DBRS closes Europe office

Dominion Bond Rating Service has closed its European offices in London, Paris and Frankfurt as a result of deteriorating revenues in the wake of the credit crisis.

The move means 43 of the rating agency's staff have been made redundant: 41 in London and Paris, and two in Frankfurt.

DBRS set up a European financial institutions group in 2005, but made a big push into structured credit in 2006, setting up the Europe, Middle East and Africa structured finance group under Apea Koranteng, who was hired

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