Morningstar DBRS Changes Trends on the Autonomous Region of the Azores to Positive, Confirms Credit Ratings at BBB
Morningstar DBRS upgraded both the long‑term and short‑term issuer ratings for the Autonomous Region of the Azores to a Positive trend while keeping the BBB and R‑2 grades unchanged. The shift reflects Portugal’s sovereign rating move to Positive, stronger fiscal revenues and anticipated extraordinary transfers from the central government in 2026. Despite a widening financing deficit in 2025, operating deficits improved and the adjusted debt ratio fell to 338% of operating revenues. The agency notes that further rating upgrades depend on Portugal’s rating and continued debt reduction by the Azores.
Morningstar DBRS Confirms Republic of Slovenia at AA (Low), Stable Trend
Morningstar DBRS confirmed Slovenia’s long‑term sovereign rating at AA (low) and short‑term rating at R‑1 (middle), keeping a Stable trend. The agency projects average real GDP growth of about 2.1% per year over the next five years, while the fiscal...
Morningstar DBRS Confirms Kingdom of Sweden at AAA, Stable Trend
Morningstar DBRS reaffirmed Sweden’s long‑term sovereign rating at AAA and its short‑term rating at R‑1 (high), with a Stable trend. The agency highlighted a gradual economic recovery, projecting real GDP growth of 2.0% in 2026 after a 1.5% expansion in...
Morningstar DBRS' Takeaways From Its Financing the Future Event: Rate Volatility and Valuation Practices Are Shaping RTL and DSCR Lending
Morningstar DBRS highlighted insights from its "Financing the Future" panel, focusing on residential transition loans (RTL) and debt‑service‑coverage‑ratio (DSCR) lending. The agency has rated 33 RTL transactions since 2024, updated its RTL methodology on May 1, and noted five RTL deals...
Morningstar DBRS Assigns an Issuer Rating of BBB (Low) With a Stable Trend to Bird Construction Inc.
Morningstar DBRS assigned Bird Construction Inc. a BBB (low) issuer rating with a Stable trend. The rating reflects the company's dominant position in the Canadian construction market, diversified sector expertise, and a conservative debt‑to‑EBITDA ratio of about 1.5×. Bird’s order...
Canadian Credit Union Association's 2026 National Conference: Credit Unions Focus on Scale, Growth, and Modernization
The Canadian Credit Union Association’s 2026 National Conference in Ottawa highlighted a sector shift toward scale, collaboration, and modernization. Leaders emphasized mergers, federalization, and partnerships as pathways to compete with fintech and larger banks. While preserving their cooperative ethos, credit...
UK Auto ABS and FCA CP 26/6: Reporting, Reloaded
The Financial Conduct Authority issued Consultation Paper CP26/6 in February 2026, proposing a streamlined regulatory framework for UK securitisations, with a focus on auto loan and lease asset‑backed securities. The paper introduces revised reporting templates that add UK‑specific data fields while...
Morningstar DBRS Confirms Residential Mortgage Ranking on Acra Lending
Morningstar DBRS reaffirmed Acra Lending’s MOR RO2 residential mortgage originator ranking, noting a stable trend. Acra, now owned by BlackRock after its $12 billion equity acquisition of HPS, reported 2025 loan originations exceeding $4.5 billion in unpaid principal balance, a $1 billion increase...
Morningstar DBRS Confirms Credit Rating of Spinnaker Insurance Company's Surplus Notes at BBB With a Stable Trend
Morningstar DBRS confirmed a BBB credit rating with a Stable trend for Spinnaker Insurance Company's surplus notes. The rating reflects Spinnaker's rapid scale‑up, with gross written premiums projected at $1.1 billion in 2025—a 134% increase from 2021. Earnings stability stems from...
Morningstar DBRS Posts Episode 11 of Clarity in Credit Podcast Series: Middle East Conflict and the Uneven Effects on Energy...
