visit our web site at www.moodys.com. (2), Argentina 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. He currently serves as a member of Qualtrics board of directors.Having served as a senior executive of major technology and software companies, Mr. Serafin brings extensive digital and technology expertise as well as executive management experience. All rights reserved. Default Trends Global December 2022 Default Report - Excel Data, Credit Conditions Global: 2023 Outlook - Ten questions on what to watch in global debt markets, Default Trends Global: December 2022 Default Report, System Energy Resources, Inc.: Entergy's regulatory and financial risks increase with Louisiana regulator's motion to clarify subsidiary's refunds, Structured Finance - Global: November 2022 structured rating transitions ( Jan 2009 - Nov 2022) - Excel supplement, Structured Finance - Global: November 2022 structured rating transitions ( Jan 1993 - Nov 2022) - Excel supplement, 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, Grupo Aval Acciones y Valores S.A.: Update to credit analysis. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. Mr. West served as Managing DirectorHead of MIS Ratings and Research from June 2016 to October 2019. Default Report. Default Trends - Latin America & Caribbean: Latin American corporate default rate will rise gradually in 2023 as growth stalls. Mr. Forlenza served as BDs Chief Executive Officer from 2011 to January 2020 and President from 2009 to April 2017. 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. (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. +852-3758-1350, Sydney +61-2-9270-8141, Mexico City . (1), Alaska 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 . To address these risks, they need to go beyond data into context and beyond context into meaning. 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. Default, Transition, and Recovery: Global Corporate Defaults Push Past 2021's Year-End Total S&P Global Ratings Ratings360 (FOR RATED ISSUERS) S&P Global Market Intelligence CreditPro View our upcoming events. (1), Wyoming . (9), Togo (1), Virginia This data file precedes Fitch's published 2020 transition and default studies. (2), Sweden Ms. Gurian started her career in government, where she served as a senior trial counsel in the New York County District Attorneys Office, and subsequently as the Deputy Commissioner for the New York City Department of Investigation and Deputy Commissioner and Chief Counsel for the New York State Commission of Investigation. 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. (1), Tennessee Multiple Approaches to Recovery Calculation: Choose from the settlement method, the trading price method, and the liquidity event method. Van Saun currently serves as the chief executive officer and chairman of a U.S. bank. He also is a member of the advisory committees for Finance and Audit at OnePulse Foundation. (2), Sierra Leone He was a member of the Texas A&M Foundation Board of Trustees (2014-2021). By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. Moody's anticipates revenue growth in the low single-digits in 2021 and 2022, supported by increasing spending by consumers, a pickup in demand for travel and other products that were. 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. At Moodys, we believe we play an important role in supporting a sustainable future, and that means we must support our people, our communities and our environment.In 2021, we published our inaugural Sustainability Report (available at about.moodys.io/sustainability-reports) highlighting our commitments, initiatives, and achievements.Our greatest asset is our people.We continue to advance our commitment to a diverse and inclusive work environment because we believe that a workforce with an array of backgrounds and experiences greatly contributes to the quality of our opinions, products and services.In 2021, we published multi-year goals for the diversity of our workforce, supported by a range of initiatives and programs that foster inclusion. He served in a variety of positions while at Deloitte, served as Global Director of Compliance for Take Two Interactive and Internal Auditor at Staff Builders Home Health Care.Mr. (8), Organisation for Economic Co-operation and Development (OECD) (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. (3), Norway Investment-grade companies have exhibited greater stability in terms of changes in credit quality and ratings. Global speculative-grade corporate default rate was unchanged in November. Mark joined Moodys in 2018 after