He is also a member of the Bretton Woods Committee (2022-present). In that role, she supervised the corporate investigations and anti-money laundering divisions and the companys regulatory examination program. Oil & Gas, Retail and Business Services sectors were the three largest contributors to corporate defaults in 2020. 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. (2), Belgium
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. 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 In 2021, Business Services and Hotel, Gaming & Leisure are expected to have the most defaults, followed by Oil & Gas. (2), Mauritania
(527), Asia-Pacific Economic Cooperation (APEC)
(2), Cayman Islands
(2), Cuba
(6), South Korea
From April 2009 through April 2014, he served as Senior Vice PresidentCorporate Development of Moodys Corporation. (2), Egypt
(6), Denmark
(364), Association of Southeast Asian Nations (ASEAN)
Ms. Kazanjian previously served as Chief People Officer for WeWork, where she led the People team and oversaw talent-related strategies, operations and workforce planning for 4,000 employees, in over 30 countries globally. 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. (6), Ghana
As I observed last year, our customers seek solutions to help them identify, measure and manage a wider range of interconnected risks. The statistics over the 36 year study period should give confidence to investors in highly rated bonds. Moody's proposes updates to its methodology for assigning instrument ratings for insurers 25 October 2021 New York, October 25, 2021 - Moody's Investors Service is seeking feedback from market participants on proposed changes to its cross-sector methodology for assigning instrument ratings for insurers. Each credit rating agency sets a minimum bond rank to be classified as investment-grade: Standard & Poor's denotes bonds rated BBB- or higher as investment grade. 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. (1), Idaho
(2), Bhutan
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. Moodys SF Japan K.K. (2), Ukraine
This rating is assigned to less creditworthy carriers and securities by the ratings . 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. The Moody's Analytics PD is an aggregation of all the sources of credit risk assessable for a given borrower. Mr. Goggins holds a J.D. This data file precedes Fitch's published 2020 transition and default studies. (56), North America
Her various executive roles at Cisco Systems, Inc. allow her to bring extensive leadership experience and a strong background in information technology and business operations to the Board. For example, an A- rated bond has a probability of default over five years of 0.57%. 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. 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. Please complete your profile before submitting your comments. Consequently, we can approximate between 64,000 and a little over 100,000 mortgages will be at risk of a default in Louisiana over the next few months. Sullivan has served as the Companys Senior Vice PresidentCorporate Controller since December 2018. (100), Other Studies
(1), Nevada
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. (6), Ivory Coast
He also is a member of the advisory committees for Finance and Audit at OnePulse Foundation. (183), Insurance
Retired Global Chairman of Financial Institutions GroupJPMorgan Chase & Co.Director since March 2019Thrse Esperdy, age 61, is a member of the Audit, Governance & Nominating and Compensation & Human Resources Committees of the Board of Directors. From 1992 to 1996, Mr. Fauber worked at NationsBank (now Bank of America) in the middle market commercial banking group.Mr. (9), Commonwealth of Independent States
TABLE OF CONTENTS INTRODUCTION 1 GOVERNANCE 2 STRATEGY 3 RISKS ASSOCIATED TO CLIMATE CHANGE 3 . 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. I would like to acknowledge the many contributions of my fellow board members, and welcome Zig Serafin, CEO of Qualtrics, to the Moodys board. Mr. Goggins was an Associate with Cadwalader, Wickersham & Taft from 1985 to 1995 where he worked on mergers and acquisitions. Expansive Dataset: Includes more than 800,000 individual debt securities, both corporate and sovereign entities, and default history starting from 1920. 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. Until his appointment as CEO, he was Moodys Chief Operating Officer and drove strategic initiatives across the company. We are proud that Moodys continues to be recognized for our leadership in this area, including a perfect score on the Human Rights Campaign Foundations Corporate Equality Index for the eleventh year in a row, our third consecutive year in the Bloomberg Gender-Equality Index, inclusion in the prestigious Civic 50 honor roll, and being named one of Americas Most Loved Workplaces by Newsweek.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. 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. Moody's returned $116 million to its stockholders via dividend payments during the second quarter of 2021. Breed currently serves as the Treasurer for the Skating Club of New York. By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. As the head of risk for a major global financial institution, he was involved in the debt restructuring of various sovereigns around the world. (2), Liberia
(6), Japan
This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. He currently serves on the Executive Committee of the Board of Directors. 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. 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. "The recession induced by the coronavirus pandemic led to a rapid increase in defaults in 2020", says Moody's Vice President Sharon Ou. 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. (358), Africa: Emergence and transformation
(6), Oman
Prior to joining Moodys, David spent ten years in Deloittes Assurance practice, with a focus on clients within the Telecom, Media and Technology sector. (2), Cook Islands
He served as Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008. in Statistics and Actuarial Science, both from the Wharton School at the University of Pennsylvania, and is a Fellow of the Society of Actuaries. (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. (5), Palau
He served as a director of Becton, Dickinson and Company (BD), a global medical technology company, from 2011 to April 2021 and as the Chairman of its board from 2012 to April 2021. 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. (2), Chad
MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). (1), Regulation of Financial Institutions
