All data is derived from the Moody'sInvestors Serviceproprietary database of issuer, default, and recovery information. 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. (2), Suriname
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. Methodology
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. (2), Nepal
He also served as chairman of that companys board for approximately eight years. 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.. (53), Jersey
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. President & Chief Executive OfficerRob Fauber became President and Chief Executive Officer of Moodys Corporation on January 1, 2021 and was elected to the Board of Directors effective October 22, 2020. #MobileRightColumnContainerE606C799DE50411EA1A0827D375551BB .subheading, #RightColumnContainerE606C799DE50411EA1A0827D375551BB .subheading {display: none;}. President & Chief Executive OfficerMoodys CorporationDirector since October 2020Robert Fauber, age 51, has served as the Companys President and Chief Executive Officer since January 2021. Moody's Investors Service Risk Quantification Evaluate, manage, and mitigate climate risks and their impacts through scenario analysis, quantitative modelling and stress testing. Breed came to Moodys from OppenheimerFunds, where she served as Head of Infrastructure, Enterprise Applications, IT Strategy and Transformation. He has served as the Executive Vice President, Chief Financial Officer and Treasurer of Booz Allen Hamilton Holding Corporation (BAH), a business management consulting company, since 2016. in economics from the University of Virginia and his M.B.A. from the Johnson School of Management at Cornell University. Ms Hill has over 30 years of experience in business management and leading engineering and operations organizations. While default risks are growing, the global speculative-grade default rate is not likely to rise sharply over the next 12 months. Prior to joining Oppenheimer in 2013, she held a range of senior technology and finance leadership roles at Apollo and PricewaterhouseCoopers. He was a member of the Texas A&M Foundation Board of Trustees (2014-2021). (2), Cambodia
(370), West African Economic and Monetary Union (UEMOA)
(2), Congo, Republic of (ROC)
Ms Seidman previously served as a Public Governor of the Financial Industry Regulatory Authority (2014-2019). 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. Mr. Forlenza served as BDs Chief Executive Officer from 2011 to January 2020 and President from 2009 to April 2017. Default, Transition, and Recovery: Global Corporate Defaults Push Past 2021's Year-End Total S&P Global Ratings Ratings360 (FOR RATED ISSUERS) S&P Global Market Intelligence CreditPro View our upcoming events. Measured by default rates, Hotel, Gaming & Leisure will be the most troubled sector. (160), Recovery Studies
As I observed last year, our customers seek solutions to help them identify, measure and manage a wider range of interconnected risks. 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), Denmark
Sharon OuVP-Sr Credit Officer/Mgr/CSRCredit Strategy & Standards Moody's Investors Service, Inc. (2), Romania
Weekly Market Outlook Markets, Bankers and Analysts Differ on 2021's . JOURNALISTS : 1 212 553 0376Client Service : 1 212 553 1653, Releasing Office :Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007U.S.A.JOURNALISTS : 1 212 553 0376Client Service : 1 212 553 1653. in Statistics and Actuarial Science, both from the Wharton School at the University of Pennsylvania, and is a Fellow of the Society of Actuaries. (2), Fiji
reference to Moody's idealized loss and default tables (see Appendix B). (2), Somalia
Previously, he was a Managing Director in the M&A groups at Deutsche Bank and Bank of America and held similar roles in the M&A groups at Citigroup and Donaldson, Lufkin & Jenrette. This page provides a central resource for Moodys research on default risks, impairment and loss rates, ratingtransitions and performance, and liquidity studies. All rights reserved. He served as Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008. (2), Eritrea
Howell serves as a chief financial officer and treasurer of a major business management consulting firm, which allows him to bring an extensive executive leadership experience and business management expertise that span over a number of industries and both domestic and international markets. He is also a member of the Washington Economics Club.Mr. 12/31/2021: 21.08: 28.68: 11/30/2022: 3.52-13.12: 12/31/2022-.51-18.13: (41), Periodic Reports
(3), Germany
