion across twelve classes, backed by 1,656...
Morningstar DBRS Confirms Coastal GasLink Pipeline Limited Partnership's Credit Ratings at A (Low); With Stable Trends
Morningstar DBRS confirmed an A (low) issuer rating for Coastal GasLink Pipeline Limited Partnership (CGL) and its senior notes, with stable trends. The rating reflects a flawless first year of operations—100% uptime and no performance penalties—along with strong debt‑service coverage...
Morningstar DBRS Places Sleep Country's Credit Ratings Under Review With Developing Implications, Following Agreement to Acquire Assets of Sleep Number
Morningstar DBRS placed Sleep Country Canada Holdings' issuer and senior unsecured notes ratings of BB under review with developing implications after the retailer announced a deal to acquire the assets of Sleep Number, which is in voluntary Chapter 11. DBRS...
Morningstar DBRS Upgrades Republic of San Marino Ratings to BBB, Trend Remains Positive
Morningstar DBRS raised the Republic of San Marino’s long‑term sovereign rating to BBB from BBB‑low and its short‑term rating to R‑2 high, keeping the overall trend positive. The upgrade reflects a €350 million (≈ $380 million) Eurobond pre‑financing and partial buyback that eases...
Morningstar DBRS Confirms the European Investment Fund at AAA With a Stable Trend
Morningstar DBRS has confirmed the European Investment Fund’s (EIF) long‑term issuer rating at AAA and its short‑term rating at R‑1, both with a Stable trend. The rating rests on the fund’s robust capital base, reinforced by a €7.4 billion (≈$8.1 billion) capital...
Morningstar DBRS Confirms the European Investment Bank at AAA With a Stable Trend
Morningstar DBRS reaffirmed the European Investment Bank’s long‑term issuer rating at AAA and its short‑term rating at R‑1, both with a Stable trend. The rating reflects the bank’s €551 bn (~$600 bn) asset base, a €595 bn (~$650 bn) loan portfolio, and a CET1...
Morningstar DBRS Confirms Credit Rating on Classic RMBS Trust, Series 2021-1
Morningstar DBRS reaffirmed its AAA (sf) rating on the Class B Mortgage Pass‑Through Notes, Series 2021‑1 issued by Classic RMBS Trust. The underlying pool consists of first‑lien Canadian residential mortgages, now amortized to CAD 44.7 million (≈US$33 million) with an 11.2% pool factor....
Burlington Mortgages No.3 DAC: Credit Rating Report
DBRS Ratings GmbH (Morningstar DBRS) has issued credit ratings for the residential mortgage‑backed securities (RMBS) issued by Burlington Mortgages No. 3 DAC. The rating report was published on June 12, 2026 and provides the agency’s assessment of the tranche’s credit quality. The assignment covers the...
Morningstar DBRS Confirms Credit Ratings on Three Abc SME Lease Germany S.A. Transactions
Morningstar DBRS confirmed the credit ratings on three German SME lease‑backed securitisation transactions—abc 8, abc 9 and abc 10—following its annual review. Senior Class A and B notes in abc 8 and abc 9 remain rated AAA (sf), while abc...
Morningstar DBRS Upgrades Caixa Geral De Depósitos, S.A.'s Long-Term Issuer Rating to A (High) From "A"; Stable Trend
Morningstar DBRS upgraded Caixa Geral de Depósitos (CGD) to an A (high) long‑term issuer rating and to R‑1 (middle) on the short‑term scale, aligning the bank’s ratings with Portugal’s sovereign A (high) rating. The agency highlighted CGD’s robust earnings, strong...
Morningstar DBRS' Takeaways From CREFC Annual Conference 2026: How Private Credit Is Expanding Into Commercial Real Estate
At the CREFC 2026 conference, panelists highlighted a rapid shift of insurance‑company capital into private‑credit commercial real‑estate (CRE) deals, filling the financing void left by the 2023 regional‑bank collapse. CRE collateralized loan obligations (CLOs) have rebounded, with $30 billion issued in...
Morningstar DBRS Changes Trends on Two Classes of A10 Single Asset Commercial Mortgage 2023-GTWY to Stable From Negative; Confirms Credit...
Morningstar DBRS confirmed the credit ratings for the A10 Single‑Asset Commercial Mortgage 2023‑GTWY CMBS series, keeping Class C through E on a Negative trend while upgrading Class A and Class B to Stable. The upgrade reflects a $5 million limited guaranty...
