(1), North Carolina (18), Colombia By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. 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. (2), Guyana (1), Wisconsin There were differences in default rates across sectors. (6), El Salvador 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. She is also a member of the Dell, Zoom and AWS North American Customer Advisory Boards, and sits on the AEA Investors LP Senior Advisory Council. Subscribers can access the report at: http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1258722. (1), Nebraska Default & Recovery Database | Moody's Analytics Default & Recovery Database 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. Within financial markets, an asset's probability of default is the probability that the asset yields no return to its holder over its lifetime and the asset price goes to zero. (1), Mississippi He enjoys spending time with his family and is a licensed pilot. 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 (2), Kazakhstan (2), Lesotho (2), Financial stability risks: implications of rising corporate leverage 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. (183), Insurance Prior to her position as Chief of Staff, Ms. Alsop was Managing Director, Head of US Financial Institutions Relationship Management at Moodys Investors Service, where she built customer relationships with institutions to grow coverage and revenue, as well as expanded relationships with existing issuers and intermediaries. (1), Regulation of Financial Institutions As a result, he brings to the Board a deep understanding of the Companys business and operations as well as a historical perspective on the Companys strategy. (2), Ireland 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. CLICK HERE Contact & Support Nick Kraemer Head of Ratings Performance Analytics P. + 1 (212) 438-1698 E. nick.kraemer@spglobal.com Mr. Hogan served as the companys Assistant Corporate Controller from September 2016 to September 2019. (6), Russia 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. (53), U.S. Public Finance MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). (2), Fiji His service as a director also contributes to his focus on corporate governance matters. (4), Infrastructure Renewal and Investment In addition to serving international credit markets, we expanded our support for domestic markets and began offering local credit ratings in Brazil as part of the ongoing expansion of our Moodys Local business across Latin America. (2), Trinidad & Tobago From 2019 to 2021, Ms. Kazanjian held various people leadership roles at WeWork, leading into her role as Chief People Officer. (1), Kansas Once again, our employees powered through the pandemic, working together to support each other and our customers with passion and commitment. Study shows repeated company defaults usually reflect prolonged industry stress. (2), Nepal A record-high amount of debt matures in 2023-27, and the amount due in the first few years is rising. 001-888-779-5833, So Paulo 0800-891-2518, or Buenos Aires Mr. Goggins joined the firm in 1999 as Vice President and Associate General Counsel. (72), Funds & Asset Management As a senior executive at JPMorgan, she played key roles in managing JPMorgans Asia and capital markets businesses through challenging financial climates. (6), Turkmenistan (1434), Latin America & Caribbean Investment-grade companies have exhibited greater stability in terms of changes in credit quality and ratings. 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. She served as a Public Governor of the Financial Industry Regulatory Authority (FINRA). (6), Equatorial Guinea 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. (2), Romania (6), France Ms. Kazanjian holds a J.D. (2), Senegal (70), New Zealand The maximum number of items you can export is 3,000. (6), Bosnia and Herzegovina (2), Bermuda http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1258722. The recovery rate is a risk-adjusted measure to right-size the. in Statistics and Actuarial Science, both from the Wharton School at the University of Pennsylvania, and is a Fellow of the Society of Actuaries. 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. (2), Haiti AND/OR ITS AFFILIATES. (1), SGL Monitor MOODYS ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. Prior to that, from July 2009 to October 2016, Mr. Serafin served as a Corporate Vice President at Microsoft Corporation, a multi-national technology company. (1584), Default Studies (2), Australia (1), New Jersey (2), Eswatini 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. (8), United States 0800-666-3506. (1), Colorado Senior Vice President &Corporate ControllerMs. Ms. Alsop currently serves on the Trident American Dreams Advisory Board and is a founding member of the Womens Business Resource Group at Moodys. In 2021, Ms. 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. Mr. Fauber joined the Board of Directors in October 2020 and he currently serves on the Executive Committee of the Board of Directors. (6), Papua New Guinea (2), Leveraged (6), Hong Kong SAR, China (2), Israel 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.. (826), Sub-Sovereign 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. 