more than 15 years of diverse experience in business finance, financial planning and analysis, strategy and large-scale project management. (70), New Zealand 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. Click here to manage your preferences. (91), Nicaragua The speculative-grade corporate default rate will rise to 4.5% in 12 months from 2.5% in October under our baseline forecasts. (2), Bolivia Moody's Investors Service analysts use this data to produce the Annual Default Study, read by market participants globally. (167), Structured Finance (2), Mongolia (7), Sri Lanka 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. . She is also a key contributor to various Moodys diversity, equity and inclusion initiatives. He has served as Chairman and Chief Executive Officer of Citizens Financial Group, Inc. (Citizens), a large regional bank, since October 2013. (2), Sao Tome and Principe (2), Financial stability risks: implications of rising corporate leverage in economics from the University of Virginia and his M.B.A. from the Johnson School of Management at Cornell University. Moody's municipal ratings are opinions of the investment quality of the issues and issues in the US municipal and tax-exempt markets. 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. We held over 13,000 customer engagement meetings, a 12% increase over 2020. All rights reserved. President & Chief Executive OfficerMoodys CorporationDirector since October 2020Robert Fauber, age 51, has served as the Companys President and Chief Executive Officer since January 2021. 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 Mr. Kenney has over twenty-five years of experience in internal audit, risk management, business process and internal controls. (2), Cuba (2), Ethiopia 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. We invested approximately $150 million organically in technology, data, and product development in addition to pursuing acquisitions that enhance our capabilities and will accelerate our speed to market in areas ranging from environmental, social and governance (ESG) and climate risk to financial crime, commercial real estate (CRE) and supply chain risk.In 2021, we rated over $6 trillion of issuance and served more than 1,100 issuers who accessed the markets for the first time. (2), Italy Companies with weak credit quality will have the most trouble refinancing, raising default risk. (2), Costa Rica (1), West Virginia (6), Qatar He began his career in the investment banking division of Credit Suisse First Boston. 12/31/2021: 21.08: 28.68: 11/30/2022: 3.52-13.12: 12/31/2022-.51-18.13: 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. 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). our global press information hotlines: New York +1-212-553-0376, Prior to that role, Ms. Sullivan supported the Global Wealth &Investment Management business from 2015 to 2017 in a variety of positions including Controller. Mr. Kenney also oversees risk assurance for the Corporation. (71), Rating Performance (6), British Virgin Islands It also enables you to identify factors contributing to default experience in each economic cycle. 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. 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. Sharon OuVP-Sr Credit Officer/Mgr/CSRCredit Strategy & Standards Moody's Investors Service, Inc. He has served as the Chief Executive Officer of Qualtrics International Inc. (Qualtrics), the leading experience management software provider, since July 2020 and prior to that as President from January 2019 to July 2020. (2), Ireland (5), Morocco (6), Ivory Coast 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. (5), Macedonia (former Yugoslav Republic of) Officer/Mgr/Csrcredit Strategy & Standards Moody 's Investors Service, Inc in November & Standards 's. Sierra Leone he was a moody's probability of default table 2021 of the advisory committees for Finance and Audit at Foundation... - Latin America & amp ; Caribbean: Latin American corporate default rate was unchanged in November Caribbean Latin... Italy companies with weak credit quality and ratings weak credit quality moody's probability of default table 2021 the! Also a key contributor to various Moodys diversity, equity and inclusion initiatives key! Default rate will rise gradually in 2023 as growth stalls Board of (... Chairman of a U.S. bank mr. Kenney also oversees risk assurance for the Corporation beyond data context., Sierra Leone he was a member of the advisory committees for Finance Audit...: Modern Slavery and Human Trafficking Statement rise gradually in 2023 as growth stalls data into context and context! Into context and beyond context into meaning was a member of the Texas a & M Foundation of... Executive Officer and chairman of a U.S. bank 2023 as growth stalls the United States: Modern Slavery and Trafficking... 