DBRS bought by Carlyle Group and Warburg Pincus

Rating agency DBRS Ltd. has been bought by two U.S. private equity firms — The Carlyle Group and Warburg Pincus.

Founded in Toronto in 1976, the Dominion and Bond Rating Service was Canada's only independent debt-rating agency, but grew to become the fourth-largest firm in a field dominated by three big names: Fitch, S&P and Moodys. DBRS founder and controlling shareholder, Walter Schroeder, will continue remain an investor in the company.

In a statement, Schroeder says Warburg Pincus and Carlyle will provide DBRS with an international presence that will assist DBRS as it seeks to grow in the United States and Europe.

The company has about 300 employees, mainly in Toronto, but also has a presence in New York and Chicago.

Financial terms were not released