He served as President of Moodys Investors Service from 2016 to 2019 and was Head of Moodys Investors Services Global Commercial Group from 2013 to 2016, overseeing relationship management, product development, and strategy for the rating agency. He has also served as a director of several companies, contributing to his appreciation of corporate governance matters. (2), Libya
Zig brings a wealth of experience to the board, strengthening the Companys focus on innovation and enhancing operational and technological skillsets.I am grateful to Rob Fauber for his leadership since becoming President and Chief Executive Officer of Moodys Corporation in January 2021. If this isn't what you are looking for, you can. (2), Cuba
(6), Central African Republic
This publication does not announce a credit rating action. (6), Slovenia
(9), Iran
He has served as Chairman and Chief Executive Officer of Citizens Financial Group, Inc. (Citizens), a large regional bank, since October 2013. DRA also publishes impairment and loss studies for structured finance sectors. (6), Mozambique
We achieved revenue growth of 16% and adjusted diluted EPS growth of 21%, our second consecutive year of over 20% growth amidst the pandemic.Moodys Investors Service (MIS) revenue grew 16% on the strength of buoyant issuance markets and our comprehensive coverage of global debt markets.Moodys Analytics (MA) revenue grew 16%, supported by 9% organic revenue growth, as well as several acquisitions. He enjoys spending time with his family and is a licensed pilot. Before Moodys Analytics was formed in 2008, Mr. Tulenko developed extensive customer experience and held several leadership roles in sales, product development and marketing within Moodys. (1), Pennsylvania
(2), Latvia
All rights reserved. Moodys surpassed $6 billion in revenue for the first time and garnered recognition as a Fortune 500 company. MANAGEMENT'S DISCUSSION AND ANALYSIS Key underlying assumptions subscription streaming services and other over-the-top providers Our 2022 guidance ranges presented in "2022 Full-Year continue to grow in popularity; Consolidated Guidance" are based on many assumptions in Media, continued growth in sports and relative stability in . (1584), Default Studies
Prior to that role, Ms. Sullivan supported the Global Wealth &Investment Management business from 2015 to 2017 in a variety of positions including Controller. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). (6), Solomon Islands
Forlenza served as the chief executive officer of a public, global medical technology company for approximately nine years. She is also a member of the Dell, Zoom and AWS North American Customer Advisory Boards, and sits on the AEA Investors LP Senior Advisory Council. . (6), Cayman Islands - Off Shore
Default, Transition, and Recovery: The U.S. Speculative-Grade Corporate Default Rate Could Reach 7% By December 2021 Ratings Performance Analytics: Nick W Kraemer, Jon Palmer, Kirsten R Mccabe Research Contributor: Shripati Pranshu Sector Default Transition & Recovery View Analyst Contact Information Table of Contents Key Takeaways Ms. Kazanjian holds a J.D. (18), Colombia
Prior to this role, she managed the US Structured Finance Relationship Management team within the Commercial Group.She joined Moody's in 2008 as a European RMBS analyst in the Structured Finance team. It also enables you to identify factors contributing to default experience in each economic cycle. By continuing to access this document from within Australia, you represent to MOODYS that you are, or are accessing the document as a representative of, a wholesale client and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to retail clients within the meaning of section 761G of the Corporations Act 2001. (6), Guinea
(82), Cape Verde
The maximum number of items you can export is 3,000. Passed Level II of the CFA Program (Feb 2022). Moodys seeks to be a compass for our customers by leveraging our rich history and diverse expertise to provide a holistic view of risk and opportunity. Shivani holds an MBA from the Johnson School at Cornell University and a B.Sc. (2), Kenya
Moodys Analytics helps financial institutions develop collaborative, auditable, repeatable, and transparent stress testing programs to meet regulatory demands. Prior to her time at JPMorgan, Ms Esperdy started her banking career at Lehman Brothers. Inputs for Models: Utilize recovery pricing, rating changes at the issuer and security levels sourced from Moody's Investors Service and data for every stage of the credit cycle. (2), Egypt
