Morningstar DBRS Publishes Updated Criteria on Its Approach to Environmental, Social, and Governance Factors in Credit Ratings

Morningstar DBRS published an updated version of its Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (the Criteria). The Criteria details how Morningstar DBRS evaluates and incorporates 17 ESG factors in the assessment of its credit ratings across Governments, Financial Institutions, Corporate Finance, and Structured Finance.

Changes to the Criteria either add clarifications or reflect the diverging paths certain countries are taking in their approaches to ESG.

Morningstar DBRS has conducted a periodic review of the Criteria. Morningstar DBRS deems the update not to be material and determined that no credit ratings are expected to change as a result of this update. This update supersedes the previous version published on August 13, 2024, and is effective as of May 16, 2025.

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Morningstar DBRS methodologies are publicly available on its website http://dbrs.morningstar.com under Methodologies & Criteria.

For more information on this methodology or on this industry, visit http://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.