Companies are increasingly using artificial intelligence as justification for cutting headcount and trimming costs, rather than using the technology to boost productivity by redeploying workers, according to Morningstar Inc.

For years, one credit-ratings firm has handed out the most favorable grades to corporate borrowers in the Canadian bond market: Morningstar DBRS. On average, its ratings are one full notch higher than those assigned by S&P Global Ratings, Moody’s Ratings and Fitch Ratings.