Breed was a finalist for the New York CIO of the Year ORBIE Award in the Global category. 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. (1), New Technologies US Credit Compass indicates further deterioration as lending standards tighten and sentiment worsens, The performance of Moody's corporate debt ratings Q2 2022, This publication provides updated measures of the, Corporate defaults more than double in August from the prior month. (6), Croatia (1), Iowa (1), Nebraska Mr. Kenney also oversees risk assurance for the Corporation. 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. (8), United States 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. Looking at the risk profile of the Swedish corporate bond market reveals several notable trends. Once again, our employees powered through the pandemic, working together to support each other and our customers with passion and commitment. 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. 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%. 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. He currently serves as President of the Moodys Foundation and is a member of the Board of Directors of BitSight Technologies, Inc. Mr. Fauber has also served as Head of Moodys Corporate Development. from St. Johns University School of Law. 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. (2), Brunei Darussalam (6), Azerbaijan 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. In addition, his service since 2005 as a director of John Wiley & Sons, Inc., which develops, publishes and sells products in print and electronic media for the educational, professional, scientific, technical, medical and consumer markets worldwide, has provided him with perspective on public company governance issues. He served as a director of Citibank N.A. (1), Arizona (2), Brazil (2), Belgium By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. Prior to serving as CEO, Mr. Fauber served as Chief Operating Officer from November 2019 to December 2020, as President of Moodys Investors Service, Inc. from June 2016 to October 2019, as Senior Vice PresidentCorporate & Commercial Development of Moodys Corporation from April 2014 to May 2016, and was Head of the MIS Commercial Group from January 2013 to May 2016. Shivani holds an MBA from the Johnson School at Cornell University and a B.Sc. (1), Kansas Senior Vice PresidentChief Information OfficerMona Breed is the Chief Information Officer (CIO) of Moodys Corporation. You have reached the daily limit of Research email sharings. (1), Georgia The Companys common stock trades on the New York Stock Exchange under the symbol MCO. Mr. Tulenko joined Moodys in 1990. (1), Massachusetts Ms. Alsop has more than 20 years of experience helping drive positive change and business results at Moodys. For illustrative . (6), Hong Kong SAR, China 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. (2), Cayman Islands (167), Structured Finance (1), Alaska This publication does not announce a credit rating action. (100), Other Studies Please reduce your list by using the filtering tool to the left. Her experiences and expertise enhance the Boards ability to oversee the Companys global operations and effectively manage risk. 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. At RBS, Mr. Van Saun served as Group Finance Director and as an executive director on the RBS board from 2009 to 2013. The Company has filed its annual report on Form 10-K for the year ended December 31, 2021 with the Securities and Exchange Commission.The Form 10-K, along with other Moodys SEC filings and corporate governance documents, are available, without charge, upon request to the Investor Relations Department at the Corporate Office or on ir.moodys.com. Mark came to Moodys from Massachusetts Mutual Life Insurance Company (MassMutual), where he served as Chief Financial Officer of MassMutual U.S. (1), Connecticut (1), Kentucky While default risks are growing, the global speculative-grade default rate is not likely to rise sharply over the next 12 months. He served as Chief Executive Officer of Moodys Investors Service from October 2007 to December 2020. 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. (2), Ukraine (6), China His substantive expertise extends to enterprise collaboration services, artificial intelligence and user experience. (527), Asia-Pacific Economic Cooperation (APEC) visit our web site at www.moodys.com. (6), Ghana DRA also publishes impairment and loss studies for structured finance sectors. (2), Romania About. (1), Tennessee MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. 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. (1584), Default Studies In 2021, Ms. (2), Guatemala (2), Vanuatu (2), Benin (91), Nicaragua 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. 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. Prior to her time at JPMorgan, Ms Esperdy started her banking career at Lehman Brothers. (1), District of Columbia 2021 Moodys Corporation, Moodys Investors Service, Inc., Moodys Analytics, Inc. and/or their licensors and affiliates (collectively, MOODYS). (1), English 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. (1), Coronavirus Effects (9), Poland (2), Bangladesh All rights reserved. Ultimate Recovery Default Rate MethodologyMoodys 35 Industry Default, Migration, & LGD Second-Lien Debt Risk 2015 HY Ultimate Recovery US Distressed Exchanges, Dial the AT&T Direct Dial Access code for, We brought you to this page based on your search query. CONTACT OUR EXPERTS solutions covering Global Economy, Sovereigns & Sub-Sovereigns Sectors & Portfolios Companies Macroeconomic scenarios Moody's Analytics 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. (10), Eurozone (2), Albania (1), Indiana (2), SMEs and Mid-caps: A Focus on Funding 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), Serbia Kenney currently serves on the Board of Governors for the New York Institute of Internal Auditors and Hetrick Martin Institute. 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. 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. 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. (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. (6), Syria Normal Convexity in Long-Term vs Short-Term Maturities. We assigned nearly 1,800 ESG Credit Impact Scores to help investors understand the impact of ESG factors on credit risk, as well as new Carbon Transition Assessments for nearly 400 issuers across the most exposed sectors.We launched Moodys ESG Score Predictor, which provides ESG estimates, carbon emissions footprint, and transition and physical risk factors for over 140 million companies, supporting customers needs around sustainable sourcing and supply chains.Ahead of COP26, we launched the Moodys on Climate Campaign which generated close to 10 million content impressions, illustrating the markets strong interest in Moodys ESG insights.In September, we closed on our acquisition of RMS, a leading risk analytics business serving the global insurance industry.This enables us both to provide a more comprehensive suite of offerings to our life, property and casualty (P&C) and reinsurance customers and to leverage RMS world-class models and expertise in weather, climate and disaster risk in providing risk solutions beyond insurance.We advanced our screening and onboarding offerings, aided by several key acquisitions.We are helping our customers digitize and automate the Know Your Customer (KYC) process, providing a streamlined workflow with proprietary company, ownership, and people data. (Hons) in Russian and European Studies from the University of Surrey and speaks fluent Russian. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. Mr. Serafin joined Qualtrics in October 2016 as Chief Operating Officer. (2), Cambodia (1), SGL Monitor Subscribers can access the report at: http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1258722. (33), Corporates (2), Leveraged 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), Mali Prior to joining Moodys, Mr. Kapusta served as counsel for a large New York City law firm and held several senior roles within Deloitte, where he provided corporate and tax advice to U.S. multinationals. (6), Isle of Man Moody's Investors Service analysts use this data to produce the Annual Default Study, read by market participants globally. (2), Paraguay For example, the weight on financial information relative to behavioral information will be lower for a small private business than for a medium-sized enterprise. (6), El Salvador Previously, Mr. Hogan held the role of EMEA Regional Controller from June 2013 to September 2016; and from July 2010 to June 2013, he held various senior roles within the Finance organization. our global press information hotlines: New York +1-212-553-0376, KMV (currently part of Moody's Analytics) has developed hybrid approaches (Sobehart, J. 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