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. Clients frequently use this data to conduct credit research as well as build and update credit risk models, particularly those focused on probability of default and loss given default. I would like to acknowledge the many contributions of my fellow board members, and welcome Zig Serafin, CEO of Qualtrics, to the Moodys board. (2), Guatemala David is a graduate of Rutgers University School of Business and has a New Jersey State CPA. Prior to joining Moodys, Mr. Fauber served in several roles at Citigroup and its investment banking subsidiary Salomon Smith Barney from 1999 to 2005. All rights reserved. Exposure at default is an estimated value that predicts the amount of loss a bank may experience when a debtor defaults on a loan. 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. (6), Uzbekistan 19 Dec 2022. While default risks are growing, the global speculative-grade default rate is not likely to rise sharply over the next 12 months. (370), West African Economic and Monetary Union (UEMOA) CONTACT OUR EXPERTS solutions covering Global Economy, Sovereigns & Sub-Sovereigns Sectors & Portfolios Companies Macroeconomic scenarios Moody's Analytics He held the additional titles of President from November 2001 to August 2007 and December 2008 to November 2010 and Chairman from October 2007 until June 2015. He is a current member of The Clearing House supervisory board and also serves on the board of the Federal Reserve Bank of Boston. (2), Norfolk Island 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. This page provides a central resource for Moodys research on default risks, impairment and loss rates, ratingtransitions and performance, and liquidity studies. All rights reserved. (1), Maine 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. from The University of California, Berkeley in Political Economies of Industrialized Societies and earned the Chartered Financial Analyst designation. Sharon OuVP-Sr Credit Officer/Mgr/CSRCredit Strategy & Standards Moody's Investors Service, Inc. (2), Costa Rica (2), New Caledonia He was a member of the Texas A&M Foundation Board of Trustees (2014-2021). 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. (41), Periodic Reports From 1992 to 1996, Mr. Fauber worked at NationsBank (now Bank of America) in the middle market commercial banking group.Mr. (2), Cayman Islands 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. 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. 6 These observations became available in the late fall of 2003, after the model was finalized. You have reached the daily limit of Research email sharings. This page provides a central resource for Moodys research on default risks, impairment and loss rates, ratingtransitions and performance, and liquidity studies. 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. He is a member of the New York State Bar. He currently serves as President of the Moodys Foundation and is a member of the Board of Directors of BitSight Technologies, Inc. All rights reserved. The markets looked to Moodys for our expertise and insights in navigating evolving credit conditions, and many organizations sought our help in making better, more informed decisions in financing, screening, lending, insuring and investing. All rights reserved. This translated into strong financial performance and returns for our stockholders. Chief Financial OfficerMark Kaye is the Chief Financial Officer of Moodys Corporation with responsibility and oversight for all global financial activities. Calculates the expected distribution of portfolio or tranche losses as a result of either default or rating transitions. Dial the AT&T Direct Dial Access code for, We brought you to this page based on your search query. Five Moodys-rated corporate issuers defaulted in November, down from the upwardly revised 10 defaulters in October. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, the Association of Former Students, Texas A&M University from 2005 to 2012, the American Institute of Architects for the entirety of 2015, the Electric Reliability Council of Texas from 2010 to 2016. 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. Chief Executive OfficerQualtrics International Inc.Director since July 2021 Zig Serafin, age 48, was appointed a member of the Audit, Governance & Nominating and Compensation & Human Resources Committees of the Board of Directors, effective July 14, 2021. She previously held a variety of communications positions at American Express and was a journalist for ABC News, where she earned an Emmy award. (160), Recovery Studies 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. 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. (2), Albania (7), Macao SAR, China (1), Montana As such, these ratings incorporate Moody's assessment of the default probability and loss severity of these issuers and issues. 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.
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