(October 31- 16:45 ET) – Standard & Poor’s and the Canadian Bond Rating Service have combined their operations in Canada. Terms of the deal, which closed today, were not disclosed.
Both companies say the move will enhance Canadian market participants’ access to global, respected, independent financial analysis and information.
“The Canadian Bond Rating Service is one of Canada’s leading providers of credit analysis and ratings, and we at Standard & Poor’s are very pleased to be working with CBRS to provide expanded rating and analytical services to Canada and the world,” said Leo C. O’Neill, president, Standard & Poor’s. “We see the Canadian capital markets as a very important arena, and we believe that investors, in particular, will benefit from the combined resources of Standard & Poor’s and CBRS.”
“We believe that both investors and issuers will benefit from the establishment of comprehensive ratings coverage on a consistent, globally recognized rating scale,” said Brian Neysmith, chairman and chief executive officer of CBRS.
CBRS was founded in 1972, and currently maintains ratings on more than 460 Canadian corporations, financial institutions, public sector entities, and other capital market participants. Its main office is in Toronto.
Standard & Poor’s has been providing Canadian entities with credit ratings primarily for cross-border transactions for more than 50 years. Its Toronto office is headed by managing director Thomas Connell.
Standard & Poor’s and CBRS say they will work together in the coming months to harmonize outstanding CBRS ratings with those of Standard & Poor’s.
“We are committed to ensuring a smooth transition from every perspective — that of customers, employees, and the market participants that look to the ratings provided by CBRS,” said Vickie Tillman, executive vice president and chief rating officer, Standard & Poor’s. “Customer service in this regard is a critical endeavor, and we will devote our full attention and energies to it.”
-IE Staff