SBIC Reform and Its Impact on Business Development Companies
The Investing in All of America Act, signed on May 19, 2025, expands the Small Business Investment Company (SBIC) program by raising individual fund leverage caps from $175 million to $250 million and the family limit from $350 million to $475 million. These higher...
Morningstar DBRS Assigns Provisional Credit Ratings to FIGRE Trust 2026-FL2
Morningstar DBRS provisionally rated the FIGRE Trust 2026‑FL2 mortgage‑backed notes, assigning AAA to the $278.6 million Class A‑1 tranche and a range of lower ratings down to B for smaller tranches. The securities are backed by 2,660 first‑lien HELOCs with a...
BSCH International Ltd.: Credit Rating Report
Morningstar DBRS has assigned an A (high) credit rating with a stable outlook to the notes issued by BSCH International Ltd., as disclosed on June 9, 2026. The rating places the securities in the upper tier of investment‑grade credit, indicating a strong...
Morningstar DBRS Confirms Brazil at BB, Stable Trend
Morningstar DBRS confirmed Brazil’s long‑term sovereign rating at BB and short‑term rating at R‑4, both with a Stable trend. The agency highlighted Brazil’s resilient macro fundamentals but stressed persistent fiscal challenges, with debt‑to‑GDP projected near 97% under the IMF definition....
Morningstar DBRS Confirms the Issuer Rating and the Euro Medium Term Notes Credit Rating on Madrileña Red De Gas Finance...
Morningstar DBRS confirmed both the Issuer Rating and the Euro Medium Term Notes rating for Madrileña Red de Gas Finance B.V. (MRG Finance) at BBB with a Stable trend. The 2025 credit metrics—cash‑flow‑to‑debt at 10.2%, debt‑to‑capital at 47.5% and EBIT‑interest...
Morningstar DBRS Places the Notes Issued by BlackRock DLF IX 2021-1 CLO, LLC Under Review with Negative Implications
Morningstar DBRS placed the Class A‑1, A‑2, B, C, D, E and W notes of BlackRock DLF IX 2021‑1 CLO under Review with Negative Implications. The action follows a breach of several key performance tests, including the Minimum Weighted Average...
Morningstar DBRS Frontline Perspectives Webinar: Mortgage Growth and Housing Risks in Spain and Portugal
Morningstar DBRS will host a webinar on June 25, 2026 titled “Mortgage Growth and Housing Risks in Spain and Portugal.” The event will explore accelerating mortgage originations, persistent housing supply shortages, and diverging credit dynamics driven by policy frameworks and...
2026 FIFA World Cup: All Eyes Will Be on the Game, But Will U.S. Tourism Score?
The 2026 FIFA World Cup will host 78 of its 104 matches in the United States, offering a sizable but uncertain lift for travel, tourism, and hospitality firms. While the tournament traditionally drives billions in visitor spending, analysts warn that...
Morningstar DBRS Comments on Coastal GasLink Pipeline Limited Partnership's Issuance of $1 Billion Additional Senior Notes
Coastal GasLink Pipeline Limited Partnership announced plans to issue up to CAD 1 billion (approximately US $740 million) of additional senior notes, backed by cash flows from Phase 1 of its natural‑gas pipeline to the LNG Canada export terminal. The proceeds will be used for...
Morningstar DBRS Downgrades Credit Ratings on Five Classes of CSAIL 2016-C7 Commercial Mortgage Trust
Morningstar DBRS downgraded five CMBS tranches of the CSAIL 2016‑C7 Commercial Mortgage Trust, moving Class D to BB, and Classes E, F, X‑E and X‑F to C. The agency also shifted the rating trends for Classes C and D to...
Morningstar DBRS Downgrades Credit Ratings on Two Classes of BANK 2017-BNK6
Morningstar DBRS downgraded two CMBS tranches in the 2017‑BNK6 pool, moving Class X‑D from BBB to BB and Class D from BB to B, and assigned negative trends to several classes. The downgrades stem from heightened refinance risk on the...
Morningstar DBRS Confirms Green Loan Services' Commercial Mortgage Special Servicer Ranking
Morningstar DBRS confirmed a Stable MOR CS3 commercial mortgage special servicer ranking for Green Loan Services LLC, a subsidiary of SL Green Realty. The ranking reflects GLS’s modest yet successful asset‑resolution record focused on single‑asset, single‑borrower CMBS loans. As of December 31 2025,...
