DBRS breaks Europe
As regulators push for greater competition among the rating agencies, Nikki Marmery meets the people entrusted with Canadian firm DBRS's push into Europe
The rating agencies sit at the very heart of the credit markets. They have the power to decide how much debt a company may issue and at what price it may come to market; they command what securities investors and index providers may hold in their portfolios and indices; they can delay development of new structured products while they decide how to rate them.
The relationship between these superpowers and the issuers and investors they service is an uneasy one, as was shown recently by the fury
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