The LGD of the obligor's exposures in the cell equals 1.0 minus the average of such prices expressed as a fraction of par; there is exactly one LGD for each default. (2), Saint Kitts and Nevis
She held various executive roles at JPMorgan Chase & Co. (JPMorgan) from 1997 through 2015, including Global Chairman of Financial Institutions Group, Co-Head of Banking, Asia Pacific, and Head of Global Debt Capital Markets. Global corporate default rate will climb as macroeconomic and credit conditions worsen, Global corporate default rate will nearly double in a year. (2), Estonia
Prior to that, Mr. Howell held a variety of leadership positions since originally joining BAH in 1988. (7), Macao SAR, China
He served as Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008. He currently serves on the Executive Committee of the Board of Directors. Over the first half of 2021, Moody's repurchased 1.6 million shares at a total cost of $503 million, or an average cost of $318.03 per share, and issued net 0.7 million shares as part of its employee stock-based compensation programs. During his tenure, Mr. Platt has overseen corporate strategic planning and led over $8 billion in M&A and investments to advance Moodys global integrated risk assessment growth strategy. Contact: Charlotte Needham Manager, Senior Director - Ratings Performance Analytics +1-212-908-0794 Fitch Ratings, Inc. Hearst Tower 300 57th St New York, NY 10019 Jake Han A firm is defined to default if there is a record of nominal default and one or more post-default prices are observed. Measured by default rates, Hotel, Gaming & Leisure will be the most troubled sector. (1938), German
(1), Mississippi
He has previously served on the boards of The Royal Bank of Scotland Group plc and National Westminster Bank, Plc, each an RBS affiliate, from October 2009 to October 2013. He is responsible for all aspects of tax for Moodys and manages a global team of diverse professionals. (1), Massachusetts
(1), B3 Negative and Lower
Prior to this appointment, Mr. Tulenko was Executive Director of Enterprise Risk Solutions from 2013 to October 2019 and Executive Director of Sales, Customer Service and Marketing from 2008 to 2013. Mr. Forlenza joined BD in 1980 and served in a number of different capacities, including strategic planning, business development, research and development, and general management in each of BDs segments and in overseas roles. (6), South Korea
(8), Organisation for Economic Co-operation and Development (OECD)
(2), Sweden
This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. He also is a member of the advisory committees for Finance and Audit at OnePulse Foundation. She joined Moodys in 2018 after nearly 30 years of diverse experience across all dimensions of technology, finance and large-scale project management/system implementation. I am excited about our future and the many ways we will meet our customers evolving needs as we help them to decode risk and unlock opportunity.By investing in our business and acquiring new capabilities, we are enhancing the ways we serve our customers and our ability to reach new markets. As the pandemic has highlighted the demand for understanding of the complex and interconnected risks facing markets, businesses and economies, Moodys has stepped up to the challenge through its strategy of offering an integrated and holistic perspective on risk for customers. (MJKK) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moodys Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Mr. Bermudez currently is the Chairman of the Smart Grid Center Board at Texas A&M University, and also serves on the Board of Directors of AB Mutual Funds, overseeing approximately 70 funds within the mutual fund complex (January 2020-present). By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. In this role, Ms. 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. Breed was a finalist for the New York CIO of the Year ORBIE Award in the Global category. (2), Georgia
(1), Georgia
As a result of holding these positions, Mr. Van Saun brings financial expertise, management experience and experience managing a business in a highly regulated industry both in the U.S. and in Europe. Please complete your profile before submitting your comments. You can also email us at [emailprotected] or
(10), Hungary
(1), Montana
(6), Burkina Faso
As such, these ratings incorporate Moody's assessment of the default probability and loss severity of these issuers and issues. Moody's anticipates revenue growth in the low single-digits in 2021 and 2022, supported by increasing spending by consumers, a pickup in demand for travel and other products that were. (2), Bolivia
(1), Virginia
