Flexibility: Provides universal identifiers, such as CUSIPs and SIC codes; primary keys for complex querying; and classifications for debt type, rating type, and region, as well as flags. Credit Transition Model (CTM) Methodology 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. (9), Tajikistan Prior to that, Mr. Van Saun held a number of senior positions with Bank of New York and later Bank of New York Mellon over an 11-year period. 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. (2), Laos (6), United Kingdom (2), Gambia In this role, Ms. Kazanjian is primarily responsible for setting and overseeing the execution of the Company's strategy to attract, grow, and retain extraordinary talent in service of our business. (1), Kentucky (2), Guyana This increases for the lowest investment grade credit rating 'BBB-' to 2.84%. Sharon OuVP-Sr Credit Officer/Mgr/CSRCredit Strategy & Standards Moody's Investors Service, Inc. 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). He additionally brings experience in areas such as strategic planning, business development and new product development. (1369), Global 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. (358), Africa: Emergence and transformation He also serves as the Chairman of the Audit Committee of The Bank Policy Institute. He also is a member of the advisory committees for Finance and Audit at OnePulse Foundation. He has served as Chairman and Chief Executive Officer of Citizens Financial Group, Inc. (Citizens), a large regional bank, since October 2013. Forlenza served as the chief executive officer of a public, global medical technology company for approximately nine years. 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. He joined Citizens from The Royal Bank of Scotland Group plc (RBS), a global banking and financial services group. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. 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%. Looking at the risk profile of the Swedish corporate bond market reveals several notable trends. (1361), Asia Pacific (58), Debt Sustainability (2), Venezuela (1), Coronavirus Effects (6), El Salvador About. 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. I would like to acknowledge the many contributions of my fellow board members, and welcome Zig Serafin, CEO of Qualtrics, to the Moodys board. (1), Hawaii Mark has an M.B.A. in Finance and a B.S.E. The probability of default (PD) is the probability of a borrower or debtor defaulting on loan repayments. #MobileRightColumnContainerE606C799DE50411EA1A0827D375551BB .subheading, #RightColumnContainerE606C799DE50411EA1A0827D375551BB .subheading {display: none;}. Former ChairmanFinancial Accounting Standards BoardDirector since December 2013Leslie F. Seidman, age 59, is Chairman of the Audit Committee and is a member of the Executive, Governance & Nominating and Compensation & Human Resources Committees of the Board of Directors. (2), Bahrain (2), Bankruptcy, Troubled Credits & Turnarounds 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. 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. (1), Ohio Oil & Gas, Retail and Business Services sectors were the three largest contributors to corporate defaults in 2020. Ms Hill has over 30 years of experience in business management and leading engineering and operations organizations. Dial the AT&T Direct Dial Access code for. 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. 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. All rights reserved. By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. (2), Benin 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. 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. (2), Kyrgyzstan Throughout 2021, the global pandemic continued to impact Moodys employees, customers, stockholders and communities. NOTE TO JOURNALISTS ONLY: For more information, please call one of (2), Guinea-Bissau (1), Connecticut Firstly, as seen in Panel A of Figure 1.3, the credit quality of Swedish bond issuances has been decreasing, both since 2000 but more notably since 2009 when the market began growing substantially.For bonds issued in 2021, the average value-weighted rating was just slightly above BBB-, the lowest . 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). (2), Lithuania 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. (9), Maldives . 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. 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. (6), Mercosur He led Citizens to a successful initial public offering in September 2014, and full independence from RBS in October 2015. 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. (2), Higher Rates, Slower Growth (1434), Latin America & Caribbean . Chairman & Chief Executive OfficerCitizens Financial Group, Inc.Director since March 2016 Bruce Van Saun, age 64, 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. 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. (2), Samoa Each credit rating agency sets a minimum bond rank to be classified as investment-grade: Standard & Poor's denotes bonds rated BBB- or higher as investment grade. (1), Arizona Please reduce your list by using the filtering tool to the left. (2), Antigua and Barbuda Moody's denotes bonds rated Baa3 or higher as investment grade. (3), The Credit Cycle Turns (2), Brunei Darussalam 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. Platt is SVP & Chief Strategy Officer for Moodys Corporation, with responsibility for Global Corporate Development and Corporate Affairs, which encompasses Global Communications and Branding, Corporate Social Responsibility and Government, Public & Regulatory Affairs. (2), Trinidad & Tobago (7), Sri Lanka Data for separately estimating the probability of default, loss given default, and overall expected loss, More than 800,000 individual debt securities. MOODYS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. (2), Tunisia He also served as chairman of that companys board for approximately eight years. CLICK HERE Contact & Support Nick Kraemer Head of Ratings Performance Analytics P. + 1 (212) 438-1698 E. nick.kraemer@spglobal.com (2), Norfolk Island 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. All data is derived from the Moody'sInvestors Serviceproprietary database of issuer, default, and recovery information. You have reached the daily limit of Research email sharings. (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. Dial the AT&T Direct Dial Access code for. (1), Colorado 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). Sector in-depth Refinancing risk rises for US companies as maturities peak, interest rates increase, economy weakens (2), Canada 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. (2), Kenya Following a year marked by one of the deepest recessions in the past 100 years, 2021 proved to be a year of better-than-expected economic recovery, despite the lingering COVID-19 pandemic. 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. Companies with weak credit quality will have the most trouble refinancing, raising default risk. (2), Paraguay Mr. Forlenza previously served on the board of the Advanced Medical Technology Association (AdvaMed), an international medical technology trade organization.Mr. Credit Strategy and Standards Index of Reference Documents. 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. Decisions around classification of assets into different stages and the calculation of the expected credit losses require consideration of forward . (2), Eswatini (183), Insurance 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. The statistics over the 36 year study period should give confidence to investors in highly rated bonds. From 2019 to 2021, Ms. Kazanjian held various people leadership roles at WeWork, leading into her role as Chief People Officer. Page 1 of 11 INTRODUCTION According to the United Nations Inter-Governmental Panel on Climate Change (IPCC), human-induced . (2), Fiji (1), Regulation of Financial Institutions (191), Rating Transition Studies In addition, she has previously worked as a CPA and is certified in cybersecurity oversight (2018) and ESG oversight (GCB.D, 2021). (8), Sovereign & Supranational Normal Convexity in Long-Term vs Short-Term Maturities. Van Saun currently serves as the chief executive officer and chairman of a U.S. bank. Important elements of this strategy in 2021 were the many investments made in new and evolving risk segments, including: cyber risk, Know Your Customer (KYC); Commercial Real Estate; Environmental, Social and Governance (ESG), and other high-growth adjacencies. 12/31/2021: 21.08: 28.68: 11/30/2022: 3.52-13.12: 12/31/2022-.51-18.13: This data file precedes Fitch's published 2020 transition and default studies. He previously served as the Companys President and Chief Executive Officer from April 2012 to December 2020, and served as the Chairman and Chief Executive Officer from April 2005 until April 2012. (1), Pennsylvania IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODYS PRIOR WRITTEN CONSENT.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODYS from sources believed by it to be accurate and reliable. "The recession induced by the coronavirus pandemic led to a rapid increase in defaults in 2020", says Moody's Vice President Sharon Ou. (2), Ireland (2), Cayman Islands As such, these ratings incorporate Moody's assessment of the default probability and loss severity of these issuers and issues. 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. While default risks are growing, the global speculative-grade default rate is not likely to rise sharply over the next 12 months. 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. President, Moody's AnalyticsStephen Tulenko serves as President for Moodys Analytics. The maximum number of items you can export is 3,000. 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