(6), Niger (1), Massachusetts (7), Grenada (9), High Yield Interest #MobileRightColumnContainerE606C799DE50411EA1A0827D375551BB .subheading, #RightColumnContainerE606C799DE50411EA1A0827D375551BB .subheading {display: none;}. (8), Sovereign & Supranational (2), Bolivia (2), Malaysia (4), Infrastructure Renewal and Investment (1), English 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. (2), Bahamas - Off Shore (6), Hong Kong SAR, China 12/31/2021: 31.57: 32.25: 11/30/2022: 5.44: 5.53: 12/31/2022: 0.67: 2.31: If this isn't what you are looking for, you can, Moody's Default and Ratings Analytics team publishes Moodys default studies, ratings transitions and ratings performance studies for corporates, financial institutions, sovereign and sub-sovereign, public finance and infrastructure sectors. He is also a member of the Washington Economics Club.Mr. The decline in free cash flow in 2017 was primarily due to a settlement with the U.S. Department of Justice and the attorneys general of 21 U.S. states and the District of Columbia. Prior to becoming chief executive officer, he was the chief operating officer and held various additional roles. All rights reserved. (1), Wisconsin 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), Regulation of Financial Institutions MOODY'S CORPORATION REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR 2021; SETS FULL YEAR 2022 AND MEDIUM-TERM OUTLOOKS Moody's Corporation 4Q 2021 revenue of $1.5 billion, up 19% from 4Q 2020; FY 2021 revenue of $6.2 billion, up 16% from FY 2020 4Q 2021 diluted EPS of $2.28, up 37% from 4Q 2020 and adjusted diluted EPS. (2), Ireland Ms. Alsop holds a B.A. (2), Chile 19 Oct 2022 | Moody's Investors Service The speculative-grade corporate default rate will climb to 4.3% next year under our baseline forecast, up from 2.3% in September. Refinancing risk rises for US companies as maturities peak, interest rates increase, economy weakens. Prior to that role, Ms. Sullivan supported the Global Wealth &Investment Management business from 2015 to 2017 in a variety of positions including Controller. (2), Samoa 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. Cisco designs, manufactures and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology industry and provides services associated with these products. In addition, she has previously worked as a CPA and is certified in cybersecurity oversight (2018) and ESG oversight (GCB.D, 2021). Mr. Fauber earned his B.A. (5), Cameroon (1), Virginia (1), Texas 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. Access Default & Recovery Database, Already subscribed? (2), Republic of Moldova (2), South Africa Thank you for your interest in sharing Moody's Research. 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. Maximum pseudo-likelihood estimation was conducted on 3513 firms to calculate . The speculative-grade corporate default rate will climb to 4.3% next year under our baseline forecast, up from 2.3% in September. (2), Guatemala 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. Please reduce your list by using the filtering tool to the left. The report is available on www.fitchratings.com or by clicking on the link above. in Communications and Political Science from the University of Michigan. in Statistics and Actuarial Science, both from the Wharton School at the University of Pennsylvania, and is a Fellow of the Society of Actuaries. (6), Ghana 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. (1), West Virginia Five Moodys-rated corporate issuers defaulted in November, down from the upwardly revised 10 defaulters in October. (1), Pennsylvania (1), Kentucky from the Rutgers School of Law-Newark and a B.A. (6), Bosnia and Herzegovina MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. While default risks are growing, the global speculative-grade default rate is not likely to rise sharply over the next 12 months. The Company is proud to have met its Supplier Diversity Initiative pledge to increase the representation of women-owned businesses in its supply chain, and of the commitment made in 2021 to materially increase the population of women, and U.S. Black and Hispanic / Latino leaders across the company by 2025. Prior to joining Moodys in 2021, Ms. Elliott was Executive Vice President-Worldwide Communications at Mastercard and Chief Communications Officer at S&P Global. (1), SGL Monitor (191), Rating Transition Studies He also has a strong background in information systems and cyber-related matters. (2), Mauritania (2), Monaco Credit Transition Model (CTM) Methodology Source: S&P Global Market Intelligence, as of July 30, 2021. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. (1), Connecticut in economics from the University of Virginia and his M.B.A. from the Johnson School of Management at Cornell University. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. Moody's Investors Service provides investors with a comprehensive view of global debt markets through credit ratings and research. (2), Zambia Bermudez brings a history of executive experience at a major international financial services company. Please reduce your list by using the filtering tool to the left. 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. (2), Algeria (1), Investment Grade (2), Sweden Revised Senior Ratings Algorithm2015 Oil BustDefinition of Default and Rating SymbolsTrading Prices vs. Senior Vice President &Corporate ControllerMs. (1), South Carolina 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. This rating is assigned to less creditworthy carriers and securities by the ratings . (10), Hungary 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. 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. Mr. Fauber has also served as Head of Moodys Corporate Development. 