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. (2), Mauritius Looking back on my first year as CEO, I am enormously proud of the tremendous dedication and resilience of our employees as we delivered for our stakeholders through yet another year of the pandemic. 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). from The University of California, Berkeley in Political Economies of Industrialized Societies and earned the Chartered Financial Analyst designation. (1), Regulation of Financial Institutions (10), Eurozone 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. 0800-666-3506. Ms. Kazanjian previously served as Chief People Officer for WeWork, where she led the People team and oversaw talent-related strategies, operations and workforce planning for 4,000 employees, in over 30 countries globally. (2), Somalia (1), Maine The speculative-grade corporate default rate will rise to 4.5% in 12 months from 2.5% in October under our baseline forecasts. 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 has served as Chairman and Chief Executive Officer of Citizens Financial Group, Inc. (Citizens), a large regional bank, since October 2013. (975), Financial Institutions Mr. Howell previously served as a director of Integra Lifesciences Holdings Corporation, a medical devices company (2013-February 2021). This includes our Business Resource Groups, which count more than half of our employees as members, and our work to empower our leaders, managers and individual employees in reinforcing an inclusive culture. If this isn't what you are looking for, you can. In 2021, we set out three strategic priorities that are critical to meeting this need: sharpening our understanding of our customers needs, investing with intent to grow and scale, and collaborating, modernizing and innovating. Global speculative-grade default rate to peak at 7.3% in March before declining to 4.7% at year-end, Number of defaults likely will fall over the course of 2021, as economies recover. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. Multiple Approaches to Recovery Calculation: Choose from the settlement method, the trading price method, and the liquidity event method. (2), Kyrgyzstan Environmental, social and governance (ESG), cybersecurity and other emerging risks have become more relevant to our core business of credit and risk management, evidenced by increasingly and at times stark event-driven impacts on businesses and the communities they support.. Performance reflects expense reimbursements and/or fee waivers made in 2016, 2019, 2020, 2021 and 2022. (6), Panama - Off Shore Ms Hill has over 30 years of experience in business management and leading engineering and operations organizations. (2), St. Vincent and the Grenadines http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1258722. (2), Suriname (6), British Virgin Islands (6), Ivory Coast (2), Bermuda (2), Malta If this isn't what you are looking for, you can. 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. She also held various leadership positions across the organization including roles in Business Process Management and Ratings Operations, Investor Relations, Structured Finance Surveillance, Public Finance, Business Planning and Revenue Accounting. 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. All rights reserved. (2), Tunisia (4), Infrastructure Renewal and Investment ". 15 Dec 2022. RiskCalc v3.1 does a good job of predicting actual default rates. The Companys common stock trades on the New York Stock Exchange under the symbol MCO. (2), Georgia (2), Albania Normal Convexity in Long-Term vs Short-Term Maturities. However, MOODYS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. His service as a director also contributes to his focus on corporate governance matters. (91), Nicaragua All rights reserved. (2), Tanzania, United Republic of 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), Pakistan CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODYS (COLLECTIVELY, PUBLICATIONS) MAY INCLUDE SUCH CURRENT OPINIONS. (6), Jordan (1938), German 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), Andorra 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. 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. 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. Prior to his work at MassMutual, Mark held a range of senior finance leadership roles at Voya Financial (formerly ING U.S.). He is a current member of The Clearing House supervisory board and also serves on the board of the Federal Reserve Bank of Boston. 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. Moody's returned $116 million to its stockholders via dividend payments during the second quarter of 2021. (10), Cocos (Keeling) Islands Prior to joining Oppenheimer in 2013, she held a range of senior technology and finance leadership roles at Apollo and PricewaterhouseCoopers. in government and psychology from Georgetown University. (2), Bahrain - Off Shore (1), Montana Mr. Fauber served as Vice PresidentCorporate Development from September 2005 to April 2009. (6), Philippines (56), North America Moodys Analytics provides tools for the most crucial aspects of the expected loss impairment model, with robust solutions to aggregate data, calculate expected credit losses, and derive and report provisions. (9), Slovakia (2), Kazakhstan Default Trends - Global: Compendium of 2021 corporate defaults. (1), District of Columbia . 