Candace Cheng is chief compliance officer for Morningstar Credit Ratings, LLC. She is responsible for managing the company’s regulatory compliance program and risk management framework. Cheng also provides regulatory and policy guidance to the business and leads efforts on behalf of Morningstar Credit Ratings in major industry forums.
Prior to joining Morningstar in 2015, Cheng held several risk, compliance, and operational leadership roles at Standard & Poor’s Global. Most recently, she was director of S&P Global’s internal controls group, where she led large-scale regulatory and risk initiatives for the company’s global ratings business. Before joining S&P Global, Cheng led technology and operation efficiency efforts at Vanguard.
Cheng holds a bachelor’s degree in management information systems from Rochester Institute of Technology and a master’s degree in business administration from Penn State University. She is also a Certified Lean Six Sigma Black Belt.
John McDevitt is a compliance officer for Morningstar Credit Ratings, LLC. He assists with the development, implementation and maintenance of appropriate compliance policies for the commercial mortgage-backed securities team. Before joining Morningstar, McDevitt was a senior compliance analyst for DuPont Capital Management, where he was responsible for portfolio guideline and regulatory monitoring. He also held positions at Aberdeen Asset Management and Morgan Stanley, where he frequently presented guideline monitoring controls to clients, regulators, and fund boards members.
Before working in compliance, McDevitt held investment-related roles for The Vanguard Group.
McDevitt holds a bachelor’s degree in finance from West Chester University and a master’s degree in business administration in finance from Drexel University. He is also a licensed Series 7 registered representative with FINRA and a Level 3 candidate in the Chartered Financial Analyst® Program.
Disclaimers; Limitation of Liability; Indemnification; Exclusive Jurisdiction and Venue; Waiver of Jury Trial.
Copyrights, Trademarks and Service Marks.
All Content is property that is owned by or licensed to Morningstar and is protected by copyright, trademark, service mark and other applicable intellectual property laws. All trademarks, service marks, images, logos and trade names published by this Website are proprietary to their respective owners and are protected by applicable intellectual property laws. Morningstar’s name and logo are its registered marks. Marks used in conjunction with Morningstar services and products are property of Morningstar. All other marks are the property of their respective owners. Any unauthorized use thereof is strictly prohibited. All rights reserved.
You may not copy, reproduce, distribute, redistribute, transfer, transmit, retransmit, disseminate, sell, license, publish, display, broadcast, circulate, recompile, decompile, disassemble, reverse engineer, modify, alter, frame, store, archive or create any derivative of any Content without Morningstar’s express written consent. You may not access or use any Content other than for your private, non-commercial use (and for any such use you shall retain any and all such copyright, trademark, service mark or other proprietary notices contained therein).
Each time you access or use this Website, you agree and consent to the applicability, to you, of Morningstar’s practices regarding the collection, retention and use of data and information from access or use of this Website.
Certain pages of this Website may request that you enter certain personal information, e.g., name, address, e-mail address, employer, job title, department, telephone or facsimile numbers, or other personal identifying information. Your responses to these requests are voluntary; however, if you do not provide the requested information and that information is required to access or use those pages or that area of this Website, you will not be able to access or use those pages or that area of this Website.
Morningstar will not sell or otherwise disclose your personal information to unaffiliated third parties without your permission, except as provided herein or as required or permitted by applicable law, for example, to comply with a subpoena or regulatory requirement or to protect against fraud or illegal activity. Morningstar reserves the right to view, review, monitor, record, and analyze data and information from access or use of this Website to the fullest extent permitted by applicable law. Such data and information may be subject to disclosure by or to law enforcement organizations, in connection with criminal investigation, prosecution or other matters, or by or to private parties, in civil litigation or other matters. Morningstar does not warrant or guarantee confidentiality of any communication, data, information or other item transmitted by means of the internet. You assume all risk with respect to your access or use of this Website or the internet.