Moody's Investors Service provides investors with a comprehensive view of global debt markets through credit ratings and research. Kumar KanthanSenior Vice President[emailprotected] Sharon OuVice President - Senior Credit Officer[emailprotected], Dial the AT&T Direct Dial Access code for, We brought you to this page based on your search query. Robs deep knowledge of the business and customers needs has been invaluable in navigating through the rapidly changing global landscape.I am confident that Moodys ongoing evolution as a global integrated risk assessment business will continue to position the Company at the forefront of helping customers to operate with speed and sophistication in an increasingly complex and interconnected world. While 2021 was a year of challenges, it was also full of opportunities to invest and deliver for our customers. All rights reserved. Ms. Elliott has more than 25 years in senior-level corporate communications roles. 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. Mr. Kenney holds a BS in Accounting from the University of Scranton and is a Certified Public Accountant licensed in New York. He additionally brings experience in areas such as strategic planning, business development and new product development. He previously served as the Companys President and Chief Executive Officer from April 2012 to December 2020, and served as the Chairman and Chief Executive Officer from April 2005 until April 2012. (6), Czech Republic
Recipient email addresses will not be used in mailing lists or redistributed. Data for separately estimating the probability of default, loss given default, and overall expected loss, More than 800,000 individual debt securities. (Hons) in Russian and European Studies from the University of Surrey and speaks fluent Russian. His service as a director also contributes to his focus on corporate governance matters. Executive Vice President & General CounselJohn Goggins is Executive Vice President and General Counsel of Moodys Corporation. (1), Arizona
Previously, Mr. West served as Managing DirectorHead of Global Structured Finance from February 2014 to May 2016 and Managing DirectorHead of Global Corporate Finance from January 2010 to January 2014. (2), Ethiopia
Prior to her position as Chief of Staff, Ms. Alsop was Managing Director, Head of US Financial Institutions Relationship Management at Moodys Investors Service, where she built customer relationships with institutions to grow coverage and revenue, as well as expanded relationships with existing issuers and intermediaries. (2), Estonia
(1), New Jersey
(1361), Asia Pacific
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. 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. (2), Taiwan, China
(7), United Arab Emirates
Crystallisation of tail risks can drive large shifts in credit conditions, The COVID-19 pandemic and Russia's invasion of Ukraine demonstrate that when. 15 Dec 2022. (33), Corporates
(2), Guatemala
For example, an A- rated bond has a probability of default over five years of 0.57%. 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. (2), Greece
Chief Financial OfficerMark Kaye is the Chief Financial Officer of Moodys Corporation with responsibility and oversight for all global financial activities. Default Report. 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. (7), Economic and Monetary Community of Central Africa (CEMAC)
(2), Mexico
Probabilities of default Bloomberg Professional Services February 08, 2021 The credit quality of an entity is essential information that reflects that entity's financial health and its. (2), Kuwait
Head of Global Corporate AffairsChristine Elliott is Managing Director - Head of Global Corporate Affairs. (1), Hawaii
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), The Big Picture
To help address the emerging cyber risk segment, in 2021 Moodys invested and partnered with BitSight, a pioneer in cybersecurity ratings and analytics. In addition, his service since 2005 as a director of John Wiley & Sons, Inc., which develops, publishes and sells products in print and electronic media for the educational, professional, scientific, technical, medical and consumer markets worldwide, has provided him with perspective on public company governance issues. London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong
in Tax from New York University School of Law and a J.D. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. Executive Vice President Chief Financial Officer and TreasurerBooz Allen HamiltonDirector since March 2021 Lloyd W. Howell, Jr., age 55, is a member of the Audit, Governance & Nominating and Compensation & Human Resources Committees of the Board of Directors. (9), Togo
(2), Zambia
Ms. Elliott earned a B.A. 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. As a result, he brings to the Board a deep understanding of the Companys business and operations as well as a historical perspective on the Companys strategy. He has served as Chairman and Chief Executive Officer of Citizens Financial Group, Inc. (Citizens), a large regional bank, since October 2013. in economics and history from Amherst College. (2), Turks and Caicos Islands
MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. (7), Gabon
Breed is responsible for all global enterprise technology programs and activities. Use semicolon to separate each address, limit to 20 addresses. If this isn't what you are looking for, you can. Mr. Kenney also oversees risk assurance for the Corporation. (9), Poland
(2), Italy
2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. (9), Iran
