DBRS Limited (Morningstar DBRS), the leading Canadian credit rating agency, has appointed Mr. Richard Sibthorpe as Head of Canada and Global Investor Strategy. Mr. Sibthorpe succeeds Mr. Douglas E. Turnbull who retired at the end of September. Mr. Sibthorpe who also joins Morningstar DBRS’ global credit leadership team began his new position on November 25, 2024, and reports to Mr. Detlef Scholz, the company’s president.

Along with overseeing the Toronto-based credit rating agency’s operations and the company’s senior outreach activities in Canada, Mr. Sibthorpe will focus on the opportunities emerging from the rapidly evolving lending markets. Key industry changes and accelerating demand for credit ratings are triggered by the broadening and deepening of the private credit markets, changing risk criteria for fund and bank lending businesses in addition to the increasing use of credit risk assessments for pension and insurance balance sheet exposures.

"I am excited to be joining Morningstar DBRS at a time when the credit markets are evolving so quickly,” Mr. Sibthorpe said. “With interest rates normalizing, public and private credit markets converging, along with significant innovation taking place, the value of independent credit analysis has never been more important.”

“We are thrilled to have Richard on the team,” said Mr. Scholz. “I believe that our strong Canadian roots, paired with our global experience and perspective, provide us with a unique opportunity to serve the markets and lead the credit ratings industry in quality, transparency, and service.”

Mr. Sibthorpe joined Morningstar DBRS from BMO Capital Markets and brings over two decades of experience in credit markets. During his career at BMO, he was instrumental in the establishment and leadership of its global debt capital markets franchise, capitalizing on new market opportunities and building leading origination and distribution capabilities across loans and bonds.

Morningstar DBRS is a leading provider of independent credit rating services and opinions for corporate and sovereign entities, financial institutions, and project and structured finance instruments globally. Rating more than 4,000 issuers and 60,000 securities, we are one of the top four credit rating agencies in the world and a market leader in Canada, the U.S., and Europe in multiple asset classes.

Morningstar DBRS empowers investor success by bringing more transparency and a much-needed diversity of opinion in the credit rating industry. Morningstar DBRS’ approach and size allow it to be nimble enough to respond to customers' needs in their local markets, but large enough to provide the necessary expertise and resources they require. Market innovators choose to work with us because of our agility, tech-forward approach, and exceptional customer service.

For more information, visit dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

DBRS Limited

DBRS Tower, 181 University Avenue, Suite 700

Toronto, ON M5H 3M7 Canada

Tel. +1 416 593-5577

Susan Morton Vice President, Credit Editorial, Publishing, and Media Relations +1 416 597 7406 North.American.Communications@morningstar.com

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