Certain pages or areas of this Website cannot be accessed or used without a valid password. You are responsible to keep your password confidential and to not permit unauthorized use of this Website by the use of your password. You will immediately notify Morningstar if you become aware of any loss or theft of your password or any unauthorized use of your password. Morningstar reserves the right to delete or change a password at any time and for any or no reason.
Morningstar’s collection, retention and use of data and information from access or use of this Website may be undertaken or performed by Morningstar or service providers of Morningstar and may include the collection of domain names and e-mail addresses of Website visitors. Information may be aggregated to measure the number of visits, average time spent on this Website, pages viewed, and similar information. Morningstar reserves the right to compile and use aggregate data, and provide such aggregate data to third parties for statistical analysis. Morningstar may use this information to measure and analyze the use of this Website, to modify the content of this Website or to inform you about Morningstar products and services.
upload, post, e-mail or otherwise transmit to this Website: (a) any material that Morningstar deems to be unlawful, harmful, threatening, abusive, harassing, defamatory, misleading, deceptive, vulgar, offensive, obscene, pornographic, defamatory, hateful or invasive of the rights of any person (individual or entity); or (b) any computer code or file that contains any virus, worm, Trojan horse or other program that is likely to harm or impair this Website or the functioning of this Website;
use any "deep-link," "scraper," "robot," "bot," "spider," "data-mining," "computer code" or any other automated device, program, tool, algorithm, process, or methodology or manual process having similar processes or functionality, to access, acquire, copy, or monitor any portion of this Website;
violate the restrictions in any robot inclusion headers on this Website or in any way bypass or circumvent any other measure employed to limit or prevent access to this Website
violate the security of, or seek unauthorized access to, this Website or any related system, network or server, through hacking, password mining or any other means;
obtain through any means by or through this Website any Content that Morningstar has not intentionally made available publicly or to you under your Separate Agreement;
interfere with the functionality of this Website; or
impose an unreasonable or disproportionately large load or burden on this Website or any related system, network or server, or, with respect to each of the foregoing, attempt to do so.
Your use of this website may be subject to sales, use or similar taxes. If you access or use this Website, Morningstar may invoice you, and you agree to pay, all such taxes that apply to your access and/or use.
You acknowledge, understand and agree that: (a) all credit ratings and other opinions, services, products, reports, information, data and other Content are: (i) provided solely for information purposes and not as financial, investment, tax or other advice, (ii) subject to any and all qualifications, limitations and parameters enumerated in any related materials related to such ratings provided by Morningstar, any initial ratings letter and/or subsequent confirmation letters or surveillance information provided by Morningstar, and Morningstar’s policies and procedures and methodology; and (iii) subject to applicable laws, rules and regulation, and you agree to reasonably cooperate with Morningstar in the event your cooperation is needed to comply therewith; and (b) all credit ratings and other opinions and similar or related reports, information, data and other Content are mere opinions, nothing else, and that, with respect thereto, Morningstar does not waive any protections, privileges or defenses available under applicable laws, rules or regulations, including, without limitation, the First Amendment of the Constitution of the United States of America.
You acknowledge, understand and agree that, with respect to all Content that is based on or incorporates information and data provided by third parties ("Third-Party Information") including, without limitation, issuers, sponsors, arrangers, servicers, special servicers, trustees, asset managers, securities administrators, paying agents, data vendors, subcontractors, and other third-party sources of reports, information or data, including, without limitation, engineering reports, environmental reports, appraisals, and rent rolls : (a) each such third party is solely responsible for its respective Third Party Information including, without limitation, the accuracy, completeness or reliability thereof; (b) the provision of Third-Party Information is not intended, does not imply and shall not be construed as any form of recommendation or endorsement of or responsibility for any Third-Party Information; (c) no Third-Party Information has been verified by Morningstar; (d) ALL THIRD-PARTY INFORMATION IS PROVIDED "AS IS" WITHOUT ANY REPRESENTATION, GUARANTY OR WARRANTY OF ANY KIND; (e) Morningstar has no responsibility or liability for or control over, third-party information; and (f) MORNINGSTAR DOES NOT WARRANT OR GUARANTEE, AND EXPRESSLY DISCLAIMS ALL LIABILITY, REPRESENTATIONS, GUARANTIES AND WARRANTIES (INCLUDING, WITHOUT LIMITATION, ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY, ACCURACY, COMPLETENESS, RELIABILITY OR SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE) FOR OR WITH RESPECT TO ALL THIRD-PARTY INFORMATION.
