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 . If this isn't what you are looking for, you can, Moody's Default and Ratings Analytics team publishes Moodys default studies, ratings transitions and ratings performance studies for corporates, financial institutions, sovereign and sub-sovereign, public finance and infrastructure sectors. (1), South Dakota (6), Czech Republic (1), ESG Credit and Sustainable Finance 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. (10), Hungary Executive Vice President Chief Financial Officer and TreasurerBooz Allen HamiltonDirector since March 2021 Lloyd W. Howell, Jr., age 55, is a member of the Audit, Governance & Nominating and Compensation & Human Resources Committees of the Board of Directors. (2), Jamaica June 2021 . 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), Denmark (2), Fiji Prior to becoming chief executive officer, he was the chief operating officer and held various additional roles. Chief of StaffTameka Alsop is Managing Director, Chief of Staff to the CEO at Moodys Corporation and a member of the Executive Leadership Team. 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 (2), Gibraltar (56), North America 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. (2), Georgia (2), Sudan All rights reserved. Copyright 2023 Moody's Analytics, Inc. and/or its licensors and affiliates. 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. Senior Vice President,Risk Management & Chief Audit ExecutiveScott Kenney is Senior Vice President Risk Management and Chief Audit Executive of Moodys Corporation. Mr. Forlenza served as Chief Operating Officer from July 2010 to October 2011. 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. By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. (1), Washington 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. (18), Colombia (1), Oklahoma Robs deep knowledge of the business and customers needs has been invaluable in navigating through the rapidly changing global landscape.I am confident that Moodys ongoing evolution as a global integrated risk assessment business will continue to position the Company at the forefront of helping customers to operate with speed and sophistication in an increasingly complex and interconnected world. (2), Monaco (9), Tajikistan +852-3758-1350, Sydney +61-2-9270-8141, Mexico City Bermudez brings a history of executive experience at a major international financial services company. (2), Kenya Executive Vice President & General CounselJohn Goggins is Executive Vice President and General Counsel of Moodys Corporation. (2), Chad 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 (1), Illinois Default Trends - Global: Compendium of 2021 corporate defaults. 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. We also advanced the transition of our banking and insurance solutions to SaaS, deepening and streamlining the ways we support many mid-sized financial institutions. 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. I am very proud that our expertise and focus on supporting credit markets was recognized by Institutional Investor as Best Credit Rating Agency for the tenth consecutive year.We also significantly expanded the ways we are helping markets better understand ESG issues, including the risks and opportunities around climate change. (1), California 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. Moody's Default and Ratings Analytics team publishes Moody's default studies, ratings transitions and ratings performance studies for corporates, financial institutions, sovereign and sub-sovereign, public finance and infrastructure sectors. (2), European Union (6), Ghana 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. These impressive results are the product of the many investments we have made in our people and our offerings and speak to the value that customers place on our expertise and solutions. 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. 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. From 1992 to 1996, Mr. Fauber worked at NationsBank (now Bank of America) in the middle market commercial banking group.Mr. (1), Emerging Markets (2), Israel She is a graduate of Emory University. (7), Economic and Monetary Community of Central Africa (CEMAC) While default risks are growing, the global speculative-grade default rate is not likely to rise sharply over the next 12 months. (2), Bahamas - Off Shore (6), Philippines While 2021 was a year of challenges, it was also full of opportunities to invest and deliver for our customers. 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 . 0800-666-3506. Vice President, Global Tax Scott Kapusta joined Moodys in 2007 and is the companys Head of Global Tax. The Companys common stock trades on the New York Stock Exchange under the symbol MCO. Dial the AT&T Direct Dial Access code for. 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. - statistical model . Loss given default (LGD) measures the expected loss, net of any recoveries, expressed as a percentage and will be unique to the industry or segment. from St. Johns University School of Law. Mr. West served as Managing DirectorHead of MIS Ratings and Research from June 2016 to October 2019. 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), Indiana (2), Saudi Arabia The peak baseline estimate for the default rate was lowered from February 2021's 12.1% (as of early August 2020) to March -February 2021's 11.4% (as of early September). He currently serves on the Executive Committee of the Board of Directors. 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. 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. (9), Togo Moody's municipal ratings are opinions of the investment quality of the issues and issues in the US municipal and tax-exempt markets. (2), Samoa (6), Croatia She is also a key contributor to various Moodys diversity, equity and inclusion initiatives. Breed was a finalist for the New York CIO of the Year ORBIE Award in the Global category. Prior to Moodys, he held roles in alternative investments, corporate strategy & business development, and investment banking at Citi. 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. (6), Rwanda (1), Missouri (1369), Global At RBS, Mr. Van Saun served as Group Finance Director and as an executive director on the RBS board from 2009 to 2013. Until his appointment as CEO, he was Moodys Chief Operating Officer and drove strategic initiatives across the company. 19 Dec 2022. (2), Somalia 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. Prior to joining Moodys, David spent ten years in Deloittes Assurance practice, with a focus on clients within the Telecom, Media and Technology sector. Mr. Goggins holds a J.D. Retired Chief Risk OfficerCitigroup, Inc.Director since April 2011Jorge A. Bermudez, age 70, is a member of the Audit, Governance & Nominating and Compensation & Human Resources Committees of the Board of Directors. (9), Poland MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. 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. (1434), Latin America & Caribbean (2), Mexico (6), India five obligor ratings, is not currently in default and has a rated issue in the seniority class. 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%. (2), Taiwan, China 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. (6), Slovenia He led Citizens to a successful initial public offering in September 2014, and full independence from RBS in October 2015. Sullivan has served as the Companys Senior Vice PresidentCorporate Controller since December 2018. Mr. Kenney also oversees risk assurance for the Corporation. Mr. Kenney reports directly to the Audit Committee of Moodys Board of Directors and reports administratively to Moodys Chief Executive Officer. (2), Sierra Leone 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. 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. 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. We introduced the firm's default heterogeneity into the model, and each firm's actual past default situation was considered for Bayesian estimation. CLICK HERE Contact & Support Nick Kraemer Head of Ratings Performance Analytics P. + 1 (212) 438-1698 E. nick.kraemer@spglobal.com Mr. Forlenza has also served since August 2021 as a director of MARABio Systems Inc., a startup company developing a diagnostic test for autism. She is responsible for the supervision of global regulatory and compliance interactions, the management of regulatory examinations and all centralized compliance functions. (6), Azerbaijan Throughout 2021, the global pandemic continued to impact Moodys employees, customers, stockholders and communities. The Audit Committee of Moodys Corporation of Moodys Corporation the Executive Committee of the Board of Directors reports. Access code for Audit Committee of the Year ORBIE Award in the Global pandemic continued to impact Moodys,. 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