Morningstar DBRS Assigns Credit Ratings of A (Low) With a Stable Trends to IE US Hardware 3 LLC
Morningstar DBRS assigned an issuer rating of A (low) with Stable trends to IE US Hardware 3 LLC, the SPV that will own GPU assets for Microsoft. The rating covers $3.645 bn of senior debt—a $1.545 bn term loan and $2.1 bn of...
U.S. RMBS Frontline Perspectives: Mortgage Rates Stay Near YTD Highs, Housing Plods Along, RMBS Volume Perks Up. In Focus: DQs...
Morningstar DBRS released the June 4, 2026 edition of its bi‑weekly U.S. RMBS Frontline Perspectives. The report shows mortgage rates lingering near year‑to‑date highs, a stagnant housing market, and a modest uptick in residential mortgage‑backed securities issuance. It also notes that delinquency...
Morningstar DBRS Confirms AAA Credit Ratings on Kutxabank, S.A. Covered Bonds
Morningstar DBRS has reaffirmed its AAA credit rating on Kutxabank's €2.9 billion (≈ $3.2 billion) Spanish mortgage covered bond programme following a full credit review. The rating rests on a high covered‑bond attachment point, a very strong legal and structuring framework, and an...
Morningstar DBRS' Takeaways From 2026 Credit Insights Calgary: The Continued Closure of the Strait of Hormuz Is an Oil and...
Morningstar DBRS highlighted that the near‑total closure of the Strait of Hormuz has slashed Gulf tanker traffic by roughly 80%, creating an eight‑to‑10 million‑barrel‑per‑day global crude deficit. The shortfall has forced oil inventories to shrink while LNG supplies from Qatar remain...
Morningstar DBRS Assigns a Credit Rating of BBB With a Stable Trend to Molson Coors International LP's Senior Unsecured Notes
Morningstar DBRS assigned a BBB rating with a Stable trend to Molson Coors International LP’s CAD 500 million (≈ $370 million) 4.30% senior unsecured notes, which close on May 27, 2026 and mature on July 8, 2033. The proceeds, together with funds from a parallel offering by Molson Coors Beverage Company, will refinance the...
Morningstar DBRS Upgrades Definity Financial Corporation's Issuer Rating to A (Low) From BBB (High) and Definity Insurance Company's Financial Strength...
Morningstar DBRS upgraded Definity Financial Corp.'s issuer rating to A (low) from BBB (high) and its insurance subsidiary’s financial‑strength rating to A (high) from A, changing trends to Stable. The upgrade follows Definity’s January 2026 acquisition of most of Travelers’...
Morningstar DBRS Discontinues Credit Rating on Quarzo S.r.l. - Series 2022
Morningstar DBRS removed its AAA (sf) rating from Quarzo S.r.l.’s Series 2022 A‑Notes after the issuer fully repaid the debt on 15 May 2026. The notes carried an outstanding principal of €14.35 million (approximately $15.6 million) before repayment. DBRS classified the action as a Discontinued‑Repaid...
Morningstar DBRS Assigns Credit Rating to the Mortgage Loan Made to Creekside Meadows Apartments, LLC
Morningstar DBRS assigned an A (low) credit rating with a Stable trend to the 4.520% mortgage loan due July 1, 2033 that finances Creekside Meadows Apartments, LLC. The loan is secured by the 126‑unit Arcadia Crossing multifamily complex in Vancouver, Washington, valued...
Morningstar DBRS Releases March 2026 Canadian Securitization Market Overview Report
Morningstar DBRS released its March 2026 Canadian Securitization Market Overview, showing total outstanding securities of C$117.6 billion (≈US$86 billion). Asset‑backed commercial paper (ABCP) made up 52.7% of the market, while term ABS—including CMBS—accounted for 43.1% and private placements 4.2%. Among non‑private placements,...
Morningstar DBRS Finalizes Provisional Credit Rating on Bird Construction Inc.'s Senior Unsecured Notes
Morningstar DBRS finalized a provisional BBB (low) rating with a Stable trend for Bird Construction Inc.'s $250 million CAD (≈$182.5 million USD) senior unsecured notes due June 1, 2031. The notes were issued via private placement on June 1, 2026, and will be used to repay...