You acknowledge, understand and agree that: (a) all and any preliminary or final Third-Party Information is solely for your convenience and may or may not be provided in connection with any transaction; (b) all information contained or incorporated by reference in any Third Party Information may not be accurate as of any date (other than, if applicable, the date set forth therein as the date of the information contained or incorporated by reference therein) and may be outdated, unreliable or inaccurate; (c) no Third Party Information has been updated since the date set forth therein and material events affecting the information contained or incorporated by reference therein may have occurred since such date; (d) Morningstar is under no obligation to supplement, update, provide, correct or disseminate any Third Party Information; (e) Third Party Information shall not constitute a solicitation, recommendation, endorsement or offer by Morningstar or any of its directors, officers, employees, agents, consultants or other representatives, or anyone else, to buy or sell any security or other financial instrument or investment; and (f) no Third Party Information (i) shall be distributed or redistributed, (ii) is intended for distribution or redistribution to, or use by, any person or entity in any jurisdiction or country where such distribution, redistribution or use would violate any applicable law, or (iii) may be relied upon for any purpose.
You acknowledge, understand and agree that: (a) you shall not rely on any Content as any form of advice or in making any financial, investment, tax or other decision or with respect to any other act or omission; (b) you assume sole responsibility and risk for evaluating the merits and risks associated with any financial, investment, tax or other decision based on any Content or any other act or omission based on any content; and (c) although Content may refer or relate to securities or other financial instruments or investments, including, without limitation, pools or loans, or real or other properties, neither you nor anyone else shall construe any Content as: (i) financial, investment, tax or other advice; (ii) a solicitation, recommendation, endorsement or offer by Morningstar or any of its directors, officers, employees, agents, consultants or other representatives, or anyone else, to buy or sell any security or other financial instrument or investment, including, without limitation, any pool or loan, or real or other properties; or (iii) "investment advice" within the meaning of US Department of Labor regulation 29 C.F.R Section 2510.3-21(c) under the Employee Retirement Income Security Act of 1974, as amended. With respect to any and all securities or other financial instruments or investments, past performance is not necessarily indicative, and is not guarantee of, future performance or results.
You acknowledge, understand and agree that in connection with any letter-grade ratings or rating outlook or similar opinion provided by Morningstar, you shall solely consider such rating opinion based on the qualifications, procedures, methodology and caveats corresponding to such rating opinion as set forth on this website, including, without limitation the Morningstar Analysis and Considerations link at ratingagency.morningstar.com and Ratings Reports at ratingagency.morningstar.com and/or in the related ratings letters, related reports or other communication provided by Morningstar on the website or by other means determined by Morningstar. You agree that you have reviewed and understand such qualifications, procedures, methodology and caveats and related items as they relate to any rating opinion you have viewed. Any rating opinion should not be considered without an understanding and review of the preceding factors. In addition, you understand and agree that any rating opinions, analysis, projections, observations, Content or other items constituting part of any information provided by Morningstar on this website or otherwise are and must be construed solely as statements of opinion and not statements of fact.
Links to Other Websites.
Disclaimers; Limitation of Liability; Indemnification; Exclusive Jurisdiction and Venue; Waiver of Jury Trial.