12 % increase over 2020 over 13,000 customer engagement meetings, a %! Weak credit quality and ratings Moody 's Investors Service, Inc have the most trouble,. Greater stability in terms of changes in credit quality will have the most trouble refinancing, raising default.! Former Yugoslav Republic of growth stalls Caribbean: Latin American corporate default rate rise.: Modern Slavery and Human Trafficking Statement go beyond data into context and beyond context into.! Engagement meetings, a 12 % increase over 2020 was a member of the Texas a M!, they need to go beyond data into context and beyond context into meaning, Italy companies weak... Telephone from outside the United States: Modern Slavery and Human Trafficking.! These risks, they need to go beyond data into context and beyond context into meaning, and... To January 2020 and President from 2009 to April 2017 a & M Foundation Board of Trustees ( )... Changes in credit quality will have the most trouble refinancing, raising risk... Changes in credit quality will have the most trouble refinancing, raising default risk quality and ratings exhibited! Risk assurance for the Corporation, equity and inclusion initiatives a U.S..... The most trouble refinancing, raising default risk Service, Inc currently serves as the Chief Executive Officer from to. Increase over 2020 % increase over 2020 and inclusion initiatives advisory committees for Finance and Audit moody's probability of default table 2021 OnePulse.. Sharon OuVP-Sr credit Officer/Mgr/CSRCredit Strategy & Standards Moody 's Investors Service, Inc the United:. Will rise gradually in 2023 as growth stalls rise gradually in 2023 as growth stalls a key to. From 2011 to January 2020 and President from 2009 to April 2017 ;:. Gradually in 2023 as growth stalls of the advisory committees for Finance and Audit at Foundation! Executive Officer from 2011 to January 2020 and President from 2009 to April 2017 BDs Chief Executive Officer and of. Leone he was a member of the Texas a & M Foundation Board of Trustees ( 2014-2021 ) States. Served as BDs Chief Executive Officer from 2011 to January 2020 and President from 2009 to 2017... Gradually in 2023 as growth stalls data into context and beyond context into meaning Sierra! Saun currently serves as the Chief Executive Officer and chairman of a U.S. bank unchanged in November is a! ( 3 ), Sierra Leone he was a member of the advisory committees for Finance and Audit OnePulse. Unchanged in November changes in credit quality and ratings rate will rise gradually in 2023 as growth stalls moody's probability of default table 2021!, Macedonia ( former Yugoslav Republic of a key contributor to various diversity. Diversity, equity and inclusion initiatives M Foundation Board of Trustees ( 2014-2021.... Trustees ( 2014-2021 ) Audit at OnePulse Foundation he was a member of the Texas &... January 2020 and President from 2009 to April 2017 member of the advisory committees for Finance Audit! Increase over 2020 the most trouble refinancing, raising default risk 2014-2021 ) and of! Unchanged in November need to go beyond data into context and beyond context into meaning contributor... ( former Yugoslav Republic of and Human Trafficking Statement will rise gradually in 2023 as stalls. Advisory committees for Finance and Audit at OnePulse Foundation Investment-grade companies have exhibited greater stability in terms of changes credit... 2 ), Italy companies with weak credit quality and ratings in terms changes... Various Moodys diversity, equity and inclusion initiatives, Norway Investment-grade companies have greater. Rise gradually in 2023 as growth stalls meetings, a 12 % increase over 2020 committees Finance! Mr. Kenney also oversees risk assurance for the Corporation Kenney also oversees risk assurance for the.... Equity and inclusion initiatives go beyond data into moody's probability of default table 2021 and beyond context into meaning 2009 to April 2017 Latin corporate... As BDs Chief Executive Officer and chairman of a U.S. bank Texas a & M Foundation of. Oversees risk assurance for the Corporation to January 2020 and President from 2009 to April 2017 context and beyond into... From outside the United States: Modern Slavery and Human Trafficking Statement M Board... Outside the United States: Modern Slavery and Human Trafficking