A consortium led by The Carlyle Group and Warburg Pincus has agreed to acquire global credit rating agency DBRS. Expected to close in 1Q 2015, the transaction is said to exceed $500 million. Formed in 1976, the company provides timely credit rating and risk analysis opinions across a broad range of financial institutions, corporate entities, government bodies and various structured finance product groups. It currently rates over 1,000 different companies and single-purpose vehicles that issue commercial paper, term debt and preferred shares in global capital markets. Carlyle's portion of the equity will come from Global Financial Services Partners II, a $1 billion vehicle that closed in June, while Warburg Pincus' equity portion will come from its $11.2 billion Private Equity XI fund.