Morningstar DBRS’s Clarity in Credit podcast examines how the Middle East conflict is straining Asian energy markets. Roughly one‑fifth of global crude and LNG flow through the Strait of Hormuz, with 83 % destined for Asian buyers, creating both price spikes...
Hertz Vehicle Financing III LLC, Series 2026-1 and Series 2026-2: Presale Report
Hertz Vehicle Financing III LLC announced a presale offering of two senior unsecured note series, Series 2026‑1 and Series 2026‑2, slated for issuance later this year. DBRS, Inc. assigned provisional credit ratings to both series, providing an early gauge of credit quality. The notes...
Morningstar DBRS Confirms Credit Ratings on UK Logistics 2024-1 DAC
Morningstar DBRS confirmed the credit ratings for the UK Logistics 2024‑1 DAC securitisation, keeping Class A at AAA, Class B at AA, Class C at A, Class D at BBB and Class E at BB, with stable trends. The transaction...
Morningstar DBRS Confirms the United Kingdom at AA, Stable Trend
Morningstar DBRS confirmed the United Kingdom’s long‑term sovereign rating at AA and its short‑term rating at R‑1, both with a Stable trend. The agency highlighted a modest economic recovery, with IMF forecasts of 0.8% growth in 2026 and 1.3% in...
Morningstar DBRS Changes Trends on Republic of Portugal to Positive, Confirms Credit Ratings at A (High)
Morningstar DBRS upgraded the trend on Portugal’s sovereign ratings to Positive and reaffirmed its long‑term A (high) rating, while keeping short‑term ratings at R‑1. The agency highlighted a third consecutive fiscal surplus in 2025 (0.7% of GDP) and a public‑debt...
Morningstar DBRS Confirms Credit Ratings on Capital Street Master Trust Series 2025-1
Morningstar DBRS confirmed an AAA (sf) rating for the $450 million Class A Series 2025‑1 Asset‑Backed Notes and an AA (sf) rating for the $25 million Class B notes issued by Capital Street Master Trust Series 2025‑1. The notes are collateralized by a revolving pool of...
Morningstar DBRS Confirms Lloyds Bank's Long-Term Issuer Rating at AA (Low) With a Stable Trend
Morningstar DBRS confirmed Lloyds Banking Group’s long‑term issuer rating at A (high) and Lloyds Bank plc’s at AA (low), with stable trends across all ratings. The affirmation highlights the bank’s leading UK retail and commercial franchise, solid funding base, and...
Morningstar DBRS Discontinues Credit Ratings on Westgate Resorts 2022-1 LLC
Morningstar DBRS announced it has discontinued its outstanding credit ratings on Westgate Resorts 2022-1 LLC after the borrower fully repaid the underlying obligations. The removal of the rating ends DBRS’s ongoing surveillance of the asset‑backed security. DBRS confirmed that environmental,...
Morningstar DBRS Hosts Frontline Perspectives Webinar: Update on the State of Consumer ABS
Morningstar DBRS will host a Frontline Perspectives webinar on May 20, 2026 at 2:00 p.m. ET to discuss the state of U.S. consumer asset‑backed securities. The session features Stephanie Chin, Ines Beato and Jonathan Riber, senior analysts covering autos, credit cards, consumer loans and student loans. Attendees...
Morningstar DBRS Confirms Credit Ratings of All Classes of Wells Fargo Commercial Mortgage Trust 2015-C28
Morningstar DBRS confirmed the credit ratings for all classes of Wells Fargo Commercial Mortgage Trust 2015‑C28, assigning Class D a CCC rating and Classes E and X‑E a C rating. The agency’s analysis projects $27.9 million in liquidated losses, which would wipe out the...
