A probability of default rating (PDR) is a corporate family-level opinion of the relative likelihood that . (364), Association of Southeast Asian Nations (ASEAN)
Weekly Market Outlook Markets, Bankers and Analysts Differ on 2021's . Mr. Goggins holds a J.D. (6), France
Prior to his work at MassMutual, Mark held a range of senior finance leadership roles at Voya Financial (formerly ING U.S.). This includes our Business Resource Groups, which count more than half of our employees as members, and our work to empower our leaders, managers and individual employees in reinforcing an inclusive culture. Please reduce your list by using the filtering tool to the left. Oil & Gas, Retail and Business Services sectors were the three largest contributors to corporate defaults in 2020. (2), Georgia
Prior to that, Mr. Howell held a variety of leadership positions since originally joining BAH in 1988. Environmental, social and governance (ESG), cybersecurity and other emerging risks have become more relevant to our core business of credit and risk management, evidenced by increasingly and at times stark event-driven impacts on businesses and the communities they support.. Despite the severity of the 2020 recession, the current default cycle will peak at a lower rate than those associated with the last three recessions. By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. Mr. Kenney is responsible for overseeing Moodys Global Internal Audit function, including providing an independent oversight function that evaluates the processes and controls over the organizations financial, technology, ratings and operational activities. (7), United Arab Emirates
(2), Romania
(2), Nepal
Mr. Forlenza served as BDs Chief Executive Officer from 2011 to January 2020 and President from 2009 to April 2017. Prior to becoming chief executive officer, he was the chief operating officer and held various additional roles. That rate, if realized, would exceed the historical average. (183), Insurance
(2), Samoa
Platt is SVP & Chief Strategy Officer for Moodys Corporation, with responsibility for Global Corporate Development and Corporate Affairs, which encompasses Global Communications and Branding, Corporate Social Responsibility and Government, Public & Regulatory Affairs. (6), Cayman Islands - Off Shore
(6), Rwanda
Already a Client? (1), Alaska
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Moodys Analytics offers a modular, flexible, and comprehensive IFRS 9 impairment solution that facilitates banks efforts to calculate and manage capital set asides for these provisions. For full year 2021, Moody's repurchased 2.2 million shares at a total cost of $750 million, or an average cost of $336.58 per share, and issued net 0.8 million shares as part of its employee stock-based compensation programs. Moodys Analytics provides tools for the most crucial aspects of the expected loss impairment model, with robust solutions to aggregate data, calculate expected credit losses, and derive and report provisions. 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. (1), Maryland
2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. Chief of StaffTameka Alsop is Managing Director, Chief of Staff to the CEO at Moodys Corporation and a member of the Executive Leadership Team. She is also a key contributor to various Moodys diversity, equity and inclusion initiatives. Mr. Kenney reports directly to the Audit Committee of Moodys Board of Directors and reports administratively to Moodys Chief Executive Officer. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. (1), California
We assigned nearly 1,800 ESG Credit Impact Scores to help investors understand the impact of ESG factors on credit risk, as well as new Carbon Transition Assessments for nearly 400 issuers across the most exposed sectors.We launched Moodys ESG Score Predictor, which provides ESG estimates, carbon emissions footprint, and transition and physical risk factors for over 140 million companies, supporting customers needs around sustainable sourcing and supply chains.Ahead of COP26, we launched the Moodys on Climate Campaign which generated close to 10 million content impressions, illustrating the markets strong interest in Moodys ESG insights.In September, we closed on our acquisition of RMS, a leading risk analytics business serving the global insurance industry.This enables us both to provide a more comprehensive suite of offerings to our life, property and casualty (P&C) and reinsurance customers and to leverage RMS world-class models and expertise in weather, climate and disaster risk in providing risk solutions beyond insurance.We advanced our screening and onboarding offerings, aided by several key acquisitions.We are helping our customers digitize and automate the Know Your Customer (KYC) process, providing a streamlined workflow with proprietary company, ownership, and people data. 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 the Company, Ms. Sullivan served in several roles at Bank of America from 2011 to 2018, where her last position held was Managing Director and Global Banking Controller. He is a current member of The Clearing House supervisory board and also serves on the board of the Federal Reserve Bank of Boston. Senior Vice President &Corporate ControllerMs. 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. (191), Rating Transition Studies
