Dominion Bond Rating Service has announced the official opening of its first European office, in London.

The fully owned subsidiary, DBRS Europe Ltd., will focus initially on European financial institutions and structured finance ratings and analysis. The group will be led by Sam Theodore who joins DBRS from Moody’s Investors Service. At Moody’s Theodore was, for the last 11 years, managing director for European Bank Ratings and later, global banking coordinator. At DBRS Europe he will be responsible for developing a European bank rating and analysis franchise.

“Opening our London office is a pivotal step in DBRS’s efforts to expand its geographic footprint and strengthen our presence internationally,” says Walter Schroeder, president of DBRS. “The addition of a London office will create important synergies for our North American, European, and multi-national investors.”

“We are pleased to welcome top-tier talent to head our London office,” Schroeder adds. “We have appointed Sam Theodore to lead our European expansion in the financial institutions area. In addition, we have hired additional staff to support the initial ramp up of the office. We expect that our London office will be a strong contributor to our international growth.”

Theodore notes that DBRS Europe will be in a position to assign ratings to the full panoply of debt issued by financial institutions, such as senior and subordinated debt securities, hybrid securities, MTNs, covered bonds, commercial paper, certificates of deposit, or inter-bank loans and deposits.

“I believe that a wider range of credit opinions should contribute positively to a better calibration of the investment community’s assessment of the European financial services sector in general and of specific debt issuers and debt securities in particular,” he says. “Our highly experienced analytical team will bring a clear cutting-edge vision to the rating and analysis process, which will be reflected in sharp credit opinions and research, in timely rating actions and analytical commentaries, and in a broad-based dialogue with investors and issuers.”

“I am very happy to join DBRS Europe,” Theodore adds. “Market feedback so far has been very encouraging, and I look forward to our credit opinions contributing positively to a better calibration of the market’s assessment of the European financial sector in general and of specific debt issuers and debt securities in particular.”