Her experience as the Chairman of the Financial Accounting Standards Board, executive at a major bank and auditor for a major accounting firm allows her to bring to the Board significant knowledge of global accounting and financial reporting matters in addition to regulatory and senior management experience. 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. Thank you for your interest in sharing Moody's Research. Breed currently serves as the Treasurer for the Skating Club of New York. 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. Inputs for Models: Utilize recovery pricing, rating changes at the issuer and security levels sourced from Moody's Investors Service and data for every stage of the credit cycle. He was a member of the Texas A&M Foundation Board of Trustees (2014-2021). 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), Libya Mr. Fauber has also served as Head of Moodys Corporate Development. ". He previously served as the Companys President and Chief Executive Officer from April 2012 to December 2020, and served as the Chairman and Chief Executive Officer from April 2005 until April 2012. This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. He leads a team whose mission is to provide near real-time data driven financial insight to support the execution of superior operational and strategic decisions. The trailing 12-month global speculative grade corporate default rate held steady at 2.6%. (358), Africa: Emergence and transformation 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. President, Moody's Investors Service Mr. West has served as President of Moodys Investors Service, Inc. since November 2019. (3), The Credit Cycle Turns (364), Association of Southeast Asian Nations (ASEAN) from the University of Chicago and a B.A. Mr. Kapusta holds a Masters Degree (LL.M.) RiskCalc v3.1 does a good job of predicting actual default rates. Senior Vice PresidentChief Information OfficerMona Breed is the Chief Information Officer (CIO) of Moodys Corporation. (6), Switzerland (1), Illinois The table shows the probability of default given the term to maturity. (1), Kentucky (2), Aruba (2), Zimbabwe Fauber, who is both President and Chief Executive Officer of the Company, brings to the Board a wealth of experience in the financial services industry as well as an in-depth understanding of the operational and the strategic considerations for the Company. (6), Portugal (2), Argentina (6), Mercosur Moody's returned $116 million to its stockholders via dividend payments during the second quarter of 2021. Throughout 2021, the global pandemic continued to impact Moodys employees, customers, stockholders and communities. (2), South Africa Ms. Alsop holds a B.A. (1), Wyoming (8), Armenia (2), Netherlands 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. Mr. Serafin joined Qualtrics in October 2016 as Chief Operating Officer. +852-3758-1350, Sydney +61-2-9270-8141, Mexico City (2), Gambia (2), Bahamas - Off Shore (6), Syria Product development work and acquisitions complemented and enhanced investments in Moodys core credit ratings and research offerings, data and analytic capabilities, and will help ensure the continued relevance and value of these offerings to customers.The acquisition of RMS established Moodys as a leader in insurance and data analytics and brought valuable new expertise in modeling extreme weather and climate risk, as well as other catastrophes. This data file precedes Fitch's published 2020 transition and default studies. Moodys SF Japan K.K. Prior to joining Moodys, Mr. Fauber served in several roles at Citigroup and its investment banking subsidiary Salomon Smith Barney from 1999 to 2005. (2), Mexico In this role, Ms. Alsop leads a range of strategic and operational initiatives that are vital to the companys success. In addition, she has previously worked as a CPA and is certified in cybersecurity oversight (2018) and ESG oversight (GCB.D, 2021). (2), 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. A firm is defined to default if there is a record of nominal default and one or more post-default prices are observed. (2), Bahrain - Off Shore 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. All rights reserved. For example, an A- rated bond has a probability of default over five years of 0.57%. (527), Asia-Pacific Economic Cooperation (APEC) Prior to her time at JPMorgan, Ms Esperdy started her banking career at Lehman Brothers. Prior to joining Oppenheimer in 2013, she held a range of senior technology and finance leadership roles at Apollo and PricewaterhouseCoopers. Mark has an M.B.A. in Finance and a B.S.E. All rights reserved. (1), Coronavirus Effects Before serving as Chief Risk Officer, Mr. Bermudez was Chief Executive Officer of Citigroups Commercial Business Group in North America and Citibank Texas from 2005 to 2007. 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. 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 We also launched the next generation of Supply Chain Catalyst, offering our customers an enterprise-wide view of critical supply chain relationships, including factors such as financial health, sustainability and reputational risk.In response to intense need for interconnected CRE data and analytics to support lending and investing workflows, we accelerated the development of our SaaS workflow solution for CRE lenders and our portfolio monitoring solution for CRE investors. Sector in-depth Refinancing risk rises for US companies as maturities peak, interest rates increase, economy weakens While pandemic related risks to the economy remain present, we expect that the combination of vaccinations and policy support measures will support the economic recovery over the course of 2021, and the number of defaults this year will be lower than last year. (2), SMEs and Mid-caps: A Focus on Funding (2), Iraq New York, January 07, 2013 -- Moody's Investors Service today announced that in mid-January 2013 it expects to introduce a new rating scale for probability of default ratings (PDR) in order to differentiate probability of default ratings from ratings that use Moody's global long-term scale. 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. (2), Chile (7), Sri Lanka (2), Bahrain The speculative-grade corporate default rate will climb to 4.3% next year under our baseline forecast, up from 2.3% in September. (6), Czech Republic (56), North America 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. (2), Panama He serves as a director of the Community Foundation of Brazos Valley where he served as Chairman from July 2013 to June 2014 and currently serves as the chairman of the Investment Committee.Mr. (1), Alaska Access Default & Recovery Database, Already subscribed? The maximum number of items you can export is 3,000. Default Trends - Global: Compendium of 2021 corporate defaults. (2), Angola (6), Croatia Source: S&P Global Market Intelligence, as of July 30, 2021. A probability of default rating (PDR) is a corporate family-level opinion of the relative likelihood that . Ms. Sullivan, a CPA, previously held various senior positions at several banks and a major accounting firm, and is a member of the Board of Directors of Financial Executives International. (2), Guatemala (2), Albania Dial the AT&T Direct Dial Access code for. 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. 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), Malaysia 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. Probabilities of default Bloomberg Professional Services February 08, 2021 The credit quality of an entity is essential information that reflects that entity's financial health and its. Moody's Investors Service analysts use this data to produce the Annual Default Study, read by market participants globally. Data for separately estimating the probability of default, loss given default, and overall expected loss, More than 800,000 individual debt securities. Prior to joining Moodys, Ms. Gurian held executive positions in the Compliance Department of Prudential Financial, including Chief Compliance Officer for Prudentials insurance broker-dealer, and, subsequently for their corporate centers. 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 Our commitment to environmental sustainability includes accelerating our net zero emissions target by ten years, from 2050 to 2040, consistently engaging in the ongoing global dialogue around ESG and climate disclosures, and executing on our public decarbonization plan.We are proud that our efforts led to recognition as a 2021 Global Compact LEAD company and an A List score from CDP, recognizing Moodys as one of a small number of high-performing companies that are leading actions to cut emissions, mitigate climate risks and develop the low-carbon economy. (1), Arkansas 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. I offer my sincere thanks to our employees, stockholders and customers for their support, and I look forward to a prosperous and successful year ahead. Ms. Alsop has more than 20 years of experience helping drive positive change and business results at Moodys. (2), Cayman Islands (10), Cocos (Keeling) Islands Default Trends - Latin America & Caribbean: Latin American corporate default rate will rise gradually in 2023 as growth stalls. President & Chief Executive OfficerRob Fauber became President and Chief Executive Officer of Moodys Corporation on January 1, 2021 and was elected to the Board of Directors effective October 22, 2020. The LGD of the obligor's exposures in the cell equals 1.0 minus the average of such prices expressed as a fraction of par; there is exactly one LGD for each default. 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