(2), Iraq As the head of risk for a major global financial institution, he was involved in the debt restructuring of various sovereigns around the world. Recipient email addresses will not be used in mailing lists or redistributed. Moodys accelerated its own net-zero commitments to 2040, advanced its science-based targets, and published its inaugural Stakeholder Sustainability Report. (2), Saint Lucia Senior Vice President &Corporate ControllerMs. A firm is defined to default if there is a record of nominal default and one or more post-default prices are observed. Subscribers can access the report at: http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1258722. 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. Ms. Alsop holds a B.A. CLICK HERE Contact & Support Nick Kraemer Head of Ratings Performance Analytics P. + 1 (212) 438-1698 E. nick.kraemer@spglobal.com (527), Asia-Pacific Economic Cooperation (APEC) (160), Recovery Studies (6), Ecuador 001-888-779-5833, So Paulo 0800-891-2518, or Buenos Aires (2), Cuba 1 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. (2), Mongolia (2), Bankruptcy, Troubled Credits & Turnarounds From 2019 to 2021, Ms. Kazanjian held various people leadership roles at WeWork, leading into her role as Chief People Officer. A probability of default (PD) is already assigned to a specific risk measure, per guidance, and represents the percentage expectation to default, measured most frequently by assessing past dues. (1), Illinois Sullivan has served as the Companys Senior Vice PresidentCorporate Controller since December 2018. As a senior executive at JPMorgan, she played key roles in managing JPMorgans Asia and capital markets businesses through challenging financial climates. He is admitted to the New York State bar. During her tenure, the FASB established numerous accounting standards relating to financial instruments, including securitizations, derivatives and credit losses and worked with regulators and policy makers in the U.S., and in other major capital markets to develop consistent accounting standards. (72), Funds & Asset Management This rating is assigned to less creditworthy carriers and securities by the ratings . Mr. Tulenko joined Moodys in 1990. Loss given default (LGD) measures the expected loss, net of any recoveries, expressed as a percentage and will be unique to the industry or segment. Revised Senior Ratings Algorithm2015 Oil BustDefinition of Default and Rating SymbolsTrading Prices vs. Use semicolon to separate each address, limit to 20 addresses. (2), Sierra Leone Senior Vice President,Risk Management & Chief Audit ExecutiveScott Kenney is Senior Vice President Risk Management and Chief Audit Executive of Moodys Corporation. (6), Bosnia and Herzegovina Mr. Platt holds an M.B.A. from The University of Chicago, a B.A. (2), Bermuda By continuing to access this document from within Australia, you represent to MOODYS that you are, or are accessing the document as a representative of, a wholesale client and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to retail clients within the meaning of section 761G of the Corporations Act 2001. (9), Commonwealth of Independent States (1), Florida (975), Financial Institutions 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. Default Trends and Rating Transitions | Moody's Default Trends and Rating Transitions This page provides a central resource for Moody's research on default risks, impairment and loss rates, rating transitions and performance, and liquidity studies. (2), Panama (1), New Hampshire He additionally brings experience in areas such as strategic planning, business development and new product development. He served as a director of Becton, Dickinson and Company (BD), a global medical technology company, from 2011 to April 2021 and as the Chairman of its board from 2012 to April 2021. 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. During his tenure, Mr. Platt has overseen corporate strategic planning and led over $8 billion in M&A and investments to advance Moodys global integrated risk assessment growth strategy. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. (33), Corporates (1), Hawaii June 2021 . (2), Honduras 19 Dec 2022. (7), Sri Lanka By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. (1), Nevada So far in the fourth quarter there have been nine defaults, four based in China as Chinese real estate developers continue to face funding challenges (see "Asia-Pacific Credit Outlook 2022 China Decelerates, Fed . In 2021, Business Services and Hotel, Gaming & Leisure are expected to have the most defaults, followed by Oil & Gas. "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. Global speculative-grade corporate default rate was unchanged in November. 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. Ms. Alsop currently serves on the Trident American Dreams Advisory Board and is a founding member of the Womens Business Resource Group at Moodys. (2), New Caledonia (2), Uganda Mr. West served as Managing DirectorHead of MIS Ratings and Research from June 2016 to October 2019. (1), New Mexico In 2021, Ms. CONTACT OUR EXPERTS solutions covering Global Economy, Sovereigns & Sub-Sovereigns Sectors & Portfolios Companies Macroeconomic scenarios Moody's Analytics (2), Somalia 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 . MANAGEMENT'S DISCUSSION AND ANALYSIS Key underlying assumptions subscription streaming services and other over-the-top providers Our 2022 guidance ranges presented in "2022 Full-Year continue to grow in popularity; Consolidated Guidance" are based on many assumptions in Media, continued growth in sports and relative stability in . Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Ms. 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. Mr. Kenney reports directly to the Audit Committee of Moodys Board of Directors and reports administratively to Moodys Chief Executive Officer. Prior to joining the Company, Ms. Sullivan served in several roles at Bank of America from 2011 to 2018, where her last position held was Managing Director and Global Banking Controller. LONDON, March 10, 2021 - Moody's ESG Solutions Group today announced the launch of Climate Solutions, a comprehensive product suite that provides market participants with enhanced risk measurement and evaluation tools to better understand, quantify and manage climate risks and opportunities.Climate Solutions incorporates physical and transition risk into Moody's best-in-class risk . (6), Cayman Islands - Off Shore (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. Mr. Kenney is also a Certified Information Systems Auditor (ISACA), Certified Informational Technology Professional (AICPA), Certified in Risk and Information Systems Controls and a Chartered Global Management Accountant. Granularity: Contains granular information from our sister company, Moody'sInvestors Service, includingcomplete rating history at the instrument level, rating outlook and watch-list data, and credit enhancement/backing data, indicating external support. (270), Uruguay (2), Belarus (6), Japan (2), Liberia 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. (1), Iowa (2), Guinea-Bissau (9), Slovakia (2), Costa Rica (2), Kuwait Moody's returned $116 million to its stockholders via dividend payments during the second quarter of 2021. (2), Malta He holds an undergraduate degree in Economics and Business Administration from the University of Notre Dame and an MBA in Finance, Marketing and International Business from the Stern School of Business at New York University. He also has a strong background in information systems and cyber-related matters. (2), Tunisia The Company has filed its annual report on Form 10-K for the year ended December 31, 2021 with the Securities and Exchange Commission.The Form 10-K, along with other Moodys SEC filings and corporate governance documents, are available, without charge, upon request to the Investor Relations Department at the Corporate Office or on ir.moodys.com. reference to Moody's idealized loss and default tables (see Appendix B). (2), Bolivia 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 2020, only 2.1% of investment-grade companies fell to speculative grade despite an extremely difficult business environment. Ms. Elliott has more than 25 years in senior-level corporate communications roles. (2), Thailand (1), Vermont (2), Malaysia 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. 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. (2), Saudi Arabia This severity level is estimated to increase short term, average state-level default rates from 0.07% to between 11.6% and 18.4%, with a conservative estimate of 13.8%. in economics and history from Amherst College. Calculates the expected distribution of portfolio or tranche losses as a result of either default or rating transitions. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. David is a graduate of Rutgers University School of Business and has a New Jersey State CPA. Mr. Kenney holds a BS in Accounting from the University of Scranton and is a Certified Public Accountant licensed in New York. (6), Russia DRA also publishes impairment and loss studies for structured finance sectors. 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. He has also served as a director of several companies, contributing to his appreciation of corporate governance matters. 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. 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. 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