Morningstar Inc. has signed a deal to buy Canadian debt-rating agency DBRS for US$669 million.

The U.S. company says the combination of DBRS with Morningstar Credit Ratings’ U.S. business will expand its global asset class coverage.

Morningstar says DBRS, formerly known as the Dominion Bond Rating Service, will continue to be led by its existing management team.

The deal is expected to close in the third quarter this year.

DBRS, which is based in Toronto, employs more than 500 people across seven locations around the world.

Founded in 1976, it was acquired by the Carlyle Group and Warburg Pincus in 2015. Terms of the deal were not disclosed at the time.