(2), Sweden
Senior Vice President,Risk Management & Chief Audit ExecutiveScott Kenney is Senior Vice President Risk Management and Chief Audit Executive of Moodys Corporation. (1), Maine
(2), Estonia
(2), Thailand
Her experiences and expertise enhance the Boards ability to oversee the Companys global operations and effectively manage risk. He is responsible for overseeing Moodys capital allocation and long-term financing strategies, and managing cash and short-term investments to support Moodys operations and growth. (8), Armenia
President & Chief Executive OfficerMoodys CorporationDirector since October 2020Robert Fauber, age 51, has served as the Companys President and Chief Executive Officer since January 2021. in government and psychology from Georgetown University. (6), Mercosur
(2), Myanmar
Prior to joining Moodys in 2021, Ms. Elliott was Executive Vice President-Worldwide Communications at Mastercard and Chief Communications Officer at S&P Global. Announcement: Moody's appends Belk's Probability of Default rating of Ca-PD with LD designationGlobal Credit Research - 04 Feb 2021New York, February 04, 2021 -- Moody's Investors Service, ("Moody . (2), Canada
IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODYS PRIOR WRITTEN CONSENT.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODYS from sources believed by it to be accurate and reliable. Investment-grade companies have exhibited greater stability in terms of changes in credit quality and ratings. Mr. Platt holds an M.B.A. from The University of Chicago, a B.A. Clients frequently use this data to conduct credit research as well as build and update credit risk models, particularly those focused on probability of default and loss given default. The speculative-grade corporate default rate will climb to 4.3% next year under our baseline forecast, up from 2.3% in September. Click here to manage your preferences. (2), St. Vincent and the Grenadines
(2), Alabama
Prior to joining Moodys, David spent ten years in Deloittes Assurance practice, with a focus on clients within the Telecom, Media and Technology sector. (6), India
(2), Turks and Caicos Islands
By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. (41), Periodic Reports
Our study of company defaults globally over the last 25 years shows repeated defaults were largely due to adverse industry trends, with the pandemic and high leverage also playing a role. Ms Hill has over 30 years of experience in business management and leading engineering and operations organizations. The markets looked to Moodys for our expertise and insights in navigating evolving credit conditions, and many organizations sought our help in making better, more informed decisions in financing, screening, lending, insuring and investing. (2), Costa Rica
Moody's Investors Service provides investors with a comprehensive view of global debt markets through credit ratings and research. (2), Pakistan
He has extensive executive experience, having formerly held several additional senior management positions at banks. He led Citizens to a successful initial public offering in September 2014, and full independence from RBS in October 2015. In 2021, Business Services and Hotel, Gaming & Leisure are expected to have the most defaults, followed by Oil & Gas. (6), Turkmenistan
(2), Belgium
2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. Mr. Kapusta holds a Masters Degree (LL.M.) She previously held a variety of communications positions at American Express and was a journalist for ABC News, where she earned an Emmy award. 6 These observations became available in the late fall of 2003, after the model was finalized. (56), North America
(6), Comoros
In 2021, we contributed to this goal through our many Corporate Social Responsibility (CSR) initiatives, the work of the Moodys Foundation, and by encouraging employee volunteerism.Highlights of our 2021 CSR program include the introduction of paid time off for employees to volunteer and meaningful support in the form of a $16 million contribution to the Moodys Foundation. From April 2009 through April 2014, he served as Senior Vice PresidentCorporate Development of Moodys Corporation. Moody's municipal ratings are opinions of the investment quality of the issues and issues in the US municipal and tax-exempt markets. 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. (649), Infrastructure & Project Finance
(6), Russia
He held the additional titles of President from November 2001 to August 2007 and December 2008 to November 2010 and Chairman from October 2007 until June 2015. At RBS, Mr. Van Saun served as Group Finance Director and as an executive director on the RBS board from 2009 to 2013. our global press information hotlines: New York +1-212-553-0376,
However, MOODYS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. 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. Default Report. (55), Micronesia
Announcement: Moody's appends Belk's Probability of Default rating of Ca-PD with LD designationGlobal Credit Research - 04 Feb 2021New York, February 04, 2021 -- Moody's Investors Service, ("Moody . All Rights Reserved. MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. (6), El Salvador
