Debt market round up: DBRS gains ECAI eligibility
Dominion Bond Rating Service is now an eligible External Credit Assessment Institution with 11 EU countries. It is part of a long drive by the Canadian-headquartered rating agency to break into the industry oligopoly.
ECAI recognition was created as part of the Capital Requirements Directive and the guidelines under which this status is given were established by the Committee of European Banking Supervisors. ECAI status gives European financial institutions governed by Basle II the ability to use DBRS ratings for determining regulatory capital risk weightings for assets.