(5), Yemen
CreditEdge is also used by buy-side investors for relative value analysis. 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. Mr. Fauber has also served as Head of Moodys Corporate Development. His service as a director also contributes to his focus on corporate governance matters. (6), Portugal
He also has a strong background in information systems and cyber-related matters. These impressive results are the product of the many investments we have made in our people and our offerings and speak to the value that customers place on our expertise and solutions. (41), Periodic Reports
(1), B3 Negative and Lower
(6), Solomon Islands
Sector in-depth Refinancing risk rises for US companies as maturities peak, interest rates increase, economy weakens All data is derived from the Moody'sInvestors Serviceproprietary database of issuer, default, and recovery information. CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODYS (COLLECTIVELY, PUBLICATIONS) MAY INCLUDE SUCH CURRENT OPINIONS. (6), Iceland
(1), Hawaii
Prior to joining Oppenheimer in 2013, she held a range of senior technology and finance leadership roles at Apollo and PricewaterhouseCoopers. 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). You have reached the daily limit of Research email sharings. He is also a member of the Washington Economics Club.Mr. His team deals with all legal issues, including contract negotiation, intellectual property, employee matters, litigation and compliance with local laws. (6), Ecuador
Mr. McDaniel currently is a director of John Wiley & Sons, Inc. (2005-present) and a member of the Board of Trustees of Muhlenberg College (2015-present).Mr. The Companys common stock trades on the New York Stock Exchange under the symbol MCO. We also advanced the transition of our banking and insurance solutions to SaaS, deepening and streamlining the ways we support many mid-sized financial institutions. 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. By contrast, the pandemic disproportionately affected speculative-grade companies, which accounted for almost 90% of all corporate downgrades. She is a graduate of Emory University. 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. (2), Guyana
(2), St. Vincent and the Grenadines
(2), Malaysia
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. (2), Bolivia
(6), Cayman Islands - Off Shore
(2), Samoa
(1), Louisiana
(2), Monaco
(2), Myanmar
(6), Croatia
(2), Taiwan, China
Ms Hill has over 30 years of experience in business management and leading engineering and operations organizations. During her tenure, the FASB established numerous accounting standards relating to financial instruments, including securitizations, derivatives and credit losses and worked with regulators and policy makers in the U.S., and in other major capital markets to develop consistent accounting standards. 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. (826), Sub-Sovereign
(2), Belarus
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. Ms. Elliott has more than 25 years in senior-level corporate communications roles. (1), English
It also enables you to identify factors contributing to default experience in each economic cycle. (2), Lesotho
(8), Armenia
(6), Syria
Shivani holds an MBA from the Johnson School at Cornell University and a B.Sc. Stockholders and other stakeholders may communicate with the Board, or with a specific director or directors, by writing to: 2022 Moodys Corporation, Moodys Investors Service, Inc., Moodys Analytics, Inc. and/or their licensors and affiliates (collectively, MOODYS). In this role, Mr. Goggins is primarily responsible for providing legal advice to senior management and managing the provision of legal services by a team of inhouse lawyers and outside counsel. . (1), Maryland
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. To address these risks, they need to go beyond data into context and beyond context into meaning. A firm is defined to default if there is a record of nominal default and one or more post-default prices are observed. Mr. Kenney reports directly to the Audit Committee of Moodys Board of Directors and reports administratively to Moodys Chief Executive Officer. (1), Georgia
(6), Bosnia and Herzegovina
MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. (1), New York
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. CLICK HERE Contact & Support Nick Kraemer Head of Ratings Performance Analytics P. + 1 (212) 438-1698 E. nick.kraemer@spglobal.com June 2021 . (7), Macao SAR, China
(2), 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. from the University of Chicago and a B.A. This page provides a central resource for Moodys research on default risks, impairment and loss rates, ratingtransitions and performance, and liquidity studies. Refinancing risk rises for US companies as maturities peak, interest rates increase, economy weakens. Prior to joining Moodys, Mr. Kenney was a Managing Director at Deloitte, serving as leader to several internal audit departments, external financial statement audits, Sarbanes-Oxley compliance efforts and large regulatory compliance engagements. (2), Italy
(2), Finland
By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. He currently serves as a member of the Board of Trustees of Lehigh University since rejoining the Board in July 2020 after previously serving from 2011 to 2017. 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. There were differences in default rates across sectors. 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. (2), Latvia
(9), High Yield Interest
(7), Gabon
In addition to an increase in defaults, there was also a larger number of negative rating actions in 2020, as business disruptions caused a deterioration in credit metrics in many sectors and regions. Prior to that, Mr. Van Saun held a number of senior positions with Bank of New York and later Bank of New York Mellon over an 11-year period. (2), Burundi
(6), Guernsey
Please complete your profile before submitting your comments. (1), California
(2), Bankruptcy, Troubled Credits & Turnarounds
In addition, she has previously worked as a CPA and is certified in cybersecurity oversight (2018) and ESG oversight (GCB.D, 2021). default status of sele cted textile firm s is sourced fro m the audited an nual reports of selected textile firms fo r 15 years from 1 April 2004 to 31 st March 2019. (2), Thailand
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Refinancing risk rises for US companies as maturities peak, interest rates increase, weakens. Communications roles of the advisory committees for Finance and Audit at OnePulse Foundation record!
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