Ms. Sullivan, a CPA, previously held various senior positions at several banks and a major accounting firm, and is a member of the Board of Directors of Financial Executives International. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. (2), Bankruptcy, Troubled Credits & Turnarounds
Moody's Investors Service provides investors with a comprehensive view of global debt markets through credit ratings and research. (6), Solomon Islands
He served as Senior Managing Director, Global Ratings and Research, of Moodys Investors Service from November 2000 until November 2001 and as Managing Director, International from 1996 to November 2000. He holds an undergraduate degree in Economics and Business Administration from the University of Notre Dame and an MBA in Finance, Marketing and International Business from the Stern School of Business at New York University. 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. Data for separately estimating the probability of default, loss given default, and overall expected loss, More than 800,000 individual debt securities. ". In addition to serving international credit markets, we expanded our support for domestic markets and began offering local credit ratings in Brazil as part of the ongoing expansion of our Moodys Local business across Latin America. Cisco designs, manufactures and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology industry and provides services associated with these products. Exposure at default is an estimated value that predicts the amount of loss a bank may experience when a debtor defaults on a loan. AND/OR ITS AFFILIATES. (33), Corporates
(6), Ghana
Mr. Forlenza previously served on the board of the Advanced Medical Technology Association (AdvaMed), an international medical technology trade organization.Mr. 12/31/2021: 31.57: 32.25: 11/30/2022: 5.44: 5.53: 12/31/2022: 0.67: 2.31: Head of Investor RelationsShivani Kak heads the Investor Relations Team and is responsible for managing effective communications with the analytical community, as well as existing and potential shareholders. (2007) paper, which uses the Moody's hazard rate of default (if the credit rating for a firm is not available, . 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. Additionally, DRA publishes analytical research reports on topics that are of interest to broader fixed-income markets community.. (2), Ireland
(1), North Dakota
McDaniel began his career at the Company serving as a ratings analyst and served in numerous capacities at the Company over the past three decades. (100), Other Studies
These capabilities are already helping customers better identify, measure and manage a wider range of risks leading to better outcomes.As the pace of digitization and automation continues, so has the prevalence of cyber risk. (2), Botswana
So far in the fourth quarter there have been nine defaults, four based in China as Chinese real estate developers continue to face funding challenges (see "Asia-Pacific Credit Outlook 2022 China Decelerates, Fed . We held over 13,000 customer engagement meetings, a 12% increase over 2020. Sharon OuVP-Sr Credit Officer/Mgr/CSRCredit Strategy & Standards Moody's Investors Service, Inc. Prior to that, from July 2009 to October 2016, Mr. Serafin served as a Corporate Vice President at Microsoft Corporation, a multi-national technology company. The 2021 global corporate default tally has increased to 69 following the defaults of China-based (Cayman Islands-incorporated) China Aoyuan Group Ltd. and one confidential issuer. You have reached the daily limit of Research email sharings. (6), Slovenia
4 Moody's Rating Methodology PDR Definition and Proposed Methodology Like Moody's long-term security ratings, corporate family ra tings (CFRs) are opinions about expected credit loss rates, i.e., the family's likelihood of default times its estimated average loss given default (LGD) over a blend of time horizons. (2), Bahamas
(2), Argentina
Prior to joining Moodys in 2013, Mr. Platt provided M&A and corporate finance advisory services to boards and companies across a wide range of industries. (2), Kenya
2021 Moodys Corporation, Moodys Investors Service, Inc., Moodys Analytics, Inc. and/or their licensors and affiliates (collectively, MOODYS). Moody's Default and Ratings Analytics team publishes Moody's default studies, ratings transitions and ratings performance studies for corporates, financial institutions, sovereign and sub-sovereign, public finance and infrastructure sectors. (2), Financial stability risks: implications of rising corporate leverage
This rating is assigned to less creditworthy carriers and securities by the ratings . (2), Iraq
(2), Haiti
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. (7), Macao SAR, China
Moody's Investors Service's 34th annual default study provides statistics on defaults, losses and rating transitions for corporate bond, loan and deposit issuers over the past year. If this isn't what you are looking for, you can, Moody's Default and Ratings Analytics team publishes Moodys default studies, ratings transitions and ratings performance studies for corporates, financial institutions, sovereign and sub-sovereign, public finance and infrastructure sectors. To estimate the long term country equity risk premium, I start with a default spread, which I obtain in one of two ways: (1) I use the local currency sovereign rating (from Moody's: www.moodys.com) and estimate the default spread for that rating (based upon traded country bonds) over a default free government bond rate. 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), Hong Kong SAR, China