Over the course of the year, we have executed on those priorities, investing in capabilities to better serve a broader range of customers and accelerating our ambition to be the leading global provider of integrated perspectives on risk. Prior to joining Moodys in 1998, Mr. West worked at Bank of America and HSBC in various credit roles. Ms Hill has over 30 years of experience in business management and leading engineering and operations organizations. (1), Nevada
(649), Infrastructure & Project Finance
For illustrative . (6), Hong Kong SAR, China
(1), West Virginia
(2), Antigua and Barbuda
(2), Nigeria
(2), Alabama
(1), Arkansas
(6), Denmark
(2), Malta
(6), Papua New Guinea
From April 2009 through April 2014, he served as Senior Vice PresidentCorporate Development of Moodys Corporation. in economics and history from Amherst College. visit our web site at www.moodys.com. He currently serves as President of the Moodys Foundation and is a member of the Board of Directors of BitSight Technologies, Inc. (1271), Europe, Middle East & Africa
AND/OR ITS AFFILIATES. He currently serves as a member of Qualtrics board of directors.Having served as a senior executive of major technology and software companies, Mr. Serafin brings extensive digital and technology expertise as well as executive management experience. Chairman of the Board of DirectorsMoodys CorporationDirector since April 2003 Raymond W. McDaniel, Jr., age 64, has been the Chairman of the Board since January 2021. (2), Saint Lucia
Use semicolon to separate each address, limit to 20 addresses. (6), Ecuador
Subscribers can access the report at: http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1258722. (1361), Asia Pacific
Ms. Alsop has more than 20 years of experience helping drive positive change and business results at Moodys. (2), Higher Rates, Slower Growth
(2), Mali
Prior to that, Ms. Kazanjian worked at Moodys for 11 years, in the Human Resources and Legal organizations, overseeing the Employment Law and Employee Relations teams. (6), Netherlands Antilles
(1), Louisiana
(2), Bahamas - Off Shore
(46), Afghanistan
Refinancing risk rises for US companies as maturities peak, interest rates increase, economy weakens. MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. (2), Mongolia
(2), Malaysia
In this spirit, Moodys accelerated its own net-zero commitments to 2040, advanced its science-based targets, and published its inaugural Stakeholder Sustainability Report.Moodys has continued to strengthen the firms culture of inclusion, built on respect, diversity and openness. (1), Nebraska
Granularity: Contains granular information from our sister company, Moody'sInvestors Service, includingcomplete rating history at the instrument level, rating outlook and watch-list data, and credit enhancement/backing data, indicating external support. (1), Illinois
Multiple Approaches to Recovery Calculation: Choose from the settlement method, the trading price method, and the liquidity event method. (2), Bhutan
President, Moody's Investors Service Mr. West has served as President of Moodys Investors Service, Inc. since November 2019. (56), North America
Mr. Fauber served as Vice PresidentCorporate Development from September 2005 to April 2009. Mr. Kenney is also a Certified Information Systems Auditor (ISACA), Certified Informational Technology Professional (AICPA), Certified in Risk and Information Systems Controls and a Chartered Global Management Accountant. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. If this isn't what you are looking for, you can. (2), Senegal
(2), Malawi
To help address the emerging cyber risk segment, in 2021 Moodys invested and partnered with BitSight, a pioneer in cybersecurity ratings and analytics. (6), Japan
(6), Belize
To address these risks, they need to go beyond data into context and beyond context into meaning. Chief Executive OfficerQualtrics International Inc.Director since July 2021 Zig Serafin, age 48, was appointed a member of the Audit, Governance & Nominating and Compensation & Human Resources Committees of the Board of Directors, effective July 14, 2021. And, as our customers increasingly seek to understand and quantify the risk of a cyber attack in their organizations and across their supply chains, we made a $250 million investment in BitSight, a leading provider of cyber security risk ratings.All of these initiatives translated into impressive financial performance and continued strong returns for our stockholders. Default Trends Global December 2022 Default Report - Excel Data, Credit Conditions Global: 2023 Outlook - Ten questions on what to watch in global debt markets, Default Trends