Morningstar DBRS Finalizes Provisional Credit Ratings on BMW Canada Auto Trust, Series 2026-1
Morningstar DBRS has issued provisional AAA (sf) ratings to the three tranches—Class A-1, A-2 and A-3—of the BMW Canada Auto Trust, Series 2026-1 notes. The ratings are underpinned by a 14.75% credit‑enhancement buffer at closing, a conservative residual‑value advance rate,...
Morningstar DBRS Confirms Long-Term Credit Ratings on Acciona S.A. and Acciona Financiación Filiales, S.A. at BBB (Low) With Stable Trends
Morningstar DBRS confirmed Acciona S.A.'s long‑term issuer rating at BBB (low) and short‑term rating at R‑2 (low), with a stable outlook. The rating reflects solid 2025 performance, driven by resilient energy revenues, disciplined capex, and roughly €1.0 billion ($1.09 bn) of asset‑rotation...
Morningstar DBRS Assigns a BBB (High) Credit Rating to Valley National Bancorp's $500 Million Subordinated Debt Issuance
Morningstar DBRS assigned a final BBB (high) rating with a Stable trend to Valley National Bancorp’s $500 million, 6.219% fixed‑to‑floating subordinated notes due 2036. The unsecured notes will be used to repay $300 million of existing 3.00% subordinated notes due 2031 and...
Canada Guaranty Mortgage Insurance Company: Credit Rating Report
On April 23, 2026, DBRS Limited reaffirmed Canada Guaranty Mortgage Insurance Company’s Financial Strength and Issuer Ratings at AA with a Stable outlook. The rating reflects the insurer’s robust capital base, diversified portfolio, and strong underwriting discipline. Canada Guaranty, a...
Italian Sub-Sovereign Governments: Deleveraging Trend Continues
Italian regional, provincial and municipal governments posted a modest 2025 surplus, buoyed by steady operating receipts and a surge in capital revenues from the National Recovery and Resilience Plan (NRRP). Higher NRRP‑driven spending accelerated outlays, widening the gap between revenues...
Japanese Life Insurers Are Managing Mark-to-Market Losses on Bonds While Showcasing Earnings Resilience
Japanese life insurers are grappling with steep mark‑to‑market losses as Japanese government bond yields climb to multidecade highs. Domestic accounting standards, however, shield them from immediate profit erosion, a protection not afforded to U.S. peers. To mitigate capital strain, insurers...
Morningstar DBRS Confirms Coast Capital Savings Federal Credit Union's Long-Term Issuer Rating at BBB (High), Stable Trend
Morningstar DBRS confirmed Coast Capital Savings Federal Credit Union’s long‑term issuer rating at BBB (high) with a Stable trend, alongside an R‑1 short‑term rating. The rating reflects the credit union’s expanded footprint after merging with Prospera and Sunshine Coast Credit...
Trillium M Project Co General Partnership: Credit Rating Report
On April 27, 2026 DBRS Limited (Morningstar DBRS) affirmed an A (low) issuer rating with a stable outlook for Trillium M Project Co General Partnership. The rating also covers its $340.1 million Series A bonds and $1,150.7 million Series B bonds, which finance the...
Morningstar DBRS Discontinues and Withdraws Rating on San Bernardino County Transportation Authority I-10 Express Lanes Project
Morningstar DBRS withdrew its credit rating on the $225 million 2021 TIFIA loan financing the San Bernardino County Transportation Authority I‑10 Express Lanes Project, acting at the issuer’s request. The loan, maturing on December 31, 2057, was rated under DBRS’s public‑private partnership and TIFIA‑specific...
Morningstar DBRS Confirms Republic of Poland at "A", Negative Trend
Morningstar DBRS confirmed Poland’s long‑term sovereign rating at A with a Negative outlook, while short‑term ratings remain R‑1 (low) and stable. The agency highlighted a widening fiscal deficit of about 6.7% of GDP and a public‑debt trajectory that could climb...
