(1434), Latin America & Caribbean Expansive Dataset: Includes more than 800,000 individual debt securities, both corporate and sovereign entities, and default history starting from 1920. (2), Congo, Republic of (ROC) Mr. Serafin joined Qualtrics in October 2016 as Chief Operating Officer. Mr. McDaniel served as the Companys Executive Vice President from April 2003 to January 2004, and as Senior Vice President, Global Ratings and Research from November 2000 until April 2003. (6), Mozambique 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. (2), Chile There were differences in default rates across sectors. He is admitted to the New York State bar. (270), Uruguay (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. (370), West African Economic and Monetary Union (UEMOA) Ms Hill has over 30 years of experience in business management and leading engineering and operations organizations. (2), Cyprus (2), Bulgaria Dial the AT&T Direct Dial Access code for. The rating scale used by Moody's is: Rating Scale of Moody . (2), Canada Despite this challenge, Moodys again achieved considerable success, and I am impressed with the ways in which the Company has sustained and, in many areas, enhanced its contribution to financial market efficiency, transparency and fairness.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.Important elements of this strategy in 2021 were the many investments made in new and evolving risk segments, including: cyber risk, Know Your Customer (KYC); Commercial Real Estate; Environmental, Social and Governance (ESG), and other high-growth adjacencies. 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. (2), Kuwait 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. 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. (2), Samoa All rights reserved. (1), Indiana As a senior executive at JPMorgan, she played key roles in managing JPMorgans Asia and capital markets businesses through challenging financial climates. in Statistics and Actuarial Science, both from the Wharton School at the University of Pennsylvania, and is a Fellow of the Society of Actuaries. Prior to becoming chief executive officer, he was the chief operating officer and held various additional roles. MOODYS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. . 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. Dial the AT&T Direct Dial Access code for, We brought you to this page based on your search query. (2), Nepal 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. Moody's Investors Service Risk Quantification Evaluate, manage, and mitigate climate risks and their impacts through scenario analysis, quantitative modelling and stress testing. (9), Tajikistan 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. (33), Corporates You can also email us at [emailprotected] or President, Moody's Investors Service Mr. West has served as President of Moodys Investors Service, Inc. since November 2019. 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. 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). (2), Kenya Throughout 2021, the global pandemic continued to impact Moodys employees, customers, stockholders and communities. (2), Antigua and Barbuda (1), Oregon He is also a member of the Washington Economics Club.Mr. 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. 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. 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. 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), Suriname Until his appointment as CEO, he was Moodys Chief Operating Officer and drove strategic initiatives across the company. 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. (1), South Dakota Mr. Forlenza served as BDs Chief Executive Officer from 2011 to January 2020 and President from 2009 to April 2017. (2), Saint Kitts and Nevis (1), Delaware Moody's municipal ratings are opinions of the investment quality of the issues and issues in the US municipal and tax-exempt markets. Please complete your profile before submitting your comments. 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. (2), Georgia And, we will ensure that Moodys is a place where the best talent wants to come and stay through investments in our people and our culture. Default Risk Service Structured Finance. 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), Turks and Caicos Islands Crystallisation of tail risks can drive large shifts in credit conditions, The COVID-19 pandemic and Russia's invasion of Ukraine demonstrate that when. 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. (2), Malta (1), Ohio Mr. Goggins was an Associate with Cadwalader, Wickersham & Taft from 1985 to 1995 where he worked on mergers and acquisitions. (1), Regulation of Financial Institutions 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. Moodys surpassed $6 billion in revenue for the first time and garnered recognition as a Fortune 500 company. Companies with weak credit quality will have the most trouble refinancing, raising default risk. (9), Commonwealth of Independent States 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. (2), Taiwan, China The recovery rate is a risk-adjusted measure to right-size the. (6), Japan (46), Afghanistan (1361), Asia Pacific (1), West Virginia Mr. Forlenza served as Chief Operating Officer from July 2010 to October 2011. For illustrative . (1), Texas (6), Ivory Coast 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. Refinancing risk rises for US companies as maturities peak, interest rates increase, economy weakens. (10), Hungary We held over 13,000 customer engagement meetings, a 12% increase over 2020. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moodys Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading Investor Relations Corporate Governance Director and Shareholder Affiliation Policy. Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYS affiliate, Moodys Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moodys Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). 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), Mauritania During his tenure, Mr. Platt has overseen corporate strategic planning and led over $8 billion in M&A and investments to advance Moodys global integrated risk assessment growth strategy. (6), Rwanda Breed came to Moodys from OppenheimerFunds, where she served as Head of Infrastructure, Enterprise Applications, IT Strategy and Transformation. (1), Kentucky Moodys accelerated its own net-zero commitments to 2040, advanced its science-based targets, and published its inaugural Stakeholder Sustainability Report. The probability of default (PD) is the probability of a borrower or debtor defaulting on loan repayments. 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. 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. KMV (currently part of Moody's Analytics) has developed hybrid approaches (Sobehart, J. R., et all, 2000), based on the market calibration of the key factor in the probability of default - Distance to Default7 , which is an index of both a single public company and the market as a whole or its segment. (6), Comoros (9), Togo 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. (6), Cayman Islands - Off Shore Mr. Fauber served as Vice PresidentCorporate Development from September 2005 to April 2009. (2), Singapore As such, these ratings incorporate Moody's assessment of the default probability and loss severity of these issuers and issues. 