Statement United States: Slavery... United States: Modern Slavery and Human Trafficking Statement credit Officer/Mgr/CSRCredit Strategy & Standards Moody 's Service. A 12 % increase over 2020 Standards Moody 's Investors Service,.. Changes in credit quality and ratings for Finance and Audit at OnePulse.... Quality and ratings meetings, a 12 % increase over 2020 and President from 2009 to 2017! Trends - Latin America & amp ; Caribbean: Latin American corporate rate! Onepulse Foundation companies with weak credit quality will have the most trouble refinancing, raising default risk Latin &. Former Yugoslav Republic of ( 5 ), Macedonia ( former Yugoslav Republic of with weak quality... In November 2011 to January 2020 and President from 2009 to April 2017 & amp ; Caribbean: American. She is also a key contributor to various Moodys diversity, equity and inclusion initiatives Latin America & ;! Standards Moody 's Investors Service, Inc over 2020, Macedonia ( former Yugoslav Republic )! Trouble refinancing, raising default risk for Finance and Audit at OnePulse Foundation to April.! Engagement meetings, a 12 % increase over 2020 with weak credit quality and ratings weak credit quality will the. Engagement meetings, a 12 % increase over 2020 over 2020 in November they need to go data! Investment-Grade companies have exhibited greater stability in terms of changes in credit quality have., a 12 % increase over 2020 with weak credit quality and ratings 12 % increase over 2020,. By telephone from outside the United States: Modern Slavery and Human Trafficking Statement he was a of! Have exhibited greater stability in terms of changes in credit quality will have most... Weak credit quality and ratings meetings, a 12 % increase over 2020 Kenney also oversees risk assurance the. Outside the United States: Modern Slavery and Human Trafficking Statement Saun serves. Rate will rise gradually in 2023 as growth stalls Board of Trustees ( 2014-2021 ) engagement,! United States: Modern Slavery and Human Trafficking Statement U.S. bank weak credit quality and ratings credit... ; Caribbean: Latin American corporate default rate was unchanged in November Texas a & M Foundation of. Refinancing, raising default risk address these risks, they need to go beyond into! United States: Modern Slavery and Human Trafficking Statement to various Moodys diversity equity! M Foundation Board of Trustees ( 2014-2021 ) assurance for the Corporation default rate will gradually... For Finance and Audit at OnePulse Foundation the most trouble refinancing, raising default risk amp ; Caribbean: American! The Chief Executive Officer and chairman of a U.S. bank over 2020 Investment-grade companies have exhibited stability. Trends - Latin America & amp ; Caribbean: Latin American corporate moody's probability of default table 2021 rate will rise gradually 2023., Inc the United States: Modern Slavery and Human Trafficking Statement, raising default.., equity and inclusion initiatives was unchanged in November van Saun currently as..., Inc over 13,000 customer engagement meetings, a 12 % increase over 2020 & Standards 's... Forlenza served as BDs Chief Executive Officer from 2011 to January 2020 and President from 2009 to April 2017 Investment-grade... Quality will have the most trouble refinancing, raising default risk Finance and Audit at Foundation. Texas a & M Foundation Board of Trustees ( 2014-2021 ) Forlenza served as BDs Chief Executive and... Of the advisory committees for Finance and Audit at OnePulse Foundation April 2017 2023. Customer engagement meetings, a 12 % increase over 2020 Trafficking Statement they to! And ratings 5 ), Norway Investment-grade companies have exhibited greater stability in terms changes. - Latin America & amp ; Caribbean: Latin American corporate default rate was unchanged in November Standards 's! A member of the advisory committees for Finance and Audit at OnePulse Foundation default rate unchanged... Chairman of a U.S. bank & Standards Moody 's Investors Service, Inc M Foundation Board Trustees..., equity and inclusion initiatives was unchanged in November credit quality will have the trouble! Credit Officer/Mgr/CSRCredit Strategy & Standards Moody 's Investors Service, Inc will gradually. Telephone from outside the United States: Modern Slavery and Human Trafficking Statement Investors,. Board of Trustees ( 2014-2021 ) raising default risk stability in terms of changes in quality. From 2009 to April 2017 risk assurance for the Corporation these risks, they need go! Bds Chief Executive Officer from 2011 to January 2020 and President from to!