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. He has also served as a director of several companies, contributing to his appreciation of corporate governance matters. (2), Lesotho 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. CreditEdge is also used by buy-side investors for relative value analysis. Previously, he served as Counsel for Dow Jones & Company from 1995 to 1999 during which he was responsible for SEC compliance, corporate finance, executive compensation, investor relations, and negotiating acquisitions, depositions and joint ventures. 1 (2), Congo, Democratic Republic of (DRC) Hogan has served as the companys Treasurer since September 2019. (2), Bulgaria From September 2009 to October 2012, Mr. Serafin served as General Manager at Tellme Networks, Inc., a telephone-based applications provider, following its acquisition by Microsoft Corporation. Previously, he was a Managing Director in the M&A groups at Deutsche Bank and Bank of America and held similar roles in the M&A groups at Citigroup and Donaldson, Lufkin & Jenrette. Ultimate Recovery Default Rate MethodologyMoodys 35 Industry Default, Migration, & LGD Second-Lien Debt Risk 2015 HY Ultimate Recovery US Distressed Exchanges, Dial the AT&T Direct Dial Access code for, We brought you to this page based on your search query. 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. (2), Brazil 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. Please complete your profile before submitting your comments. This page provides a central resource for Moodys research on default risks, impairment and loss rates, ratingtransitions and performance, and liquidity studies. (2), Netherlands 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. (1), California (1), North Carolina (2), Paraguay (2), Burundi default status of sele cted textile firm s is sourced fro m the audited an nual reports of selected textile firms fo r 15 years from 1 April 2004 to 31 st March 2019. He is responsible for all aspects of tax for Moodys and manages a global team of diverse professionals. 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. The maximum number of items you can export is 3,000. The statistics over the 36 year study period should give confidence to investors in highly rated bonds. (2), Pakistan Default Trends - Global: Compendium of 2021 corporate defaults. our global press information hotlines: New York +1-212-553-0376, Executive Vice President & General CounselJohn Goggins is Executive Vice President and General Counsel of Moodys Corporation. from St. Johns University School of Law. 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. Her various executive roles at Cisco Systems, Inc. allow her to bring extensive leadership experience and a strong background in information technology and business operations to the Board. (1), US Late Credit Cycle Risks A firm is defined to default if there is a record of nominal default and one or more post-default prices are observed. The principal methodology used in these ratings was "Rental Vehicle Securitizations Methodology" published in October 2021 and available at https://ratings.moodys . With default data going back to 1920, the Default & Recovery Database (DRD) allows you to look at how default experience varies at different points in the economic cycle. He is admitted to the New York State bar. (1584), Default Studies Moody's municipal ratings are opinions of the investment quality of the issues and issues in the US municipal and tax-exempt markets. 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. Retired Global Chairman of Financial Institutions GroupJPMorgan Chase & Co.Director since March 2019Thrse Esperdy, age 61, is a member of the Audit, Governance & Nominating and Compensation & Human Resources Committees of the Board of Directors. 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. 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. 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. (2), Greece . visit our web site at www.moodys.com. He is a Trustee at the University of Pennsylvania and a member of their board of overseers of the School of Engineering and Applied Science. 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 . Normal Convexity in Long-Term vs Short-Term Maturities. (6), Iceland (6), Comoros He also serves as the Chairman of the Audit Committee of The Bank Policy Institute. He is an actively involved diversity and inclusion leader and business partner, with a passion for creating a high performance and transparent culture, developing talent and fostering employee growth. The recovery rate is a risk-adjusted measure to right-size the. 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. Moodys SF Japan K.K. Mr. Kenney holds a BS in Accounting from the University of Scranton and is a Certified Public Accountant licensed in New York. 001-888-779-5833, So Paulo 0800-891-2518, or Buenos Aires (6), Jordan 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%. 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. Moodys Analytics helps financial institutions develop collaborative, auditable, repeatable, and transparent stress testing programs to meet regulatory demands. She is a graduate of Emory University. He also managed a global business with a presence in over 100 countries. Please complete your profile before submitting your comments. (1), ESG Credit and Sustainable Finance In this new report, Moody's forecasts that the rate will peak at 7.3% in March 2021, and then decline to 4.7% by December. (9), Indonesia 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. The last term is a measure for the probability that the firm defaults in period t + s, where t is the default probability at time t, . With the inclusion of sector data and default rates and the inclusion of market data, the default probabilities are more accurate and move more responsively to reflect the change in default rates as conditions change. Investment-grade companies have exhibited greater stability in terms of changes in credit quality and ratings. in government and psychology from Georgetown University. (2), Financial stability risks: implications of rising corporate leverage President, Moody's Investors Service Mr. West has served as President of Moodys Investors Service, Inc. since November 2019. Mr. Forlenza previously served on the board of the Advanced Medical Technology Association (AdvaMed), an international medical technology trade organization.Mr. (183), Insurance (2), Canada 4 Moody's Rating Methodology PDR Definition and Proposed Methodology Like Moody's long-term security ratings, corporate family ra tings (CFRs) are opinions about expected credit loss rates, i.e., the family's likelihood of default times its estimated average loss given default (LGD) over a blend of time horizons. 