LONDON, Aug 17 (Reuters) - Rating firm DBRS, whose grades are currently crucial for Portugal and Italy getting a range of support from the European Central Bank, said on Wednesday it had appointed a new head of its European sovereign ratings team.
Nichola James has been appointed co-head of sovereign ratings, alongside Fergus McCormick (NYSE:MKC) who also takes the role as chief economist.
James will be based in London and will manage DBRS's growing European team while New-York based McCormick, who has been head of sovereign ratings since 2010, will oversee countries outside Europe.
DBRS is one of four ratings agencies whose views the ECB recognises on the bonds it buys under its stimulus scheme and that banks use as collateral for cheap central bank funding.
It has been in the headlines in recent weeks after putting Italy under review, which could ramp up the funding costs for the country's ailing banks. also told Reuters this week pressures were building on its investment-grade rating for Portugal which Lisbon needs to qualify for the ECB's quantitative easing scheme.