Monthly Canadian ABCP Report: March 2026
Morningstar DBRS published its March 2026 Monthly Canadian ABCP Report, delivering a detailed review of publicly rated Canadian asset‑backed commercial paper (ABCP) performance. The release includes a downloadable PDF and an Excel dataset that expands market transparency. The report is authored by...
Morningstar DBRS Confirms Canadian Master Trust's Series A Notes at R-1 (High) (Sf)
Morningstar DBRS reaffirmed a short‑term R‑1 (high) rating for the Series A Notes issued by Canadian Master Trust, a multi‑seller, multi‑asset asset‑backed commercial paper conduit administered by BMO Nesbitt Burns. The rating reflects robust credit enhancements that meet AAA standards, a...
Morningstar DBRS Finalizes Provisional Credit Ratings on EFMT 2026-NQM5
Morningstar DBRS finalized provisional ratings for EFMT 2026‑NQM5 mortgage‑backed notes, assigning AAA to six senior classes totaling $748 million and lower grades to subordinate tranches. The $504 million loan pool contains 1,381 prime and non‑prime first‑lien mortgages, 100% current as of the...
Morningstar DBRS Confirms Credit Ratings on Six Single-Asset/Single-Borrower Transactions
Morningstar DBRS confirmed stable credit ratings on all 33 classes of commercial mortgage pass‑through certificates across six single‑asset, single‑borrower CMBS transactions, ranging from a $270 million seasonal hotel loan to a $1 billion mixed‑use leasehold in Washington, D.C. The agency retained its...
Morningstar DBRS Downgrades and Discontinues Credit Ratings on Four Classes Across Three CMBS Transactions
Morningstar DBRS downgraded four CMBS classes across three 2014‑2016 commercial mortgage‑backed securities transactions, moving several tranches to a D (sf) rating. The JPMBB 2014‑C26 tranche suffered a $42.8 million loss tied to the Heron Lakes loan, while the COMM 2014‑LC15 and...
Morningstar DBRS Confirms KeyCorp's Long-Term Issuer Rating at A (Low); Stable Trend
Morningstar DBRS reaffirmed KeyCorp’s long‑term issuer rating at A (low) with a Stable trend, while also confirming the rating of its primary banking subsidiary, KeyBank N.A. The rating reflects KeyCorp’s diversified franchise across 15 states, a strong core deposit base,...
Morningstar DBRS Assigns Credit Rating of AA (Low) With a Stable Trend to HOOPP Realty Finance Trust's Series 3 Senior...
Morningstar DBRS assigned an AA (low) rating with a stable trend to HOOPP Realty Finance Trust’s CAD 250 million (≈ US $185 million) Series 3 senior unsecured notes due 2033. The notes are direct, unsubordinated obligations of the Trust, rank pari‑passu with other unsecured debt, and...
Monthly Canadian Covered Bond Report: April 2026
DBRS Limited released its fifth edition of the Monthly Canadian Covered Bond Report for April 2026. The report expands analysis of the market, covering outstanding balances, maturity profile, currency composition, and cover‑pool delinquencies. It provides data at both market‑wide and issuer‑specific...
Morningstar DBRS Posts Webinar Replay on 2025 Saskatchewan and BC Credit Union Earnings Round-Up
Morningstar DBRS released a replay of its webinar covering the 2025 earnings round‑up for Saskatchewan and British Columbia credit unions. Speakers Jiani Wu and Josh Veenkamp examined divergent credit‑metric trends, macro‑economic pressures, and projected earnings and credit performance through the rest...
PTSB's Sale to BAWAG Marks Final State Exit and Strengthens the Bank's Credit Prospects
BAWAG announced the acquisition of Ireland's Permanent TSB (PTSB) on 14 April, completing a formal sale process that began in October 2025. The deal marks the Irish state’s final exit from the domestic banking system, ending a decade‑long post‑crisis ownership structure....
Morningstar DBRS Confirms Bank of Montreal's Long-Term Issuer Rating at AA; Stable Trend
Morningstar DBRS reaffirmed Bank of Montreal’s long‑term issuer rating at AA and short‑term rating at R‑1 (high), with a stable trend. The agency highlighted BMO’s diversified earnings, strong liquidity and capital buffers, noting that the U.S. franchise now generates roughly...