June 7, 2019

Can you offer any insight into the profitability of DBRS, either in absolute terms or relative to Morningstar’s overall profit margins? Are there any

In accordance with SEC reporting requirements, we will be making available historical financial statements of DBRS and pro forma financial information concerning the DBRS acquisition within 75 days of the transaction’s close. We stated in our May 29, 2019 press release that DBRS generates strong cash flow with operating margins that are consistent with Morningstar’s overall business.  DBRS’s margins benefit from scale, given the company’s well-established business in Canada and growing positions in the U.S. and Europe. We expect the transaction to be accretive to 2020 diluted net income per share.

The transaction is not dependent on cost synergies to be successful. Our focus will be on growth and continuing the momentum of both organizations as we look to enhance scale in both the U.S. and Europe and gain share of a large and growing global market. Consistent with our long-stated identification of credit ratings as a key product area for Morningstar, we’ll continue to invest in the combined entity as we pursue long-term, sustainable value creation together. In addition to credit ratings, we’re also looking forward to becoming the go-to source for independent bond research by leveraging Morningstar’s platforms to distribute fixed-income thought leadership, particularly in the emerging areas of green bonds and ESG

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