DBRS reports that it has been approved as an eligible External Credit Assessment Institution within the Eurosystem Credit Assessment Framework by the Governing Council of the European Central Bank.

The ECAF defines the procedures, rules and techniques that ensure the Eurosystem requirement of high credit standards for all eligible assets to be used by counterparties in Eurosystem credit operations is met.

The technical go-live of DBRS eligibility will immediately follow the finalization of the necessary adaptations in the relevant infrastructure of the national central banks, DBRS said. The go-live date will be pre-announced on the ECB’s website.

To date, formal ECAI approval has been received from: Austria, Canada, Denmark, Finland, France, Germany, Ireland, Sweden, Switzerland, The Netherlands and the United Kingdom. Other countries DBRS has initially applied to under the Committee of European Banking Supervisors approach are in process for formal recognition.

DBRS said it will continue to apply to other countries in line with its global strategies.