THIS WEBSITE AND ALL CONTENT ARE PROVIDED "AS IS" WITHOUT ANY REPRESENTATION, GUARANTY OR WARRANTY OF ANY KIND. MORNINGSTAR, AND ITS INFORMATION OR SERVICE PROVIDERS, DO NOT WARRANT OR GUARANTEE, AND EXPRESSLY DISCLAIM ALL LIABILITY, REPRESENTATIONS, GUARANTIES AND WARRANTIES (INCLUDING, WITHOUT LIMITATION, ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY, ACCURACY, COMPLETENESS, RELIABILITY OR SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE) FOR OR WITH RESPECT TO ANY AND ALL OF THE FOLLOWING (COLLECTIVELY, THE "NON-WARRANTED MATTERS"): (A) THIS WEBSITE; (B) ALL CONTENT; (C) ANY FINANCIAL, INVESTMENT, TAX OR OTHER DECISION, ACT OR OMISSION MADE IN RELIANCE ON OR BASED ON ANY OF THIS WEBSITE OR ANY CONTENT; (D) WHETHER ANY OF THIS WEBSITE OR ANY CONTENT INFRINGES UPON ANY COPYRIGHT, TRADEMARK, SERVICE MARK OR OTHER INTELLECTUAL PROPERTY OR OTHER PROPERTY RIGHTS OF ANY THIRD PARTY OR IS DEFAMATORY TO OR INVASIVE OF ANY RIGHTS OF ANY THIRD PARTY; (E) ANY ACCURACY, COMPLETENESS, RELIABILITY, TIMELINESS, OR CORRECT SEQUENCING, OR ANY FAILURES, DELAYS, INTERRUPTIONS, ERRORS, OMISSIONS, OR INACCURACIES, OF ANY OR ALL CREDIT RATINGS, OTHER OPINIONS, SERVICES, PRODUCTS, SOFTWARE, REPORTS, INFORMATION, DATA AND OTHER CONTENT, WHETHER ORIGINATED BY MORNINGSTAR, LICENSED BY MORNINGSTAR FROM ANY SUCH INFORMATION OR SERVICE PROVIDER, OBTAINED BY MORNINGSTAR FROM THIRD PARTIES OR PUBLICLY-AVAILABLE SOURCES, OR OTHERWISE; OR (F) ANY AND ALL ACCESS TO OR USE OF ANY OF THIS WEBSITE OR ANY CONTENT, INCLUDING, WITHOUT LIMITATION, WHETHER ANY OF THIS WEBSITE OR ANY CONTENT SHALL BE FREE OF (I) FAILURES, DELAYS, INTERRUPTIONS, ERRORS, OMISSIONS, OR INACCURACIES, OR (II) ANY COMPUTER CODE OR FILE THAT CONTAINS ANY VIRUS, WORM, TROJAN HORSE OR OTHER PROGRAM THAT MAY HARM, IMPAIR OR BE DETRIMENTAL TO ANY OTHER COMPUTER, SYSTEM, SERVER OR NETWORK.
Morningstar shall have no responsibility or liability for any event of "force majeure" under applicable law or any other failures, delays, interruptions, errors, omissions, or inaccuracies with respect to this Website, including, without limitation, all services, products, software and other Content that was caused by any reason or event reason or event beyond Morningstar’s reasonable control, including, without limitation, any natural calamity, act of God or a public enemy, act of any military, civil or regulatory authority, change in any law or regulation, disruption or outage of communications, utility or other power or any other failure to perform by any internet, information or service provider or any other person (individual or entity).
You acknowledge, understand and agree that the terms and conditions herein shall survive any termination of your right of access to or use of the materials identified herein.
Morningstar publishes its current Form NRSRO and Exhibits thereto on this Website. Form NRSRO Exhibit 2 sets forth Morningstar’s definitions of its letter-grade credit ratings and its rating outlooks and a general description of Morningstar’s credit rating procedures and methodologies. These definitions, procedures and methodologies are an integral part of Morningstar’s letter-grade credit ratings and rating outlooks published on this Website.
An NRSRO must disclose on its website its rating actions for ten percent (10%) of its credit ratings, selected on a random basis, for each class of securities for which it is registered as an NRSRO and has 500 or more outstanding issuer-paid credit ratings, with each required disclosure of a new rating action to be made no later than six months after the rating action was taken. Rule 17g-2(d)(2).
