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. Ms Hill served in a number of positions at Cisco Systems, Inc. from 1997 to 2013, including, among others, Executive Advisor from 2011 to 2013, Senior Vice President, Development Strategy and Operations from 2009 to 2011, Senior Vice President, Access Networking and Services Group from 2008 to 2009 and Senior Vice President, Ethernet Systems and Wireless Technology Group from 2005 to 2008. 1 (2), Algeria 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), Romania (2), Nepal She is a graduate of Emory University. Prior to Cisco, Ms Hill had a number of engineering roles at various technology companies. 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. 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. 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. Van Saun currently serves as the chief executive officer and chairman of a U.S. bank. Senior Vice President &Corporate ControllerMs. Retired Senior Vice PresidentCisco Systems Inc.Director since October 2011Kathryn M. Hill, age 65, is Chairman of the Compensation & Human Resources Committee and is a member of the Executive, Audit and Governance & Nominating Committees of the Board of Directors. (2), Republic of Moldova (6), Syria (6), France (10), Hungary (1), District of Columbia 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. (2), Kenya The speculative-grade corporate default rate will rise to 4.5% in 12 months from 2.5% in October under our baseline forecasts. His service as a director also contributes to his focus on corporate governance matters. Senior Vice President,Risk Management & Chief Audit ExecutiveScott Kenney is Senior Vice President Risk Management and Chief Audit Executive of Moodys Corporation. The table shows the probability of default given the term to maturity. Global speculative-grade default rate to peak at 7.3% in March before declining to 4.7% at year-end, Number of defaults likely will fall over the course of 2021, as economies recover. Oil & Gas, Retail and Business Services sectors were the three largest contributors to corporate defaults in 2020. 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. 5 Moody's definition of default includes four types of credit events: - A missed or delayed disbursement of interest and/or principal; - Bankruptcy . This page provides a central resource for Moodys research on default risks, impairment and loss rates, ratingtransitions and performance, and liquidity studies. (2), Libya While pandemic related risks to the economy remain present, we expect that the combination of vaccinations and policy support measures will support the economic recovery over the course of 2021, and the number of defaults this year will be lower than last year. He serves as a director of the Community Foundation of Brazos Valley where he served as Chairman from July 2013 to June 2014 and currently serves as the chairman of the Investment Committee.Mr. Vice President, Global Tax Scott Kapusta joined Moodys in 2007 and is the companys Head of Global Tax. Mr. West served as Managing DirectorHead of MIS Ratings and Research from June 2016 to October 2019. 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. In this role, Ms. Kazanjian is primarily responsible for setting and overseeing the execution of the Company's strategy to attract, grow, and retain extraordinary talent in service of our business. (1), Kansas 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. (6), Denmark The maximum number of items you can export is 3,000. (2), Kyrgyzstan 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. (7), Macao SAR, China Executive Vice President & General CounselJohn Goggins is Executive Vice President and General Counsel of Moodys Corporation. (2), Mauritania David is a graduate of Rutgers University School of Business and has a New Jersey State CPA. (1), Missouri You have reached the daily limit of Research email sharings. Normal Convexity in Long-Term vs Short-Term Maturities. In this role, Ms. Alsop leads a range of strategic and operational initiatives that are vital to the companys success. (2), Seychelles (6), Ivory Coast (2), Bahrain This translated into strong financial performance and returns for our stockholders. (1), Louisiana (2), Bahamas - Off Shore Her experience as the Chairman of the Financial Accounting Standards Board, executive at a major bank and auditor for a major accounting firm allows her to bring to the Board significant knowledge of global accounting and financial reporting matters in addition to regulatory and senior management experience. (2), Ethiopia Moodys Analytics helps financial institutions develop collaborative, auditable, repeatable, and transparent stress testing programs to meet regulatory demands. (2), Guam Prior to Moodys, he held roles in alternative investments, corporate strategy & business development, and investment banking at Citi. Sullivan has served as the Companys Senior Vice PresidentCorporate Controller since December 2018. As shown in Table 1 below for non-financial corporates domiciled in North America, the three major common drivers of a score that is worse than 'b-' are as follows: Table 1: Main Drivers of weak credit assessment for North American non-financial companies. (6), Mozambique He joined Citizens from The Royal Bank of Scotland Group plc (RBS), a global banking and financial services group. (1), Kentucky (6), Ecuador (370), West African Economic and Monetary Union (UEMOA) 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). (6), Ghana MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. Previously, Ms Seidman was the founder and managing member of a financial reporting consulting firm that served global financial institutions, law firms and accounting firms. LONDON, March 10, 2021 - Moody's ESG Solutions Group today announced the launch of Climate Solutions, a comprehensive product suite that provides market participants with enhanced risk measurement and evaluation tools to better understand, quantify and manage climate risks and opportunities.Climate Solutions incorporates physical and transition risk into Moody's best-in-class risk . The Oil & Gas sector suffered from a very sharp drop in oil prices in 2020 as the pandemic severely curbed economic activity and energy demand, and the lack of an agreement on supply cuts early in 2020. The 2.1% fallen angel rate in 2020, although noticeably higher than the 1.1% rate in 2019, matched the long-term average since 1983. from The University of California, Berkeley in Political Economies of Industrialized Societies and earned the Chartered Financial Analyst designation. (2), Sao Tome and Principe (1), Mississippi Learn how Moody's ratings and analysis speak to the relative credit risk of debt instruments and securities across industries and asset classes around the globe. Companies with weak credit quality will have the most trouble refinancing, raising default risk. (1), Wisconsin (649), Infrastructure & Project Finance (2), Lithuania It also enables you to identify factors contributing to default experience in each economic cycle. "The recession induced by the coronavirus pandemic led to a rapid increase in defaults in 2020", says Moody's Vice President Sharon Ou. (1), Colorado (2), Dominican Republic (2), Mali 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. (2), Iraq (2), Paraguay (2), Gibraltar Passed Level II of the CFA Program (Feb 2022). 12/31/2021: 31.57: 32.25: 11/30/2022: 5.44: 5.53: 12/31/2022: 0.67: 2.31: He leads a team whose mission is to provide near real-time data driven financial insight to support the execution of superior operational and strategic decisions. Ms. Kazanjian holds a J.D. (2), Mongolia (2), Luxembourg Ms. Alsop has more than 20 years of experience helping drive positive change and business results at Moodys. In that role, she supervised the corporate investigations and anti-money laundering divisions and the companys regulatory examination program. (1), ESG Credit and Sustainable Finance (2), Myanmar (1), Virginia 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. (6), Panama - Off Shore Please reduce your list by using the filtering tool to the left. He is an actively involved diversity and inclusion leader and business partner, with a passion for creating a high performance and transparent culture, developing talent and fostering employee growth. Fauber, who is both President and Chief Executive Officer of the Company, brings to the Board a wealth of experience in the financial services industry as well as an in-depth understanding of the operational and the strategic considerations for the Company. Above all, we are inspired to help uncover meaning amid uncertainty so individuals and organizations can thrive, which drives our ambition to be the leading provider of global integrated perspectives on risk. 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. (2), Sudan 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. Mr. Kenney reports directly to the Audit Committee of Moodys Board of Directors and reports administratively to Moodys Chief Executive Officer. She is responsible for the supervision of global regulatory and compliance interactions, the management of regulatory examinations and all centralized compliance functions. As such, these ratings incorporate Moody's assessment of the default probability and loss severity of these issuers and issues. (2), Brazil He led Citizens to a successful initial public offering in September 2014, and full independence from RBS in October 2015. Earlier in his career, he was also responsible for the research strategy for the ratings businesses and before that led Corporate Finance for the EMEA Region, European Corporates and the EMEA leveraged finance business. (2), Congo, Democratic Republic of (DRC) (2), Haiti (2), Senegal (2), Serbia 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 . Methodology (2), Thailand (33), Corporates (2), Samoa Chief Financial OfficerMark Kaye is the Chief Financial Officer of Moodys Corporation with responsibility and oversight for all global financial activities. She previously held a variety of communications positions at American Express and was a journalist for ABC News, where she earned an Emmy award. At RBS, Mr. Van Saun served as Group Finance Director and as an executive director on the RBS board from 2009 to 2013. (358), Africa: Emergence and transformation He has experience leading a large global business in a regulated industry, including significant experience in large M&A transactions. Moody's Investors Service Risk Quantification Evaluate, manage, and mitigate climate risks and their impacts through scenario analysis, quantitative modelling and stress testing. In addition, she has previously worked as a CPA and is certified in cybersecurity oversight (2018) and ESG oversight (GCB.D, 2021). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. 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 . 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