Morningstar DBRS Confirms Federal Republic of Germany at AAA, Stable Trend
Morningstar DBRS reaffirmed Germany’s long‑term sovereign rating at AAA and its short‑term rating at R‑1, with a stable outlook. The agency noted that despite widening fiscal deficits and a modest growth forecast of 0.5% for 2026, Germany’s credit fundamentals remain...
Morningstar DBRS Confirms Federal Republic of Germany at AAA, Stable Trend
Morningstar DBRS confirmed that the Federal Republic of Germany’s long‑term foreign and local currency issuer ratings remain at AAA, the highest possible grade. The agency also reaffirmed Germany’s short‑term rating at R‑1 (high), indicating robust liquidity. All rating trends were...
Morningstar DBRS Confirms India at BBB, Stable Trend
Morningstar DBRS reaffirmed India’s long‑term sovereign rating at BBB with a stable outlook and its short‑term rating at R‑2 (high), also stable. The agency highlighted the country’s resilient macro fundamentals—$700 bn of foreign‑exchange reserves, 3.4% CPI, and a fiscal deficit narrowed...
Morningstar DBRS Confirms India at BBB, Stable Trend
Morningstar DBRS confirmed that India’s long‑term sovereign rating remains at BBB, while its short‑term rating stays at R‑2 (high). Both the foreign and local currency issuer ratings were reaffirmed, and the trend on each rating is Stable. The agency’s assessment...
Morningstar DBRS Expected Loss Ratings
Morningstar DBRS has re‑published its Expected Loss Ratings framework, originally issued in December 2018, with only editorial and stylistic updates. The revised document details the Expected Loss Rating Scale and benchmarks for asset‑backed commercial paper (ABCP), auto loans, and residential mortgage‑backed...
Morningstar DBRS Confirms Credit Ratings on Two TAGUS - Sociedade De Titularização De Créditos, S.A. (Ulisses Finance)
Morningstar DBRS confirmed the credit ratings on two Portuguese auto‑loan securitizations, Ulisses Finance No.2 and No.3. Senior Class A and B notes in both deals remain at AA (high) while lower tranches range from A to B, with No.3’s Class...
Morningstar DBRS Changes Trends on Algonquin Power & Utilities Corp. To Stable From Positive; Confirms Credit Ratings at BBB and...
Morningstar DBRS changed its outlook on Algonquin Power & Utilities Corp. (APUC) from Positive to Stable while reaffirming the company’s BBB issuer rating and its preferred‑share rating of Pfd‑3. The rating rests on the strength of subsidiary Liberty Utilities Finance...
Bank of Hawaii Corporation: Credit Rating Report
DBRS, Inc. (Morningstar DBRS) released a new credit rating report for Bank of Hawaii Corporation on May 5, 2026. The report evaluates the bank’s creditworthiness, financial health, and outlook, and is now available for download. While the rating itself isn’t disclosed in...
Monthly Canadian Securitization Market Overview Report: February 2026
DBRS Limited released its Monthly Canadian Securitisation Market Overview for February 2026, covering the full spectrum of the country’s securitisation activity. The report details issuance volumes and credit performance across term asset‑backed securities, commercial mortgage‑backed securities, and asset‑backed commercial paper. It...
Morningstar DBRS Assigns a BBB (High) Credit Rating to Fulton Financial Corporation's $300 Million Subordinated Debt Issuance
Morningstar DBRS assigned a final BBB (high) rating with a stable trend to Fulton Financial Corporation’s $300 million subordinated notes due 2036. The unsecured notes carry a 5.95 % fixed‑to‑floating coupon. Fulton will use the proceeds to repay $195 million of its 2030 subordinated...
Innovation Federal Credit Union: Credit Rating Report
On April 15, 2026, DBRS Limited revised the outlook on Innovation Federal Credit Union’s credit ratings to Negative, moving from a previously Stable outlook while keeping the actual ratings unchanged. The credit union retains a BBB (high) long‑term issuer rating...