12/31/2021: 31.57: 32.25: 11/30/2022: 5.44: 5.53: 12/31/2022: 0.67: 2.31: Calculates the expected distribution of portfolio or tranche losses as a result of either default or rating transitions. (6), Japan (2), Laos (8), Armenia 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), Congo, Democratic Republic of (DRC) 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). (1), Louisiana (1), Illinois Moody's denotes bonds rated Baa3 or higher as investment grade. As such, these ratings incorporate Moody's assessment of the default probability and loss severity of these issuers and issues. He has served as the Executive Vice President, Chief Financial Officer and Treasurer of Booz Allen Hamilton Holding Corporation (BAH), a business management consulting company, since 2016. He additionally brings experience in areas such as strategic planning, business development and new product development. 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. London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong Prior to becoming chief executive officer, he was the chief operating officer and held various additional roles. The maximum number of items you can export is 3,000. The IFRS 9 guidelines pose some interesting challenges, including the following: An important consideration in the impairment model in IFRS 9 is the use of forward-looking information in the models. Passed Level II of the CFA Program (Feb 2022). 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. 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. AND/OR ITS AFFILIATES. Moody's municipal ratings are opinions of the investment quality of the issues and issues in the US municipal and tax-exempt markets. 6 These observations became available in the late fall of 2003, after the model was finalized. (2), Financial stability risks: implications of rising corporate leverage 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. Chief People OfficerMaral Kazanjian is the Chief People Officer of Moodys Corporation she is also a member of the Executive Leadership Team. We are proud that Moodys continues to be recognized for our leadership in this area, including a perfect score on the Human Rights Campaign Foundations Corporate Equality Index for the eleventh year in a row, our third consecutive year in the Bloomberg Gender-Equality Index, inclusion in the prestigious Civic 50 honor roll, and being named one of Americas Most Loved Workplaces by Newsweek.We see our role as a corporate citizen to help build a world where more people have access to opportunity and where everyone has the resources to grow and thrive. Ms. Kazanjian holds a J.D. Until his appointment as CEO, he was Moodys Chief Operating Officer and drove strategic initiatives across the company. Forlenza served as the chief executive officer of a public, global medical technology company for approximately nine years. Hogan has served as the companys Treasurer since September 2019. (1), Utah SUMMARY REPORTS Reports FILTER BY Type Sector Region Date Range SYNOPSIS 1 2 3 4 5 6 7 8 9 10 Next 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. 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 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. (2), Dominican Republic Kumar KanthanSenior Vice President[emailprotected] Sharon OuVice President - Senior Credit Officer[emailprotected], Dial the AT&T Direct Dial Access code for, We brought you to this page based on your search query. 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. From April 2009 through April 2014, he served as Senior Vice PresidentCorporate Development of Moodys Corporation. (2), Jamaica For full year 2021, Moody's repurchased 2.2 million shares at a total cost of $750 million, or an average cost of $336.58 per share, and issued net 0.8 million shares as part of its employee stock-based compensation programs. (2), Aruba 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. (6), Azerbaijan Moody's Investors Service Risk Quantification Evaluate, manage, and mitigate climate risks and their impacts through scenario analysis, quantitative modelling and stress testing. The Moody's Analytics PD is an aggregation of all the sources of credit risk assessable for a given borrower. "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. Prior to Moodys, he held roles in alternative investments, corporate strategy & business development, and investment banking at Citi. From 1992 to 1996, Mr. Fauber worked at NationsBank (now Bank of America) in the middle market commercial banking group.Mr. We see our role as a corporate citizen to help build a world where more people have access to opportunity and where everyone has the resources to grow and thrive. 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