McDaniel began his career at the Company serving as a ratings analyst and served in numerous capacities at the Company over the past three decades. (1), Delaware (1), Maryland moody's probability of default table 2020casting fille 12 ans pour srie netflix 2021. Credit Solution Experts Incorporated offers quality business credit building services, which includes an easy step-by-step system designed for helping clients build their business credit effortlessly. Mr. Forlenza served as Chief Operating Officer from July 2010 to October 2011. (2), Sweden 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. (6), Uzbekistan (3), The Credit Cycle Turns Mr. Kapusta holds a Masters Degree (LL.M.) A record-high amount of debt matures in 2023-27, and the amount due in the first few years is rising. (6), United Kingdom 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%. 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. In 2021, Business Services and Hotel, Gaming & Leisure are expected to have the most defaults, followed by Oil & Gas. (1), Louisiana in economics and history from Amherst College. In this role, Mr. Goggins is primarily responsible for providing legal advice to senior management and managing the provision of legal services by a team of inhouse lawyers and outside counsel. (2), Sierra Leone 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. That rate, if realized, would exceed the historical average. (10), Eurozone (6), Croatia Please complete your profile before submitting your comments. 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. (6), Comoros He also served as chairman of that companys board for approximately eight years. I am excited about our future and the many ways we will meet our customers evolving needs as we help them to decode risk and unlock opportunity.By investing in our business and acquiring new capabilities, we are enhancing the ways we serve our customers and our ability to reach new markets. (1), Arkansas (3), Norway (6), India This page provides a central resource for Moodys research on default risks, impairment and loss rates, ratingtransitions and performance, and liquidity studies. Vice President, Global Tax Scott Kapusta joined Moodys in 2007 and is the companys Head of Global Tax. The maximum number of items you can export is 3,000. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. Mr. Goggins holds a J.D. MOODYS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. (9), Indonesia In this spirit, Moodys accelerated its own net-zero commitments to 2040, advanced its science-based targets, and published its inaugural Stakeholder Sustainability Report.Moodys has continued to strengthen the firms culture of inclusion, built on respect, diversity and openness. "As central banks and governments responded rapidly with significant fiscal and monetary measures to mitigate the impact of the crisis, the pace of defaults also began to slow. The principal methodology used in these ratings was "Rental Vehicle Securitizations Methodology" published in October 2021 and available at https://ratings.moodys . The statistics over the 36 year study period should give confidence to investors in highly rated bonds. The 2021 global corporate default tally has increased to 69 following the defaults of China-based (Cayman Islands-incorporated) China Aoyuan Group Ltd. and one confidential issuer. (2), Brazil 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. Senior Vice President &Corporate ControllerMs. The maximum number of items you can export is 3,000. 12/31/2021: 31.57: 32.25: 11/30/2022: 5.44: 5.53: 12/31/2022: 0.67: 2.31: Prior to joining Oppenheimer in 2013, she held a range of senior technology and finance leadership roles at Apollo and PricewaterhouseCoopers. All Rights Reserved. Default Trends - Latin America & Caribbean: Latin American corporate default rate will rise gradually in 2023 as growth stalls. in Communications and Political Science from the University of Michigan. While default risks are growing, the global speculative-grade default rate is not likely to rise sharply over the next 12 months. (975), Financial Institutions His service as a director also contributes to his focus on corporate governance matters. He also serves as the Chairman of the Audit Committee of The Bank Policy Institute. Subscribers can access the report at: http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1258722. 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. Moodys surpassed $6 billion in revenue for the first time and garnered recognition as a Fortune 500 company. (1), South Dakota (6), Guinea Mr. Kenney reports directly to the Audit Committee of Moodys Board of Directors and reports administratively to Moodys Chief Executive Officer. (2), Libya (2), Gibraltar DRA also publishes impairment and loss studies for structured finance sectors. 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. (1), Wyoming 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 . 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. (2), Honduras (1), Florida The trailing 12-month global speculative grade corporate default rate held steady at 2.6%. (2), Netherlands 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 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. He served as President of Moodys Investors Service from 2016 to 2019 and was Head of Moodys Investors Services Global Commercial Group from 2013 to 2016, overseeing relationship management, product development, and strategy for the rating agency. 