07:52 AM EDT, 09/12/2024 (MT Newswires) -- CI Financial ( CIXXF ) late on Wednesday said it asked Morningstar DBRS to withdraw its issuer credit and debenture ratings.

Morningstar ignored the request and plans to continue the ratings on an unsolicited basis, CI said, adding that it is no longer engaging with Morningstar and any unsolicited ratings will be based only on publicly available information.

CI said it made the request because Morningstar's ratings methodology relies on IFRS metrics and does not incorporate adjustments that the company believes are necessary to reflect its underlying results and financial condition.

Under the rating agency's methodology, double-digit swings in CI's leverage ratio have occurred over short time periods, the company said.

CI's share price was trading near 52-week highs yesterday at $17.54 on the TSX.