U.S. RMBS Credit Rating Action Summary - Q1 2026
Morningstar DBRS published its Quarterly U.S. Residential Mortgage‑Backed Securities (RMBS) Credit Rating Action Summary for Q1 2026. The report compiles every rating upgrade, downgrade and watch placement across the U.S. RMBS universe, highlighting that downgrades outpaced upgrades as higher interest rates...
Morningstar DBRS Confirms The Toronto-Dominion Bank's Long-Term Issuer Rating at AA; Stable Trend
Morningstar DBRS reaffirmed Toronto‑Dominion Bank’s long‑term issuer rating at AA with a stable trend, while maintaining its short‑term rating at R‑1 (high). The agency highlighted a rebound in FY2025 performance, noting a 5.2% rise in adjusted net income to CAD 15 billion...
Morningstar DBRS Confirms East-West Tie Limited Partnership's Credit Ratings at A (Low) With Stable Trends
Morningstar DBRS reaffirmed East‑West Tie Limited Partnership’s issuer and senior secured debt rating at A (low) with a stable trend. The transmission line operates under a 20‑year franchise that runs through 2033, delivering regulated revenue in Ontario’s electricity market. 2025...
Temperance Street Funding Trust: Presale Report
DBRS Limited (Morningstar DBRS) has assigned a provisional (P) R‑1 high credit rating (sf) to the Series 1 Asset‑Backed Commercial Paper (ABCP) Notes, Class Eagle, issued by Temperance Street Funding Trust. The rating reflects strong credit quality for the newly created ABCP series....
Morningstar DBRS Confirms Fortis Inc.'s Credit Ratings at A (Low) With Stable Trends
Morningstar DBRS confirmed Fortis Inc.'s issuer and unsecured debenture rating at A (low) with a stable outlook, alongside preferred shares at Pfd‑2 (low) and subordinated notes at BBB. The agency highlighted a supportive regulatory environment across Fortis' North American footprint,...
Morningstar DBRS Confirms Mexico at BBB, Stable Trend
Morningstar DBRS confirmed Mexico’s long‑term sovereign rating at BBB and short‑term rating at R‑2, both with a Stable trend. The agency highlighted the Sheinbaum administration’s fiscal consolidation, noting the public‑sector borrowing requirement fell to 4.9% of GDP in 2025 and...
United Mexican States - Scorecard Indicators and Building Block Assessments
Morningstar DBRS published its United Mexican States Scorecard Indicators and Building Block Assessments on April 30, 2026. The report evaluates Mexico’s fiscal health, monetary policy stance, external balances, and structural reforms using a standardized sovereign rating framework. It highlights modest...
Morningstar DBRS Finalizes Provisional Credit Ratings on Towd Point Mortgage Trust 2026-FIX2
Morningstar DBRS finalized provisional ratings for Towd Point Mortgage Trust’s 2026‑FIX2 HELOC securitization, assigning AAA to the $285.8 million Class A1A, $3.6 million Class A1B and $289.4 million Class A1 tranches, and AA to multiple $16.6 million Class A2 series. The transaction pools 3,601...
Morningstar DBRS Finalizes Its Provisional Credit Ratings on Chase Home Lending Mortgage Trust 2026-4
Morningstar DBRS finalized provisional credit ratings for Chase Home Lending Mortgage Trust 2026‑4 series. The agency assigned AAA (sf) ratings to senior classes representing roughly $2.5 billion of mortgage pass‑through certificates. The underlying pool comprises 428 prime jumbo mortgages with a...
Morningstar DBRS Releases Updated Monthly Canadian ABCP Report and Launches Issuer Performance Analytics Reports for Canadian ABCP
Morningstar DBRS has refreshed its Monthly Canadian ABCP Report, adding deeper insight into collateral trends and credit‑enhancement levels for publicly rated asset‑backed commercial paper. The firm also launched Performance Analytic Reports (PARs) that provide a visual snapshot of each ABCP note’s...