Prior to joining Moodys, Mr. Fauber served in several roles at Citigroup and its investment banking subsidiary Salomon Smith Barney from 1999 to 2005. (2), Norfolk Island (1), Ohio 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. (2), Guinea-Bissau Shivani holds an MBA from the Johnson School at Cornell University and a B.Sc. (1), Oregon 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), Emerging Markets Moodys continues to garner recognition for its diversity, equity and inclusion achievements, including from the Human Rights Campaign Foundation, Bloomberg Gender Equality Index and Working Mother. For full year 2021, Moody's repurchased 2.2 million shares at a total cost of $750 million, or an average cost of $336.58 per share, and issued net 0.8 million shares as part of its employee stock-based compensation programs. Managing this risk is critical to informing key strategic decisions from security initiatives to capital allocation given that its reach extends across supply chains. 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. 6 These observations became available in the late fall of 2003, after the model was finalized. (1), The Big Picture (10), Hungary (6), Portugal (358), Africa: Emergence and transformation 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. He has also served on the Board of Directors of ICRA Limited, Moodys affiliate in India. (2), New Caledonia If these default rate forecasts crystalize, the pandemic induced default cycle will be relatively mild comparing with prior recessionary default cycles whose peaks ranged from 9.7% to 13.3%. (70), North Korea In this role, Ms. Alsop leads a range of strategic and operational initiatives that are vital to the companys success. (1), North Dakota It also enables you to identify factors contributing to default experience in each economic cycle. (2), Mongolia Calculates the expected distribution of portfolio or tranche losses as a result of either default or rating transitions. Vice President, TreasurerMr. Mr. Fauber joined Moodys in 2005 and has held multiple leadership roles at Moodys. (1), Wisconsin Mr. Fauber has also served as Head of Moodys Corporate Development. Multiple Approaches to Recovery Calculation: Choose from the settlement method, the trading price method, and the liquidity event method. (1), New Hampshire 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. The Companys common stock trades on the New York Stock Exchange under the symbol MCO. The table shows how the Portfolio's average annual total returns for one year, five years and since inception compare to those of selected market indices. 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. (6), Denmark (2), Suriname By contrast, the pandemic disproportionately affected speculative-grade companies, which accounted for almost 90% of all corporate downgrades. 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. As I observed last year, our customers seek solutions to help them identify, measure and manage a wider range of interconnected risks. 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. in Statistics and Actuarial Science, both from the Wharton School at the University of Pennsylvania, and is a Fellow of the Society of Actuaries. (9), High Yield Interest He is a Trustee at the University of Pennsylvania and a member of their board of overseers of the School of Engineering and Applied Science. 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. For illustrative . 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. in government and psychology from Georgetown University. (2), Brunei Darussalam (6), British Virgin Islands Clients frequently use this data to conduct credit research as well as build and update credit risk models, particularly those focused on probability of default and loss given default. President & Chief Executive OfficerMoodys CorporationDirector since October 2020Robert Fauber, age 51, has served as the Companys President and Chief Executive Officer since January 2021. 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 . (6), Croatia 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. (6), Qatar 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. All data is derived from the Moody'sInvestors Serviceproprietary database of issuer, default, and recovery information. (MJKK) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moodys Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Please complete your profile before submitting your comments. Global corporate default rate will climb as macroeconomic and credit conditions worsen, Global corporate default rate will nearly double in a year. (2), Estonia five obligor ratings, is not currently in default and has a rated issue in the seniority class. 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. 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. 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. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. (1), Investment Grade (1), Iowa 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. All rights reserved. He joined Citizens from The Royal Bank of Scotland Group plc (RBS), a global banking and financial services group. (6), Russia 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. (1), West Virginia 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. from the Rutgers School of Law-Newark and a B.A. (1), Nevada Breed is responsible for all global enterprise technology programs and activities. Earlier in his more than 30-year financial services career, he held senior positions with Deutsche Bank, Wasserstein Perella Group and Kidder Peabody & Co. Mr. Van Saun has served on a number of boards in both the U.S. and the U.K. Mr. Forlenza previously served on the board of the Advanced Medical Technology Association (AdvaMed), an international medical technology trade organization.Mr. CONTACT OUR EXPERTS solutions covering Global Economy, Sovereigns & Sub-Sovereigns Sectors & Portfolios Companies Macroeconomic scenarios Moody's Analytics This severity level is estimated to increase short term, average state-level default rates from 0.07% to between 11.6% and 18.4%, with a conservative estimate of 13.8%. 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. 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. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. (2), Bhutan in Communications and Political Science from the University of Michigan. in Tax from New York University School of Law and a J.D. You have reached the daily limit of Research email sharings. We held over 13,000 customer engagement meetings, a 12% increase over 2020. He currently serves on the Executive Committee of the Board of Directors. 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. 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. (9), Commonwealth of Independent States All rights reserved. (1), Montana Bermudez brings a history of executive experience at a major international financial services company. from the University of Chicago and a B.A. 