(6), Equatorial Guinea He currently serves on the Executive Committee of the Board of Directors. He has extensive executive experience, having formerly held several additional senior management positions at banks. 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. in economics and history from Amherst College. 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. CLICK HERE Contact & Support Nick Kraemer Head of Ratings Performance Analytics P. + 1 (212) 438-1698 E. nick.kraemer@spglobal.com 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. (2), Cuba (3), The Credit Cycle Turns from Pennsylvania State University and is a certified project management professional. 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. (6), United Kingdom 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), Sweden 001-888-779-5833, So Paulo 0800-891-2518, or Buenos Aires 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. Mr. Bermudez currently is the Chairman of the Smart Grid Center Board at Texas A&M University, and also serves on the Board of Directors of AB Mutual Funds, overseeing approximately 70 funds within the mutual fund complex (January 2020-present). I am very proud that our expertise and focus on supporting credit markets was recognized by Institutional Investor as Best Credit Rating Agency for the tenth consecutive year.We also significantly expanded the ways we are helping markets better understand ESG issues, including the risks and opportunities around climate change. (2), Eswatini (2), Kazakhstan He joined Citizens from The Royal Bank of Scotland Group plc (RBS), a global banking and financial services group. Five Moodys-rated corporate issuers defaulted in November, down from the upwardly revised 10 defaulters in October. 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. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. Mr. Fauber joined the Board of Directors in October 2020 and he currently serves on the Executive Committee of the Board of Directors. (2), Turks and Caicos Islands He also has a strong background in information systems and cyber-related matters. (2), Saudi Arabia (2), Mexico (1), Nebraska in economics from the University of Virginia and his M.B.A. from the Johnson School of Management at Cornell University. Normal Convexity in Long-Term vs Short-Term Maturities. (1), Maryland Providing trusted insights and standards that help decision makers act with confidence. He enjoys spending time with his family and is a licensed pilot. (2), Ukraine #MobileRightColumnContainerE606C799DE50411EA1A0827D375551BB .subheading, #RightColumnContainerE606C799DE50411EA1A0827D375551BB .subheading {display: none;}. (2), Senegal As a senior executive at JPMorgan, she played key roles in managing JPMorgans Asia and capital markets businesses through challenging financial climates. (1), Montana Mr. Fauber joined Moodys in 2005 and has held multiple leadership roles at Moodys. A firm is defined to default if there is a record of nominal default and one or more post-default prices are observed. Ms. Elliott earned a B.A. (8), Armenia Moody's municipal ratings are opinions of the investment quality of the issues and issues in the US municipal and tax-exempt markets. 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. Retired Chief Risk OfficerCitigroup, Inc.Director since April 2011Jorge A. Bermudez, age 70, is a member of the Audit, Governance & Nominating and Compensation & Human Resources Committees of the Board of Directors. (2), Iraq Before Moodys Analytics was formed in 2008, Mr. Tulenko developed extensive customer experience and held several leadership roles in sales, product development and marketing within Moodys. Mr. Goggins joined the firm in 1999 as Vice President and Associate General Counsel. (1369), Global from The University of California, Berkeley in Political Economies of Industrialized Societies and earned the Chartered Financial Analyst designation. (6), Philippines 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. Subscribers can access the report at: http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1258722. from the University of Chicago and a B.A. 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), New Mexico In 2020, only 2.1% of investment-grade companies fell to speculative grade despite an extremely difficult business environment. 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. (91), Austria 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. (1), Regulation of Financial Institutions 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. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). (1), Coronavirus Effects The table shows the probability of default given the term to maturity. MOODYS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. Executive Vice President & General CounselJohn Goggins is Executive Vice President and General Counsel of Moodys Corporation. Moody's denotes bonds rated Baa3 or higher as investment grade. Weekly Market Outlook Markets, Bankers and Analysts Differ on 2021's . 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. Hogan has served as the companys Treasurer since September 2019. 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. Senior Vice President,Chief Strategy OfficerMr. (2), Kenya (2), Bankruptcy, Troubled Credits & Turnarounds (2), Lesotho (1), New Technologies (1), California Prior to becoming chief executive officer, he was the chief operating officer and held various additional roles. (1), Pennsylvania (1), Arizona Using Moody's Analytics probability of default models, we see credit deterioration across firms of all sizes and industries. These impressive results are the product of the many investments we have made in our people and our offerings and speak to the value that customers place on our expertise and solutions. 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), Dominican Republic The maximum number of items you can export is 3,000. 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. To help address the emerging cyber risk segment, in 2021 Moodys invested and partnered with BitSight, a pioneer in cybersecurity ratings and analytics. (1), South Carolina (2), Argentina Mr. Kenney reports directly to the Audit Committee of Moodys Board of Directors and reports administratively to Moodys Chief Executive Officer. 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