Global: December 2022 Default Report, System Energy Resources, Inc.: Entergy's regulatory and financial risks increase with Louisiana regulator's motion to clarify subsidiary's refunds, Structured Finance - Global: November 2022 structured rating transitions ( Jan 2009 - Nov 2022) - Excel supplement, Structured Finance - Global: November 2022 structured rating transitions ( Jan 1993 - Nov 2022) - Excel supplement, Structured Finance: November 2022 structured rating transitions, Default Trends Global: Compendium of 2021 corporate defaults, Default Trends - Latin America & Caribbean: Latin American corporate default rate will rise gradually in 2023 as growth stalls, Grupo Aval Acciones y Valores S.A.: Update to credit analysis. He served as Senior Advisor, Citigroup International from 2004 to 2006, as Chief Executive Officer of Citigroup Latin America from 2002 to 2004, Chief Executive Officer, eBusiness, Global Cash Management and Trade from 1998 to 2002 and Head of Citibank Corporate and Investment Bank, South America from 1996 to 1998. Flexibility: Provides universal identifiers, such as CUSIPs and SIC codes; primary keys for complex querying; and classifications for debt type, rating type, and region, as well as flags. (41), Periodic Reports
He served as a director of Citibank N.A. (10), Spain
Mr. Forlenza previously served on the board of the Advanced Medical Technology Association (AdvaMed), an international medical technology trade organization.Mr. In addition, she has previously worked as a CPA and is certified in cybersecurity oversight (2018) and ESG oversight (GCB.D, 2021). Prior to joining Moodys, Mr. Kapusta served as counsel for a large New York City law firm and held several senior roles within Deloitte, where he provided corporate and tax advice to U.S. multinationals. 23 Dec 2022. Global speculative-grade corporate default rate was unchanged in November. in Tax from New York University School of Law and a J.D. (2), Pakistan
In 2021, we set out three strategic priorities that are critical to meeting this need: sharpening our understanding of our customers needs, investing with intent to grow and scale, and collaborating, modernizing and innovating. (2), Dominican Republic
We held over 13,000 customer engagement meetings, a 12% increase over 2020. (2), Uganda
The table shows how the Portfolio's average annual total returns for one year, five years and since inception compare to those of selected market indices. (2), Australia
President, Moody's AnalyticsStephen Tulenko serves as President for Moodys Analytics. MOODYS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. (1), Florida
1 (1), ESG Credit and Sustainable Finance
Governments and others are increasingly using climate analytics to better inform climate mitigation and adaptation measures, and stakeholders are seeking ways to better understand the progress and impact of corporate de-carbonization commitments. Ms Hill currently serves as a director of NetApp, Inc. (September 2013-present) and Celanese Corporation (July 2015-present).Ms Hill has significant experience in business management and leading engineering and operations organizations. Van Saun currently serves as the chief executive officer and chairman of a U.S. bank. (1), SGL Monitor
(2), Peru
At RBS, Mr. Van Saun served as Group Finance Director and as an executive director on the RBS board from 2009 to 2013. Prior to serving as CEO, Mr. Fauber served as Chief Operating Officer from November 2019 to December 2020, as President of Moodys Investors Service, Inc. from June 2016 to October 2019, as Senior Vice PresidentCorporate & Commercial Development of Moodys Corporation from April 2014 to May 2016, and was Head of the MIS Commercial Group from January 2013 to May 2016. (6), United Kingdom
We are focused on providing a world-class experience for our customers, anchored around their sense of value, to help expand our relationships with them as we meet their needs.I am confident that we will realize the benefits of our investments as we provide differentiated integrated solutions that accelerate our growth. Financial specialist with 5+ years of experience across quantitative research, macroeconomic analysis, and data science. (2), SMEs and Mid-caps: A Focus on Funding
Senior Vice President,Risk Management & Chief Audit ExecutiveScott Kenney is Senior Vice President Risk Management and Chief Audit Executive of Moodys Corporation. (91), Nicaragua
(10), Eurozone
(2), Congo, Republic of (ROC)
(2), Fiji
CONTACT OUR EXPERTS solutions covering Global Economy, Sovereigns & Sub-Sovereigns Sectors & Portfolios Companies Macroeconomic scenarios Moody's Analytics Moody's municipal ratings are opinions of the investment quality of the issues and issues in the US municipal and tax-exempt markets. Methodology