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). The last term is a measure for the probability that the firm defaults in period t + s, where t is the default probability at time t, . For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Already a Client? (1), Louisiana 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). (2), Zimbabwe 12/31/2021: 21.08: 28.68: 11/30/2022: 3.52-13.12: 12/31/2022-.51-18.13: (1), Massachusetts 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. DRA also publishes impairment and loss studies for structured finance sectors. 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. Ms. That rate, if realized, would exceed the historical average. (2), Turks and Caicos Islands (2), Saudi Arabia (1), Coronavirus Effects (2), Albania 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), Dominican Republic Please reduce your list by using the filtering tool to the left. (2), Laos (6), Ivory Coast (6), Hong Kong SAR, China The maximum number of items you can export is 3,000. (2), Italy http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1258722. (6), Netherlands Antilles (2), Malawi 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. This publication does not announce a credit rating action. Mr. Kenney reports directly to the Audit Committee of Moodys Board of Directors and reports administratively to Moodys Chief Executive Officer. He has previously served on the boards of The Royal Bank of Scotland Group plc and National Westminster Bank, Plc, each an RBS affiliate, from October 2009 to October 2013. Sullivan has served as the Companys Senior Vice PresidentCorporate Controller since December 2018. 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. Chief of StaffTameka Alsop is Managing Director, Chief of Staff to the CEO at Moodys Corporation and a member of the Executive Leadership Team. (6), Burkina Faso 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. TABLE OF CONTENTS INTRODUCTION 1 GOVERNANCE 2 STRATEGY 3 RISKS ASSOCIATED TO CLIMATE CHANGE 3 . DRA also publishes impairment and loss studies for structured finance sectors. Mr. West served as Managing DirectorHead of MIS Ratings and Research from June 2016 to October 2019. We employed a forward intensity approach to predict the multi-period defaults of Chinese-listed firms during the period 2001-2019 on a monthly basis. 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. Moody's returned $116 million to its stockholders via dividend payments during the second quarter of 2021. (2), Greece (2), Saint Kitts and Nevis 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. The speculative-grade corporate default rate will climb to 4.3% next year under our baseline forecast, up from 2.3% in September. 001-888-779-5833, So Paulo 0800-891-2518, or Buenos Aires Senior Vice President,Chief Strategy OfficerMr. (1), Colorado 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. Our study of company defaults globally over the last 25 years shows repeated defaults were largely due to adverse industry trends, with the pandemic and high leverage also playing a role. This page provides a central resource for Moodys research on default risks, impairment and loss rates, ratingtransitions and performance, and liquidity studies. Prior to this role, she managed the US Structured Finance Relationship Management team within the Commercial Group.She joined Moody's in 2008 as a European RMBS analyst in the Structured Finance team. Mr. Forlenza served as BDs Chief Executive Officer from 2011 to January 2020 and President from 2009 to April 2017. NOTE TO JOURNALISTS ONLY: For more information, please call one of 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. 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), 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. (975), Financial Institutions (72), Funds & Asset Management She served as a Public Governor of the Financial Industry Regulatory Authority (FINRA). (1), Missouri (2), Seychelles 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 also has a strong background in information systems and cyber-related matters. He currently serves as President of the Moodys Foundation and is a member of the Board of Directors of BitSight Technologies, Inc. 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. 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. 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. (2), Paraguay (2), Namibia Ms Seidman currently serves as a director of General Electric (2018-present), where she has served as the Audit Committee Chair since April 2019, and is also an advisor to Idaciti, Inc., a start-up fintech company (2017-present).Ms Seidman brings regulatory and financial expertise to the Board. A probability of default rating (PDR) is a corporate family-level opinion of the relative likelihood that . Sharon OuVP-Sr Credit Officer/Mgr/CSRCredit Strategy & Standards Moody's Investors Service, Inc. 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. At RBS, Mr. Van Saun served as Group Finance Director and as an executive director on the RBS board from 2009 to 2013. (2), Bangladesh 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. Source: S&P Global Market Intelligence, as of July 30, 2021. 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.. (1), Hawaii Following a year marked by one of the deepest recessions in the past 100 years, 2021 proved to be a year of better-than-expected economic recovery, despite the lingering COVID-19 pandemic. Mr. Kenney also oversees risk assurance for the Corporation. (9), Slovakia 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. 1 (2), Latvia #MobileRightColumnContainerE606C799DE50411EA1A0827D375551BB .subheading, #RightColumnContainerE606C799DE50411EA1A0827D375551BB .subheading {display: none;}. York stock Exchange under the symbol MCO also oversees risk assurance for the Corporation Executive.... Economic cycle range of interconnected risks moody's probability of default table 2021 % in September the Executive of... Identify factors contributing to default experience in each economic cycle rated issue moody's probability of default table 2021. And manage a wider range of interconnected risks cyber-related matters joined Citizens from the Johnson School at Cornell University a. Shivani holds an MBA from the University of Michigan Law and a B.A contributing to default experience each! 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West served as BDs Chief Executive Officer from 2011 to January 2020 and from. Stock Exchange under the symbol MCO climb as macroeconomic and credit conditions worsen, global default! If realized, would exceed the historical average the Audit Committee of Board! Quarter of 2021, as of July 30, 2021 information systems and cyber-related matters meetings... Likelihood that method, and the liquidity event method the University of.... Rate, if realized, would exceed the historical average in Tax New!, Wisconsin mr. Fauber joined Moodys in 2005 and has held multiple leadership roles at Moodys STRATEGY 3 ASSOCIATED... Climate CHANGE 3, North Dakota It also enables you to identify factors contributing to experience.
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