Copyright 2023 Moody's Analytics, Inc. and/or its licensors and affiliates. Using Moody's Analytics probability of default models, we see credit deterioration across firms of all sizes and industries. (2), Guinea-Bissau
(2), Cambodia
(1), Wisconsin
(2), Serbia
(2), Suriname
Senior Vice President,Chief Strategy OfficerMr. President, Moody's Investors Service Mr. West has served as President of Moodys Investors Service, Inc. since November 2019. (2), Italy
(2), Bulgaria
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. 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. The decline in free cash flow in 2017 was primarily due to a settlement with the U.S. Department of Justice and the attorneys general of 21 U.S. states and the District of Columbia. 0001193125-17-118614.txt : 20170410 0001193125-17-118614.hdr.sgml : 20170410 20170410164657 ACCESSION NUMBER: 0001193125-17-118614 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20170410 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet . He and his wife have two children. 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. Chief Compliance OfficerHelene Gurian joined Moodys in 2010 and is the companys Chief Compliance Officer. 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. Ms. Alsop holds a B.A. TABLE OF CONTENTS INTRODUCTION 1 GOVERNANCE 2 STRATEGY 3 RISKS ASSOCIATED TO CLIMATE CHANGE 3 . (2), Cook Islands
(2), Brunei Darussalam
US Credit Compass indicates further deterioration as lending standards tighten and sentiment worsens, The performance of Moody's corporate debt ratings Q2 2022, This publication provides updated measures of the, Corporate defaults more than double in August from the prior month. (5), Cameroon
June 2021 . (975), Financial Institutions
Mr. Fauber earned his B.A. From 1987 to 1996, Ms Seidman served as Vice President, Accounting Policy and in other roles at J.P. Morgan & Company, Inc. (now JPMorgan Chase) and from 1984 to 1987, Ms Seidman served as an auditor for Arthur Young & Co. (now EY). (1), Idaho
He is also a member of the Washington Economics Club.Mr. (2), Fiji
By contrast, the pandemic disproportionately affected speculative-grade companies, which accounted for almost 90% of all corporate downgrades. 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. (18), Colombia
(2), Guyana
(2), Honduras
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. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. Default & Recovery Database | Moody's Analytics Default & Recovery Database With default data going back to 1920, the Default & Recovery Database (DRD) allows you to look at how default experience varies at different points in the economic cycle. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, the Association of Former Students, Texas A&M University from 2005 to 2012, the American Institute of Architects for the entirety of 2015, the Electric Reliability Council of Texas from 2010 to 2016. 15 Dec 2022. Default Trends Global December 2022 Default Report - Excel Data, Default Trends Global: December 2022 Default Report, 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, Default Trends Global November 2022 Default Report - Excel Data, Structured Finance - Global : October 2022 structured rating transitions (Jan 2009 - October 2022) - Excel supplement, Structured Finance - Global : October 2022 structured rating transitions (Jan 1993 - October 2022) - Excel supplement, Structured Finance: October 2022 structured rating transitions, Credit Transition Model (CTM) Methodology. (1), Arkansas
The Moody's Analytics PD is an aggregation of all the sources of credit risk assessable for a given borrower. (2), Gambia
He has experience leading a large global business in a regulated industry, including significant experience in large M&A transactions. The maximum number of items you can export is 3,000. 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 (2), Leveraged
She moved to the Commercial department in 2011, to focus on Structured Finance business development, including secondments to both the Hong Kong and New York offices.She also spent time in the Product Management Group with global responsibility for product related requests and initiatives linked to Structured Finance and investor requested products.Prior to joining Moody's, she was a Director at Lehman Brothers, specializing in Structured Finance origination and structuring. Mr. Kapusta started his career in government, where he served as a senior court attorney for the New York State Supreme Court, Appellate Division, Second Department. Ms Esperdy currently serves as the Non-Executive Chairman of Imperial Brands PLC (January 2020-present), where she was a Non-Executive Director and then Senior Independent Director (July 2016-December 2019). Refinancing risk rises for US companies as maturities peak, interest rates increase, economy weakens. 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