All rights reserved. from the Rutgers School of Law-Newark and a B.A. Sullivan has served as the Companys Senior Vice PresidentCorporate Controller since December 2018. (1584), Default Studies (1), Tennessee (2), Turks and Caicos Islands (2), Egypt By contrast, the pandemic disproportionately affected speculative-grade companies, which accounted for almost 90% of all corporate downgrades. 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. 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. (6), Russia 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. Kenney has over twenty-five years of experience in internal audit, risk management, business process and internal controls. (2), Greece (2), Sweden (8), Organisation for Economic Co-operation and Development (OECD) (2), Higher Rates, Slower Growth (2), Cayman Islands (55), Micronesia 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. Calculates the expected distribution of portfolio or tranche losses as a result of either default or rating transitions. (1), Illinois This publication does not announce a credit rating action. Prior to this appointment, Mr. Tulenko was Executive Director of Enterprise Risk Solutions from 2013 to October 2019 and Executive Director of Sales, Customer Service and Marketing from 2008 to 2013. (1), Georgia 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. 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. (6), China 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), Singapore 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. Mr. Fauber joined Moodys in 2005 and has held multiple leadership roles at Moodys. (10), Cocos (Keeling) Islands In 2021, we contributed to this goal through our many Corporate Social Responsibility (CSR) initiatives, the work of the Moodys Foundation, and by encouraging employee volunteerism.Highlights of our 2021 CSR program include the introduction of paid time off for employees to volunteer and meaningful support in the form of a $16 million contribution to the Moodys Foundation. 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. Mr. Forlenza served as BDs Chief Executive Officer from 2011 to January 2020 and President from 2009 to April 2017. 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. METRICS AND TARGETS 10 SCOPE 2 GHG EMISSION REDUCTION 10. MOODY'S CORPORATION REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR 2021; SETS FULL YEAR 2022 AND MEDIUM-TERM OUTLOOKS Moody's Corporation 4Q 2021 revenue of $1.5 billion, up 19% from 4Q 2020; FY 2021 revenue of $6.2 billion, up 16% from FY 2020 4Q 2021 diluted EPS of $2.28, up 37% from 4Q 2020 and adjusted diluted EPS. (6), Bosnia and Herzegovina David is a graduate of Rutgers University School of Business and has a New Jersey State CPA. He served as a director of Citibank N.A. (9), Iran (2), Eritrea There were differences in default rates across sectors. 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. All rights reserved. (527), Asia-Pacific Economic Cooperation (APEC) He is a current member of The Clearing House supervisory board and also serves on the board of the Federal Reserve Bank of Boston. He is the chairman of the Board of Trustees of The Valley Health System and a member of the Board of Directors of the Quest Autism Foundation. Five Moodys-rated corporate issuers defaulted in November, down from the upwardly revised 10 defaulters in October. Copyright 2023 Moody's Analytics, Inc. and/or its licensors and affiliates. (6), Oman (6), India Mr. McDaniel served as the Companys President from October 2004 until April 2005 and the Companys Chief Operating Officer from January 2004 until April 2005. (2), Albania (71), Rating Performance 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. (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. Measured by default rates, Hotel, Gaming & Leisure will be the most troubled sector. (2), Bahamas - Off Shore (53), Jersey She served as a Public Governor of the Financial Industry Regulatory Authority (FINRA). (1), District of Columbia 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, . Default Risk Service Structured Finance. 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. Mr. Serafin joined Qualtrics in October 2016 as Chief Operating Officer. (3), Germany (2), Namibia Mr. Goggins joined the firm in 1999 as Vice President and Associate General Counsel. 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. (2), Sao Tome and Principe (1), Texas 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. Prior to that, Ms. Kazanjian worked at Moodys for 11 years, in the Human Resources and Legal organizations, overseeing the Employment Law and Employee Relations teams. For illustrative . At RBS, Mr. Van Saun served as Group Finance Director and as an executive director on the RBS board from 2009 to 2013. Dial the AT&T Direct Dial Access code for, We brought you to this page based on your search query. 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. He served as Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008. (2), Belgium 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. Please complete your profile before submitting your comments. Prior to that, from July 2009 to October 2016, Mr. Serafin served as a Corporate Vice President at Microsoft Corporation, a multi-national technology company. The probability of default (PD) is the probability of a borrower or debtor defaulting on loan repayments. (2), Mongolia Over the course of the year, we have executed on those priorities, investing in capabilities to better serve a broader range of customers and accelerating our ambition to be the leading global provider of integrated perspectives on risk. (1), Kentucky 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. (2), Eswatini You have reached the daily limit of Research email sharings. Exposure at default is an estimated value that predicts the amount of loss a bank may experience when a debtor defaults on a loan. Mr. Kapusta holds a Masters Degree (LL.M.) Dial the AT&T Direct Dial Access code for. Prior to joining Moodys in 1998, Mr. West worked at Bank of America and HSBC in various credit roles. 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. 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. (1), Missouri Senior Vice President &Corporate ControllerMs. (6), Turkmenistan Dial the AT&T Direct Dial Access code for. 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. (7), Sri Lanka (6), Ghana (1), Florida 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. Multiple Approaches to Recovery Calculation: Choose from the settlement method, the trading price method, and the liquidity event method. He served as Senior Managing Director, Global Ratings and Research, of Moodys Investors Service from November 2000 until November 2001 and as Managing Director, International from 1996 to November 2000. Allows users to calculate the probability that any specific credit will cross a predefined threshold by a particular date.
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