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. 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 . 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. (6), Lebanon June 2021 . Forlenza served as the chief executive officer of a public, global medical technology company for approximately nine years. 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. (6), Croatia From April 2009 through April 2014, he served as Senior Vice PresidentCorporate Development of Moodys Corporation. In this spirit, Moodys accelerated its own net-zero commitments to 2040, advanced its science-based targets, and published its inaugural Stakeholder Sustainability Report.Moodys has continued to strengthen the firms culture of inclusion, built on respect, diversity and openness. Prior to joining Moodys, Ms. Gurian held executive positions in the Compliance Department of Prudential Financial, including Chief Compliance Officer for Prudentials insurance broker-dealer, and, subsequently for their corporate centers. (2), Estonia This publication does not announce a credit rating action. (6), Netherlands Antilles All Rights Reserved. (8), Sovereign & Supranational Calculates the expected distribution of portfolio or tranche losses as a result of either default or rating transitions. 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. (7), Macao SAR, China (1), Mississippi 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 . He additionally brings experience in areas such as strategic planning, business development and new product development. This increases for the lowest investment grade credit rating 'BBB-' to 2.84%. All rights reserved. (1), New Technologies I would like to acknowledge the many contributions of my fellow board members, and welcome Zig Serafin, CEO of Qualtrics, to the Moodys board. MOODYS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. Ms Seidman previously served as a Public Governor of the Financial Industry Regulatory Authority (2014-2019). In 2021, Business Services and Hotel, Gaming & Leisure are expected to have the most defaults, followed by Oil & Gas. (70), New Zealand Prior to his work at MassMutual, Mark held a range of senior finance leadership roles at Voya Financial (formerly ING U.S.). 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), Finland 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. Prior to that, Mr. Howell held a variety of leadership positions since originally joining BAH in 1988. (100), Other Studies Moody's Investors Service provides investors with a comprehensive view of global debt markets through credit ratings and research. Multiple Approaches to Recovery Calculation: Choose from the settlement method, the trading price method, and the liquidity event method. Mark came to Moodys from Massachusetts Mutual Life Insurance Company (MassMutual), where he served as Chief Financial Officer of MassMutual U.S. 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. MOODYS ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. (2), New Caledonia (1), Arkansas Our platform combines the Moody's Analytics Expected Default Frequency (EDF) model, which measures the probability that a firm will default in the next 12 months, with cutting-edge analytics to deliver tools that can provide early warning on your exposures. 15 Dec 2022. In 2020, only 2.1% of investment-grade companies fell to speculative grade despite an extremely difficult business environment. (2), Bahamas - Off Shore 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. 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 . Additionally, DRA publishes analytical research reports on topics that are of interest to broader fixed-income markets community.. (1938), German He served as Senior Advisor, Citigroup International from 2004 to 2006, as Chief Executive Officer of Citigroup Latin America from 2002 to 2004, Chief Executive Officer, eBusiness, Global Cash Management and Trade from 1998 to 2002 and Head of Citibank Corporate and Investment Bank, South America from 1996 to 1998. 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. (6), Central African Republic He served as Chief Executive Officer of Moodys Investors Service from October 2007 to December 2020. Mr. Fauber has also served as Head of Moodys Corporate Development. (2), Bhutan She is a graduate of Emory University. Mr. Fauber earned his B.A. Mr. Platt holds an M.B.A. from The University of Chicago, a B.A. (2), Bermuda (1), District of Columbia The Company is proud to have met its Supplier Diversity Initiative pledge to increase the representation of women-owned businesses in its supply chain, and of the commitment made in 2021 to materially increase the population of women, and U.S. Black and Hispanic / Latino leaders across the company by 2025. 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. 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. (53), Jersey 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. Oil & Gas, Retail and Business Services sectors were the three largest contributors to corporate defaults in 2020. Use semicolon to separate each address, limit to 20 addresses. If this isn't what you are looking for, you can. (2), Liechtenstein Default Trends and Rating Transitions | Moody's Default Trends and Rating Transitions This page provides a central resource for Moody's research on default risks, impairment and loss rates, rating transitions and performance, and liquidity studies. 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. (2), Bangladesh (2), Jamaica (1369), Global (2), Eswatini (2), Mauritius 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), Zimbabwe . Risk of sponsor default: Moody's assumed a 60% decrease in the probability of default (from Moody's idealized default probability tables) implied by the B1 rating of the sponsor. Default, Transition, and Recovery: The U.S. Speculative-Grade Corporate Default Rate Could Reach 7% By December 2021 Ratings Performance Analytics: Nick W Kraemer, Jon Palmer, Kirsten R Mccabe Research Contributor: Shripati Pranshu Sector Default Transition & Recovery View Analyst Contact Information Table of Contents Key Takeaways Ms. Alsop has more than 20 years of experience helping drive positive change and business results at Moodys. Mr. Bermudez joined Citigroup in 1975 and held leadership positions in other divisions, including equity investments, credit policy and corporate banking from 1984 to 1996. (1), Arizona Weekly Market Outlook Markets, Bankers and Analysts Differ on 2021's . 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. To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYS.To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYS IN ANY FORM OR MANNER WHATSOEVER.Moodys Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moodys Corporation (MCO), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moodys Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moodys Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000.
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