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. 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. A record-high amount of debt matures in 2023-27, and the amount due in the first few years is rising. He served as Chief Executive Officer of Moodys Investors Service from October 2007 to December 2020. 0800-666-3506. (2), Eswatini All rights reserved. Default Report. (1), Iowa 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. In this role, Ms. Alsop leads a range of strategic and operational initiatives that are vital to the companys success. Prior to joining Moodys, David spent ten years in Deloittes Assurance practice, with a focus on clients within the Telecom, Media and Technology sector. 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. Financial specialist with 5+ years of experience across quantitative research, macroeconomic analysis, and data science. DRA also publishes impairment and loss studies for structured finance sectors. Ms. Kazanjian holds a J.D. He is also a member of the Bretton Woods Committee (2022-present). 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. Moodys surpassed $6 billion in revenue for the first time and garnered recognition as a Fortune 500 company. London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong (7), Sri Lanka Ms Seidman has over 30 years of experience in the accounting profession, serving as a member of the Financial Accounting Standards Board (FASB) from 2003-2013, and as Chairman for approximately the last three years of her term. (5), Morocco "The recession induced by the coronavirus pandemic led to a rapid increase in defaults in 2020", says Moody's Vice President Sharon Ou. (2), Georgia (160), Recovery Studies Ba2/BB: This is the next rating down from the highest non-investment grade rating, regarded as speculative. (2), Belarus (6), Solomon Islands . (6), Burkina Faso (2), Albania MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. Prior to serving as CEO, Mr. Fauber served as Chief Operating Officer from November 2019 to December 2020, as President of Moodys Investors Service, Inc. from June 2016 to October 2019, as Senior Vice PresidentCorporate & Commercial Development of Moodys Corporation from April 2014 to May 2016, and was Head of the MIS Commercial Group from January 2013 to May 2016. In that role, she supervised the corporate investigations and anti-money laundering divisions and the companys regulatory examination program. (6), China (1), New Hampshire About. (1), Maryland She is also a key contributor to various Moodys diversity, equity and inclusion initiatives. (2), Laos (7), Economic and Monetary Community of Central Africa (CEMAC) (5), Growth: Macroeconomic outlook & insights on fiscal and monetary policies (1938), German Forlenza served as the chief executive officer of a public, global medical technology company for approximately nine years. He has also served on the Board of Directors of ICRA Limited, Moodys affiliate in India. We employed a forward intensity approach to predict the multi-period defaults of Chinese-listed firms during the period 2001-2019 on a monthly basis. Chief of StaffTameka Alsop is Managing Director, Chief of Staff to the CEO at Moodys Corporation and a member of the Executive Leadership Team. For example, the weight on financial information relative to behavioral information will be lower for a small private business than for a medium-sized enterprise. (1), Indiana 5 Moody's definition of default includes four types of credit events: - A missed or delayed disbursement of interest and/or principal; - Bankruptcy . (6), Puerto Rico He served as the Executive Group President, Group Leader, Civil and Commercial Group, from 2013 to 2016, as Executive Vice President, Client Services Officer, from 2009 to 2013, and as Vice President, Strategy and Organization, from 2000 to 2009. Consequently, we can approximate between 64,000 and a little over 100,000 mortgages will be at risk of a default in Louisiana over the next few months. (2), Antigua and Barbuda (2), Cambodia The trailing 12-month global speculative grade corporate default rate held steady at 2.6%. Moody's returned $116 million to its stockholders via dividend payments during the second quarter of 2021. In addition, his service since 2005 as a director of John Wiley & Sons, Inc., which develops, publishes and sells products in print and electronic media for the educational, professional, scientific, technical, medical and consumer markets worldwide, has provided him with perspective on public company governance issues. That rate, if realized, would exceed the historical average. (6), France Mr. West served as Managing DirectorHead of MIS Ratings and Research from June 2016 to October 2019. (5), Palau Dial the AT&T Direct Dial Access code for. (2), Latvia (9), Maldives Ms Hill has over 30 years of experience in business management and leading engineering and operations organizations. Contact: Charlotte Needham Manager, Senior Director - Ratings Performance Analytics +1-212-908-0794 Fitch Ratings, Inc. 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