As fallout from Brexit continues to gather pace, London’s loss continues to turn into Frankfurt’s gain, as the DBRS credit rating agency announced it would open an office in the German city. The company is unwilling to take a risk on passporting issues and has decided as a result it needs a European base. On the one hand, the move will not shake the City, as the company only employs 100 people there, but the wider implications for companies like it are clear. Pressure for such companies has risen following an announcement by the European Securities and Markets Authority that rating agencies need to have their Brexit plans set up by the end of 2018. The inability of the UK government to nail down an agreement with the EU is forcing an increasing number of firms to do the same, in case a hard version of Brexit comes to pass.
