CI Financial Requests Morningstar DBRS to Withdraw Credit Ratings
CI Financial Corp. (“CI”) (TSX: CIX) announces that it has asked Morningstar DBRS to withdraw its issuer credit rating and debenture ratings on CI and its debt.
The request is the result of Morningstar DBRS’s ratings methodology which relies on IFRS metrics and does not incorporate adjustments that CI believes necessary to appropriately reflect the company’s underlying results and financial condition. Under the rating agency’s methodology, large swings (double digit) in CI’s leverage ratio have occurred over short time periods.
Following CI’s request to withdraw the ratings, Morningstar DBRS has indicated that it will continue its ratings on CI on an unsolicited basis. CI management is no longer engaging with Morningstar DBRS and any unsolicited ratings are based solely on publicly available information.
About CI Financial
CI Financial Corp. is a diversified global asset and wealth management company operating primarily in Canada, the United States and Australia. Founded in 1965, CI has developed world-class portfolio management talent, extensive capabilities in all aspects of wealth planning, and a comprehensive product suite. CI manages, advises on and administers approximately $511.3 billion in client assets (as at July 31, 2024). CI operates in three segments:
- Asset Management, which includes CI Global Asset Management, which operates in Canada, and GSFM, which operates in Australia.
- Canadian Wealth Management, which includes the operations of CI Assante Wealth Management, Aligned Capital Partners, CI Private Wealth, Northwood Family Office, Coriel Capital, CI Direct Investing and CI Investment Services.
- U.S. Wealth Management, which includes Corient Private Wealth, an integrated wealth management firm providing comprehensive solutions to ultra-high-net-worth and high-net-worth clients across the United States.
CI is headquartered in Toronto and listed on the Toronto Stock Exchange (TSX: CIX). To learn more, visit CI’s website or LinkedIn page.
CI Global Asset Management is a registered business name of CI Investments Inc., a wholly owned subsidiary of CI Financial Corp.
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