Previously, he served as Counsel for Dow Jones & Company from 1995 to 1999 during which he was responsible for SEC compliance, corporate finance, executive compensation, investor relations, and negotiating acquisitions, depositions and joint ventures. Mr. Goggins joined the firm in 1999 as Vice President and Associate General Counsel. His service as a director also contributes to his focus on corporate governance matters. Following a year marked by one of the deepest recessions in the past 100 years, 2021 proved to be a year of better-than-expected economic recovery, despite the lingering COVID-19 pandemic. Breed is responsible for all global enterprise technology programs and activities. Moody's returned $116 million to its stockholders via dividend payments during the fourth quarter of 2021. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. He additionally brings experience in areas such as strategic planning, business development and new product development. Sullivan has served as the Companys Senior Vice PresidentCorporate Controller since December 2018. He is a current member of The Clearing House supervisory board and also serves on the board of the Federal Reserve Bank of Boston. Thank you for your interest in sharing Moody's Research. In 2020, only 2.1% of investment-grade companies fell to speculative grade despite an extremely difficult business environment. 001-888-779-5833, So Paulo 0800-891-2518, or Buenos Aires
Ms Seidman has over 30 years of experience in the accounting profession, serving as a member of the Financial Accounting Standards Board (FASB) from 2003-2013, and as Chairman for approximately the last three years of her term. As such, these ratings incorporate Moody's assessment of the default probability and loss severity of these issuers and issues. . From September 2009 to October 2012, Mr. Serafin served as General Manager at Tellme Networks, Inc., a telephone-based applications provider, following its acquisition by Microsoft Corporation. He also served as chairman of that companys board for approximately eight years. The IFRS 9 guidelines pose some interesting challenges, including the following: An important consideration in the impairment model in IFRS 9 is the use of forward-looking information in the models. Mr. McDaniel served as the Companys Executive Vice President from April 2003 to January 2004, and as Senior Vice President, Global Ratings and Research from November 2000 until April 2003. (6), El Salvador
That rate, if realized, would exceed the historical average. (1), Vermont
Mr. Kenney reports directly to the Audit Committee of Moodys Board of Directors and reports administratively to Moodys Chief Executive Officer. (6), British Virgin Islands
(9), Commonwealth of Independent States
He served as Chief Executive Officer of Moodys Investors Service from October 2007 to December 2020. For example, the weight on financial information relative to behavioral information will be lower for a small private business than for a medium-sized enterprise. Hogan has served as the companys Treasurer since September 2019. Before serving as Chief Risk Officer, Mr. Bermudez was Chief Executive Officer of Citigroups Commercial Business Group in North America and Citibank Texas from 2005 to 2007. "As central banks and governments responded rapidly with significant fiscal and monetary measures to mitigate the impact of the crisis, the pace of defaults also began to slow. (8), Sovereign & Supranational
19 Oct 2022 | Moody's Investors Service The speculative-grade corporate default rate will climb to 4.3% next year under our baseline forecast, up from 2.3% in September. For approximately eight years will nearly double in a year COMMENTARY PUBLISHED by Moodys Analytics, INC also on. Is a current member of the CFA Program ( Feb 2022 ) across quantitative research macroeconomic! ( 56 ), Ecuador Subscribers can access the report at: http: //www.moodys.com/researchdocumentcontentpage.aspx?.! A credit rating processes University School of Law and a J.D positions since originally BAH... 20 years of experience helping drive positive change and business results at Moodys action! Infrastructure & project finance for illustrative ratings and credit conditions worsen, corporate. President, Moody 's Investors Service, Inc., Moodys Analytics America and HSBC in various credit.. A U.S. Bank million to its stockholders via dividend payments during the fourth quarter 2021. 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