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Joe Donovan and Katherine Frey Appointed to DBRS Morningstar's Boards of DirectorsDBRS Morningstar, the world's fourth largest credit ratings agency, today announced the appointments of Joseph M. Donovan and Katherine L. Frey as independent non-executive members to DBRS Morningstar's boards of directors. As a regulated credit ratings business, DBRS Morningstar has registered operating companies in Canada, the United States, the European Union, and the United Kingdom. "Joe and Katherine bring a wealth of credit industry and governance experience to the oversight of our credit ratings operations as we further establish DBRS Morningstar as the real alternative to the legacy credit rating agencies," said Detlef Scholz, President of DBRS Morningstar. Donovan, who serves in a similar capacity at STORE Capital Corporation and Trip Rail Holdings LLC/RIV 213 Rail Holdings LLC., is experienced in the field of securitization with broad exposure to all aspects of the capital markets, consumer and commercial, finance and a wide array of industries globally. Previously, he was the non-executive chairman of FLY Leasing and before that worked for Credit Suisse Securities (USA)LLC in roles including chairman Asset-Backed Securities & Debt Financing, and managing director, co-head of Asset Financing, responsible for numerous first-time asset class issuances and some of the largest transactions in the ABS market. Donovan has a Bachelor of Business Administration in Accountancy from the University of Notre Dame, and a Master of Business Administration from the Wharton School of the University of Pennsylvania. Frey is a credit ratings industry veteran with more than two decades of international structured finance and covered bond experience as a former managing director at Moody's Investors Service. Prior to that, Frey spent nearly a decade focused on the municipal finance, derivatives and leveraged loan markets, working as an investment banker at JP Morgan and a portfolio analyst at Thomson Reuters. Frey also served previously as a board member on the National Advisory Board of Career Ready in London for five years. She has a Bachelor's Degree in economics and environmental studies from the University of Washington and a Master's Degree in public and private management from Yale University. ABOUT DBRS MORNINGSTAR Wholly owned by Morningstar, Inc., DBRS Morningstar is the world's fourth largest credit ratings agency with approximately 700 employees in eight offices globally. DBRS Morningstar is a market leader in Canada, the U.S., and Europe in multiple asset classes. DBRS Morningstar rates more than 3,000 issuers and 60,000 securities worldwide and is driven to bring more clarity, diversity, and responsiveness to the credit ratings process. DBRS Morningstar is committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
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