As a result, Mr. Bermudez brings a deep understanding of credit risk and years of financial expertise, as well as risk management experience, to the Board. Mr. Goggins joined the firm in 1999 as Vice President and Associate General Counsel. (2), Bahamas
(2), Brunei Darussalam
(2), Guam
The principal methodology used in these ratings was "Rental Vehicle Securitizations Methodology" published in October 2021 and available at https://ratings.moodys . Providing trusted insights and standards that help decision makers act with confidence. Please reduce your list by using the filtering tool to the left. (1), Mississippi
from the Rutgers School of Law-Newark and a B.A. He and his wife have two children. 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. Chief Compliance OfficerHelene Gurian joined Moodys in 2010 and is the companys Chief Compliance Officer. (2), Mongolia
(70), North Korea
(100), Other Studies
By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. 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. The Moody's Analytics PD is an aggregation of all the sources of credit risk assessable for a given borrower. (1), West Virginia
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. His substantive expertise extends to enterprise collaboration services, artificial intelligence and user experience. (70), New Zealand
(5), Barbados
(10), Eurozone
There are three major credit rating agencies (Standard & Poor's, Moody's, and Fitch) that provide ratings on bond. 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. (1), Maine
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. Loss given default (LGD) measures the expected loss, net of any recoveries, expressed as a percentage and will be unique to the industry or segment. (2), Bahamas - Off Shore
There are no sessions currently scheduled, Bank Asset & Liability Management Solutions, Buy-Side Asset & Liability Management Solutions, Pension Plan, Endowments, and Consultants, Current Expected Credit Loss Model (CECL), Internal Capital Adequacy Assessment Program (ICAAP), Simplified Supervisory Formula Approach (S)SFA, Debt Market Issuance, Analysis & Investing, LEARN MORE ABOUT VIRTUAL CLASSROOM COURSES. Ms. Alsop has more than 20 years of experience helping drive positive change and business results at Moodys. As in most recovery periods, defaults fell relative to the prior year, with the S&P Global Ratings global speculative-grade corporate default rate falling below 2% for only the eighth time in the past 41 . We see our role as a corporate citizen to help build a world where more people have access to opportunity and where everyone has the resources to grow and thrive. Mr. Kapusta holds a Masters Degree (LL.M.) 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. (6), Comoros
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. The table shows the probability of default given the term to maturity. Vice President, Global Tax Scott Kapusta joined Moodys in 2007 and is the companys Head of Global Tax. (58), Debt Sustainability
Using Moody's Analytics probability of default models, we see credit deterioration across firms of all sizes and industries. Ms. Alsop currently serves on the Trident American Dreams Advisory Board and is a founding member of the Womens Business Resource Group at Moodys. (1), Wisconsin
(9), Slovakia
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 . (1), US Late Credit Cycle Risks
Mr. Fauber served as Vice PresidentCorporate Development from September 2005 to April 2009. 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. (2), Sierra Leone
2021 Moodys Corporation, Moodys Investors Service, Inc., Moodys Analytics, Inc. and/or their licensors and affiliates (collectively, MOODYS). 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. He served as the Executive Group President, Group Leader, Civil and Commercial Group, from 2013 to 2016, as Executive Vice President, Client Services Officer, from 2009 to 2013, and as Vice President, Strategy and Organization, from 2000 to 2009. (1), New Mexico
(6), Cayman Islands - Off Shore
Financial specialist with 5+ years of experience across quantitative research, macroeconomic analysis, and data science. (1), Arkansas
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. (2), Lesotho
(6), Burkina Faso
(9), High Yield Interest
RiskCalc v3.1 does a good job of predicting actual default rates. He is the chairman of the Board of Trustees of The Valley Health System and a member of the Board of Directors of the Quest Autism Foundation. (1), Nevada
Study shows repeated company defaults usually reflect prolonged industry stress. (2), Malta
Looking at the risk profile of the Swedish corporate bond market reveals several notable trends. 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. Moody's municipal ratings are opinions of the investment quality of the issues and issues in the US municipal and tax-exempt markets. Firstly, as seen in Panel A of Figure 1.3, the credit quality of Swedish bond issuances has been decreasing, both since 2000 but more notably since 2009 when the market began growing substantially.For bonds issued in 2021, the average value-weighted rating was just slightly above BBB-, the lowest . (2), Bermuda
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