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. (2), Venezuela (1), Maine (5), Yemen (2), Latvia Stockholders and other stakeholders may communicate with the Board, or with a specific director or directors, by writing to: 2022 Moodys Corporation, Moodys Investors Service, Inc., Moodys Analytics, Inc. and/or their licensors and affiliates (collectively, MOODYS). President, Moody's AnalyticsStephen Tulenko serves as President for Moodys Analytics. (2), Higher Rates, Slower Growth 12/31/2021: 21.08: 28.68: 11/30/2022: 3.52-13.12: 12/31/2022-.51-18.13: This rating is assigned to less creditworthy carriers and securities by the ratings . Mr. Kenney is responsible for overseeing Moodys Global Internal Audit function, including providing an independent oversight function that evaluates the processes and controls over the organizations financial, technology, ratings and operational activities. (2), Zimbabwe From 2019 to 2021, Ms. Kazanjian held various people leadership roles at WeWork, leading into her role as Chief People Officer. (2), Saudi Arabia (2), Taiwan, China (2), New Caledonia 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 . Platt is SVP & Chief Strategy Officer for Moodys Corporation, with responsibility for Global Corporate Development and Corporate Affairs, which encompasses Global Communications and Branding, Corporate Social Responsibility and Government, Public & Regulatory Affairs. Five Moodys-rated corporate issuers defaulted in November, down from the upwardly revised 10 defaulters in October. (6), Central African Republic By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. He held the additional titles of President from November 2001 to August 2007 and December 2008 to November 2010 and Chairman from October 2007 until June 2015. Ms. Alsop holds a B.A. (1), Kentucky The probability of default (PD) is the probability of a borrower or debtor defaulting on loan repayments. This increases for the lowest investment grade credit rating 'BBB-' to 2.84%. (2), Namibia Shivani holds an MBA from the Johnson School at Cornell University and a B.Sc. 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. In 2021, Ms. Moodys seeks to be a compass for our customers by leveraging our rich history and diverse expertise to provide a holistic view of risk and opportunity. (53), U.S. Public Finance (70), New Zealand SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. 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. The recovery rate is a risk-adjusted measure to right-size the. The Moody's Analytics PD is an aggregation of all the sources of credit risk assessable for a given borrower. If this isn't what you are looking for, you can. Throughout 2021, the global pandemic continued to impact Moodys employees, customers, stockholders and communities. The 2.1% fallen angel rate in 2020, although noticeably higher than the 1.1% rate in 2019, matched the long-term average since 1983. (6), Djibouti 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 Forlenza served as the chief executive officer of a public, global medical technology company for approximately nine years. (6), Japan (6), Slovenia 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. We achieved revenue growth of 16% and adjusted diluted EPS growth of 21%, our second consecutive year of over 20% growth amidst the pandemic.Moodys Investors Service (MIS) revenue grew 16% on the strength of buoyant issuance markets and our comprehensive coverage of global debt markets.Moodys Analytics (MA) revenue grew 16%, supported by 9% organic revenue growth, as well as several acquisitions. Sector in-depth Refinancing risk rises for US companies as maturities peak, interest rates increase, economy weakens (2), Cambodia 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. 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. All rights reserved. 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. (1), Arizona 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. 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. (191), Rating Transition Studies Moody's municipal ratings are opinions of the investment quality of the issues and issues in the US municipal and tax-exempt markets. 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. (2), Turks and Caicos Islands 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 and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. (2), Bahamas He led Citizens to a successful initial public offering in September 2014, and full independence from RBS in October 2015. In addition, she has previously worked as a CPA and is certified in cybersecurity oversight (2018) and ESG oversight (GCB.D, 2021). I would like to acknowledge the many contributions of my fellow board members, and welcome Zig Serafin, CEO of Qualtrics, to the Moodys board. All data is derived from the Moody'sInvestors Serviceproprietary database of issuer, default, and recovery information. He has extensive executive experience, having formerly held several additional senior management positions at banks. Mr. Goggins was an Associate with Cadwalader, Wickersham & Taft from 1985 to 1995 where he worked on mergers and acquisitions. (6), British Virgin Islands (2), Seychelles (53), Jersey Ms. Kazanjian holds a J.D. 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. (2), Guinea-Bissau As shown in Table 1 below for non-financial corporates domiciled in North America, the three major common drivers of a score that is worse than 'b-' are as follows: Table 1: Main Drivers of weak credit assessment for North American non-financial companies. 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. Performance reflects expense reimbursements and/or fee waivers made in 2016, 2019, 2020, 2021 and 2022. AND/OR ITS AFFILIATES. (2), Greece 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. (33), Corporates 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. (6), Turkmenistan From April 2009 through April 2014, he served as Senior Vice PresidentCorporate Development of Moodys Corporation. (10), Cocos (Keeling) Islands Moody's Investors Service provides investors with a comprehensive view of global debt markets through credit ratings and research. 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