(7), Vietnam 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. 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), Nigeria (2), Netherlands The recovery rate is a risk-adjusted measure to right-size the. 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 . He currently serves as President of the Moodys Foundation and is a member of the Board of Directors of BitSight Technologies, Inc. (9), Maldives 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. (1), Connecticut 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 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. 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. (2), SMEs and Mid-caps: A Focus on Funding (1), Maryland 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. 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. 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. His service as a director also contributes to his focus on corporate governance matters. in Tax from New York University School of Law and a J.D. 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. Mr. Kenney holds a BS in Accounting from the University of Scranton and is a Certified Public Accountant licensed in New York. I offer my sincere thanks to our employees, stockholders and customers for their support, and I look forward to a prosperous and successful year ahead. (6), Burkina Faso He served as a director of Citibank N.A. (53), Jersey Moody's Investors Service provides investors with a comprehensive view of global debt markets through credit ratings and research. (2), Gambia (6), Qatar (3), Germany In addition, she has previously worked as a CPA and is certified in cybersecurity oversight (2018) and ESG oversight (GCB.D, 2021). (1), Regulation of Financial Institutions (2), Zimbabwe He also served on the boards of ConvergEx Inc. from May 2007 to October 2013, Direct Line Insurance Group plc from April 2012 to October 2013 and WorldPay (Ship Midco Limited) from July 2011 to September 2013, and on the franchise board of Lloyds of London from September 2012 to May 2016.Mr. Our commitment to environmental sustainability includes accelerating our net zero emissions target by ten years, from 2050 to 2040, consistently engaging in the ongoing global dialogue around ESG and climate disclosures, and executing on our public decarbonization plan.We are proud that our efforts led to recognition as a 2021 Global Compact LEAD company and an A List score from CDP, recognizing Moodys as one of a small number of high-performing companies that are leading actions to cut emissions, mitigate climate risks and develop the low-carbon economy. Moodys surpassed $6 billion in revenue for the first time and garnered recognition as a Fortune 500 company. 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. (2), Gibraltar (6), Slovenia He is also a member of the Washington Economics Club.Mr. (6), Djibouti (6), Portugal (2), Libya He is also a member of the Bretton Woods Committee (2022-present). (1), Mississippi Passed Level II of the CFA Program (Feb 2022). (6), Mercosur 2021 Moodys Corporation, Moodys Investors Service, Inc., Moodys Analytics, Inc. and/or their licensors and affiliates (collectively, MOODYS). (2), Eritrea (2), Israel 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. She is responsible for the supervision of global regulatory and compliance interactions, the management of regulatory examinations and all centralized compliance functions. (1), Georgia Prior to joining Moodys, Mr. Fauber served in several roles at Citigroup and its investment banking subsidiary Salomon Smith Barney from 1999 to 2005. In 2020, only 2.1% of investment-grade companies fell to speculative grade despite an extremely difficult business environment. CLICK HERE Contact & Support Nick Kraemer Head of Ratings Performance Analytics P. + 1 (212) 438-1698 E. nick.kraemer@spglobal.com (2), Trinidad & Tobago (7), Macao SAR, China (1), Utah (1), Alaska (2), Senegal Revised Senior Ratings Algorithm2015 Oil BustDefinition of Default and Rating SymbolsTrading Prices vs. (2), Haiti 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. Default Risk Service Structured Finance. 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. Expansive Dataset: Includes more than 800,000 individual debt securities, both corporate and sovereign entities, and default history starting from 1920. Prior to that role, Ms. Sullivan supported the Global Wealth &Investment Management business from 2015 to 2017 in a variety of positions including Controller. In this new report, Moody's forecasts that the rate will peak at 7.3% in March 2021, and then decline to 4.7% by December. Dial the AT&T Direct Dial Access code for, We brought you to this page based on your search query. (1), Florida 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. As Vice Chairman and Chief Financial Officer, he was actively involved in the strategic transformation of Bank of New York from a diversified regional bank into a focused global securities servicer and asset manager. Moody's returned $116 million to its stockholders via dividend payments during the fourth quarter of 2021. Prior to Cisco, Ms Hill had a number of engineering roles at various technology companies. (1), Pennsylvania (3), Norway Prior to joining Oppenheimer in 2013, she held a range of senior technology and finance leadership roles at Apollo and PricewaterhouseCoopers. 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. 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. Multiple Approaches to Recovery Calculation: Choose from the settlement method, the trading price method, and the liquidity event method. 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. Mark joined Moodys in 2018 after more than 15 years of diverse experience in business finance, financial planning and analysis, strategy and large-scale project management. METRICS AND TARGETS 10 SCOPE 2 GHG EMISSION REDUCTION 10. 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. That rate, if realized, would exceed the historical average. 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. (2), St. Vincent and the Grenadines He has experience leading a large global business in a regulated industry, including significant experience in large M&A transactions. (5), Yemen (6), India Mr. Goggins holds a J.D. (9), Indonesia our global press information hotlines: New York +1-212-553-0376, (2), Guyana (8), Armenia 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. 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. 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. (2), Nepal (6), Solomon Islands (6), Comoros 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. (6), Panama - Off Shore (91), Austria in government and psychology from Georgetown University. . Ms. Alsop currently serves on the Trident American Dreams Advisory Board and is a founding member of the Womens Business Resource Group at Moodys. (7), Economic and Monetary Community of Central Africa (CEMAC) (2), Dominican Republic (1), North Dakota Breed came to Moodys from OppenheimerFunds, where she served as Head of Infrastructure, Enterprise Applications, IT Strategy and Transformation. 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. Prior to joining Moodys, David spent ten years in Deloittes Assurance practice, with a focus on clients within the Telecom, Media and Technology sector. visit our web site at www.moodys.com. (41), Periodic Reports (2), Kyrgyzstan (6), Oman She is a graduate of Emory University. 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), Congo, Republic of (ROC) (6), Puerto Rico 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. (2), Latvia (2), Guam (358), Africa: Emergence and transformation To address these risks, they need to go beyond data into context and beyond context into meaning. . (1), Ohio (2), Saudi Arabia (2), Sao Tome and Principe The aggregation is customized to each firm. (2), Somalia (1369), Global In 2021, Ms. (1271), Europe, Middle East & Africa London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong (2), Antigua and Barbuda (1), New Mexico All rights reserved. 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. Moody's municipal ratings are opinions of the investment quality of the issues and issues in the US municipal and tax-exempt markets. Methodology "The recession induced by the coronavirus pandemic led to a rapid increase in defaults in 2020", says Moody's Vice President Sharon Ou. 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. (1), Idaho All rights reserved. Moody's returned $116 million to its stockholders via dividend payments during the second quarter of 2021. (2), Sudan . Chief of StaffTameka Alsop is Managing Director, Chief of Staff to the CEO at Moodys Corporation and a member of the Executive Leadership Team. 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. http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1258722. (191), Rating Transition Studies 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. There were differences in default rates across sectors. Performance reflects expense reimbursements and/or fee waivers made in 2016, 2019, 2020, 2021 and 2022. 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. (2), Bahrain (2), Tanzania, United Republic of He began his career as a Senior Investment Analyst in the Fixed Income Division at Fidelity Investments where his responsibilities included credit risk assessment, setting exposure limits and investment oversight for a range of corporate and municipal credits and structured products. (4), Infrastructure Renewal and Investment Ms Hill has over 30 years of experience in business management and leading engineering and operations organizations. 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. 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