Prior to joining Oppenheimer in 2013, she held a range of senior technology and finance leadership roles at Apollo and PricewaterhouseCoopers. (2), Congo, Democratic Republic of (DRC) JOURNALISTS : 1 212 553 0376Client Service : 1 212 553 1653, Releasing Office :Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007U.S.A.JOURNALISTS : 1 212 553 0376Client Service : 1 212 553 1653. (2), Liberia (2), Tanzania, United Republic of Executive Vice President & General CounselJohn Goggins is Executive Vice President and General Counsel of Moodys Corporation. You can also email us at [emailprotected] or (6), Turkmenistan (2), European Union (2), Taiwan, China (2), Mongolia (2), Cambodia (2), Sao Tome and Principe Mr. Serafin joined Qualtrics in October 2016 as Chief Operating Officer. (2), San Marino Moody's municipal ratings are opinions of the investment quality of the issues and issues in the US municipal and tax-exempt markets. She joined Moodys in 2018 after nearly 30 years of diverse experience across all dimensions of technology, finance and large-scale project management/system implementation. 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. He was a member of the Texas A&M Foundation Board of Trustees (2014-2021). Methodology (1), Rhode Island 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. 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. (4), Infrastructure Renewal and Investment (2), Guam Above all, we are inspired to help uncover meaning amid uncertainty so individuals and organizations can thrive, which drives our ambition to be the leading provider of global integrated perspectives on risk. Prior to Moodys, he held roles in alternative investments, corporate strategy & business development, and investment banking at Citi. These capabilities are already helping customers better identify, measure and manage a wider range of risks leading to better outcomes.As the pace of digitization and automation continues, so has the prevalence of cyber risk. Breed currently serves as the Treasurer for the Skating Club of New York. He has extensive executive experience, having formerly held several additional senior management positions at banks. Mr. Platt holds an M.B.A. from The University of Chicago, a B.A. Ms Hill served in a number of positions at Cisco Systems, Inc. from 1997 to 2013, including, among others, Executive Advisor from 2011 to 2013, Senior Vice President, Development Strategy and Operations from 2009 to 2011, Senior Vice President, Access Networking and Services Group from 2008 to 2009 and Senior Vice President, Ethernet Systems and Wireless Technology Group from 2005 to 2008. (5), Growth: Macroeconomic outlook & insights on fiscal and monetary policies (33), Corporates He currently serves as a member of the Board of Trustees of Lehigh University since rejoining the Board in July 2020 after previously serving from 2011 to 2017. All rights reserved. Maximum pseudo-likelihood estimation was conducted on 3513 firms to calculate . 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), Idaho 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. Looking at the risk profile of the Swedish corporate bond market reveals several notable trends. (2), Chad 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), ESG Credit and Sustainable Finance 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 For illustrative . Sharon OuVP-Sr Credit Officer/Mgr/CSRCredit Strategy & Standards Moody's Investors Service, Inc. (1), Nevada Mr. Bermudez joined Citigroup in 1975 and held leadership positions in other divisions, including equity investments, credit policy and corporate banking from 1984 to 1996. (2), Cyprus The principal methodology used in these ratings was "Rental Vehicle Securitizations Methodology" published in October 2021 and available at https://ratings.moodys . (72), Funds & Asset Management Access Default & Recovery Database, Already subscribed? (2), Sierra Leone (2), Libya (6), Cayman Islands - Off Shore 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. Prior to joining Moodys, David spent ten years in Deloittes Assurance practice, with a focus on clients within the Telecom, Media and Technology sector. (1), Mississippi By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. 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. (3), The Credit Cycle Turns 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. Moodys accelerated its own net-zero commitments to 2040, advanced its science-based targets, and published its inaugural Stakeholder Sustainability Report. 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. (1), Vermont (2), Finland Companies with weak credit quality will have the most trouble refinancing, raising default risk. He also is a member of the advisory committees for Finance and Audit at OnePulse Foundation. . Please complete your profile before submitting your comments. (1), Illinois (8), Sovereign & Supranational Page 1 of 11 INTRODUCTION According to the United Nations Inter-Governmental Panel on Climate Change (IPCC), human-induced . (2), Romania (2), Bangladesh (2), Somalia (2), Haiti All rights reserved. We held over 13,000 customer engagement meetings, a 12% increase over 2020. As a senior executive at JPMorgan, she played key roles in managing JPMorgans Asia and capital markets businesses through challenging financial climates. He and his wife have two children. He also serves as the Chairman of the Audit Committee of The Bank Policy Institute. In the expanding area of sustainability, COP26 highlighted the importance of stakeholder requests for transparent corporate disclosures that capture both the short- and long-term impacts of physical risk and energy transition risk across industries and business operations. You have reached the daily limit of Research email sharings. Mark came to Moodys from Massachusetts Mutual Life Insurance Company (MassMutual), where he served as Chief Financial Officer of MassMutual U.S. (8), Armenia (82), Cape Verde 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. (8), United States Over the first half of 2021, Moody's repurchased 1.6 million shares at a total cost of $503 million, or an average cost of $318.03 per share, and issued net 0.7 million shares as part of its employee stock-based compensation programs. Senior Vice PresidentChief Information OfficerMona Breed is the Chief Information Officer (CIO) of Moodys Corporation. METRICS AND TARGETS 10 SCOPE 2 GHG EMISSION REDUCTION 10. Prior to joining Moodys, Mr. Kenney was a Managing Director at Deloitte, serving as leader to several internal audit departments, external financial statement audits, Sarbanes-Oxley compliance efforts and large regulatory compliance engagements. (2), Eritrea (6), Slovenia MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. Van Saun currently serves as the chief executive officer and chairman of a U.S. bank. +852-3758-1350, Sydney +61-2-9270-8141, Mexico City Bermudez brings a history of executive experience at a major international financial services company. There are three major credit rating agencies (Standard & Poor's, Moody's, and Fitch) that provide ratings on bond. Lead Independent Director Moodys Corporation Retired Chief Executive Officer Becton DickinsonDirector since April 2018Vincent A. Forlenza, age 68, is the Lead Independent Director, Chairman of the Governance & Nominating Committee, and a member of the Audit, Compensation & Human Resources and Executive Committees of the Board of Directors. He is a current member of The Clearing House supervisory board and also serves on the board of the Federal Reserve Bank of Boston. Mr. Tulenko joined Moodys in 1990. 19 Dec 2022. http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1258722. Please complete your profile before submitting your comments. Ms Hill currently serves as a director of NetApp, Inc. (September 2013-present) and Celanese Corporation (July 2015-present).Ms Hill has significant experience in business management and leading engineering and operations organizations. Ms. 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. To estimate the long term country equity risk premium, I start with a default spread, which I obtain in one of two ways: (1) I use the local currency sovereign rating (from Moody's: www.moodys.com) and estimate the default spread for that rating (based upon traded country bonds) over a default free government bond rate. 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. 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