Dominion Bond Rating Service plans to establish its European presence by opening a London office in the next year and a half. The company will also expand its U.S. offices within the next 12 months.
"If you aspire to a global presence, being in the euro markets and having a presence in London is essential," said John Polito, v.p. of business development, noting the three main rating agencies already have large offices in the City. He declined to specify how many analysts would staff the office. The long lead time is expected because the company needs to wait until it has the resources to expand, Polito said.
While DBRS already rates some European issuers, the London office would be set up to better cover the European bond market, financial institutions, corporates and structured finance.
The agency also plans to add up to 10 analysts to its New York office over the next 12 months in either its financial institutions or structured finance divisions. Analysts added to the structured finance area would report to Andrew Jones or Michael Nelson, both senior v.p. New hires to the financial institutions division would report to Alan Reid, managing director. The New York office opened in May and has 12 analysts. DBRS will also be adding a couple of analysts to its six-strong Chicago office, which covers CMBS. The new recruits would report to Jack Toliver, senior v.p. of CMBS.