An NRSRO must disclose on its website all rating actions for any credit rating initially determined by the NRSRO on or after June 26, 2007 within: (a) 12 months for issuer-paid credit ratings; and (b) 24 months for other (e.g., unsolicited or subscriber-paid) credit ratings. Rule 17g-2(d)(3)(i).
An NRSRO must: (a) maintain on a password-protected website (i) a list of each structured finance security for which it is currently in the process of determining an initial credit rating that was paid for by the issuer, sponsor, or underwriter, and (ii) the website address where the issuer, sponsor, or underwriter of the security represents that the ratings information can be accessed; and (b) provide free and unlimited access to such password-protected website to any NRSRO that provides it with a copy of the required certification. Rules 17g-5(a)(3); 17g-5(e).
You agree that you shall not access or use any Content published or disclosed on this Website pursuant to, or as required by, United States securities laws, rules and regulations applicable to NRSROs other than as specifically and expressly permitted and contemplated by such laws, rules and regulations.
Certain SEC rules applicable to NRSROs may require an NRSRO to maintain a record of CUSIP information of securities rated by the NRSRO and to publish CUSIP information of securities rated by the NRSRO for which a rating, rating history, rating action or other information is made publicly available on its website (collectively, the "Ratings History").
You acknowledge, understand and agree that the CUSIP Database and all CUSIP information contained therein is and shall remain valuable intellectual property owned by, or licensed to, CGS and the ABA, and that no proprietary rights are being transferred to you in such materials or in any of the information contained therein. Any use by you outside of the clearing and settlement of transactions requires a license from CGS, along with an associated fee based on usage. You agree that misappropriation or misuse of such materials will cause serious damage to CGS and ABA, and that in such event money damages may not constitute sufficient compensation to CGS and ABA; consequently, you agree that in the event of any misappropriation or misuse, CGS and ABA shall have the right to obtain injunctive relief in addition to any other remedies to which CGS and ABA may be entitled. You agree that you shall not publish or distribute in any medium the CUSIP Database or any CUSIP information contained therein or summaries or subsets thereof to any person (individual or entity) except in connection with the normal clearing and settlement of security transactions. You agree that the use of CUSIP numbers and descriptions is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a master file or database of CUSIP descriptions or numbers for itself or any third-party recipient of such service and is not intended to create and does not serve in any way as a substitute for any current or future services developed by CGS.
NEITHER CGS, ABA NOR ANY OF THEIR AFFILIATES MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY OF THE INFORMATION CONTAINED IN THE CUSIP DATABASE. ALL SUCH MATERIALS ARE PROVIDED TO VISITORS AND USERS ON AN "AS IS" BASIS, WITHOUT ANY WARRANTIES AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE NOR WITH RESPECT TO THE RESULTS WHICH MAY BE OBTAINED FROM THE USE OF SUCH MATERIALS. NEITHER CGS, ABA NOR THEIR AFFILIATES SHALL HAVE ANY RESPONSIBILITY OR LIABILITY FOR ANY ERRORS OR OMISSIONS NOR SHALL THEY BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT OR INDIRECT, SPECIAL OR CONSEQUENTIAL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL THE LIABILITY OF CGS, ABA OR ANY OF THEIR AFFILIATES PURSUANT TO ANY CAUSE OF ACTION, WHETHER IN CONTRACT, TORT, OR OTHERWISE, EXCEED THE FEE PAID BY VISITOR FOR ACCESS TO SUCH MATERIALS IN THE MONTH IN WHICH SUCH CAUSE OF ACTION IS ALLEGED TO HAVE ARISEN. FURTHERMORE, CGS AND ABA SHALL HAVE NO RESPONSIBILITY OR LIABILITY FOR DELAYS OR FAILURES DUE TO CIRCUMSTANCES BEYOND THEIR CONTROL.
You acknowledge, understand and agree that the foregoing terms and conditions shall survive any termination of your right of access to or use of the materials identified above.