(58), Debt Sustainability Senior Vice PresidentChief Information OfficerMona Breed is the Chief Information Officer (CIO) of Moodys Corporation. (7), Economic and Monetary Community of Central Africa (CEMAC) (2), Venezuela This data file precedes Fitch's published 2020 transition and default studies. Contact: Charlotte Needham Manager, Senior Director - Ratings Performance Analytics +1-212-908-0794 Fitch Ratings, Inc. Hearst Tower 300 57th St New York, NY 10019 Jake Han (2), Zambia 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. (5), Growth: Macroeconomic outlook & insights on fiscal and monetary policies (1584), Default Studies (6), Philippines (1), Maine 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. TABLE OF CONTENTS INTRODUCTION 1 GOVERNANCE 2 STRATEGY 3 RISKS ASSOCIATED TO CLIMATE CHANGE 3 . 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. 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. 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. All rights reserved. (2), Republic of Moldova It also enables you to identify factors contributing to default experience in each economic cycle. Moodys continues to garner recognition for its diversity, equity and inclusion achievements, including from the Human Rights Campaign Foundation, Bloomberg Gender Equality Index and Working Mother. (4), Infrastructure Renewal and Investment 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. (2), Canada 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. Moody's Investors Service provides investors with a comprehensive view of global debt markets through credit ratings and research. He has served as Chairman and Chief Executive Officer of Citizens Financial Group, Inc. (Citizens), a large regional bank, since October 2013. 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. (2), Leveraged For example, an A- rated bond has a probability of default over five years of 0.57%. "The recession induced by the coronavirus pandemic led to a rapid increase in defaults in 2020", says Moody's Vice President Sharon Ou. Prior to joining Moodys, Mr. Fauber served in several roles at Citigroup and its investment banking subsidiary Salomon Smith Barney from 1999 to 2005. The maximum number of items you can export is 3,000. (167), Structured Finance 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. Retired Senior Vice PresidentCisco Systems Inc.Director since October 2011Kathryn M. Hill, age 65, is Chairman of the Compensation & Human Resources Committee and is a member of the Executive, Audit and Governance & Nominating Committees of the Board of Directors. Decisions around classification of assets into different stages and the calculation of the expected credit losses require consideration of forward . Credit Strategy and Standards Index of Reference Documents. Once again, our employees powered through the pandemic, working together to support each other and our customers with passion and commitment. (1271), Europe, Middle East & Africa (10), Cocos (Keeling) Islands 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. She served as a Public Governor of the Financial Industry Regulatory Authority (FINRA). She is also a key contributor to various Moodys diversity, equity and inclusion initiatives. 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. - statistical model . (10), Eurozone (1434), Latin America & Caribbean (2), Congo, Republic of (ROC) Prior to his work at MassMutual, Mark held a range of senior finance leadership roles at Voya Financial (formerly ING U.S.). Allows users to calculate the probability that any specific credit will cross a predefined threshold by a particular date. He has extensive executive experience, having formerly held several additional senior management positions at banks. Moody's Investors Service analysts use this data to produce the Annual Default Study, read by market participants globally. For full year 2021, Moody's repurchased 2.2 million shares at a total cost of $750 million, or an average cost of $336.58 per share, and issued net 0.8 million shares as part of its employee stock-based compensation programs. (1), District of Columbia (1), Tennessee 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. (2), Higher Rates, Slower Growth It also enables you to identify factors contributing to default experience in each economic cycle. (2), Honduras Ms. Alsop has more than 20 years of experience helping drive positive change and business results at Moodys. (6), Mercosur (2), Antigua and Barbuda There were differences in default rates across sectors. She held various executive roles at JPMorgan Chase & Co. (JPMorgan) from 1997 through 2015, including Global Chairman of Financial Institutions Group, Co-Head of Banking, Asia Pacific, and Head of Global Debt Capital Markets. This translated into strong financial performance and returns for our stockholders. (1), Illinois He currently serves as President of the Moodys Foundation and is a member of the Board of Directors of BitSight Technologies, Inc. (2), Bankruptcy, Troubled Credits & Turnarounds Mr. Forlenza joined BD in 1980 and served in a number of different capacities, including strategic planning, business development, research and development, and general management in each of BDs segments and in overseas roles. That rate, if realized, would exceed the historical average. 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. At RBS, Mr. Van Saun served as Group Finance Director and as an executive director on the RBS board from 2009 to 2013. Ms Esperdy currently serves as the Non-Executive Chairman of Imperial Brands PLC (January 2020-present), where she was a Non-Executive Director and then Senior Independent Director (July 2016-December 2019). As I observed last year, our customers seek solutions to help them identify, measure and manage a wider range of interconnected risks. The probability of default (PD) is the probability of a borrower or debtor defaulting on loan repayments. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. He served as Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008. (1), Ohio Chief Compliance OfficerHelene Gurian joined Moodys in 2010 and is the companys Chief Compliance Officer. (2), Mauritius (6), Cayman Islands - Off Shore (1), Minnesota Prior to joining Moodys in 1998, Mr. West worked at Bank of America and HSBC in various credit roles. Prior to joining Moodys, Ms. Gurian held executive positions in the Compliance Department of Prudential Financial, including Chief Compliance Officer for Prudentials insurance broker-dealer, and, subsequently for their corporate centers. 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. He also managed a global business with a presence in over 100 countries. from the Rutgers School of Law-Newark and a B.A. CreditEdge is also used by buy-side investors for relative value analysis. I would like to acknowledge the many contributions of my fellow board members, and welcome Zig Serafin, CEO of Qualtrics, to the Moodys board. Earlier in his career, he was also responsible for the research strategy for the ratings businesses and before that led Corporate Finance for the EMEA Region, European Corporates and the EMEA leveraged finance business. (2), San Marino Chief People OfficerMaral Kazanjian is the Chief People Officer of Moodys Corporation she is also a member of the Executive Leadership Team. 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. (2), Trinidad & Tobago (2), New Caledonia (1), Wyoming From April 2009 through April 2014, he served as Senior Vice PresidentCorporate Development of Moodys Corporation. (2), Kyrgyzstan As such, these ratings incorporate Moody's assessment of the default probability and loss severity of these issuers and issues. Moodys Analytics helps financial institutions develop collaborative, auditable, repeatable, and transparent stress testing programs to meet regulatory demands. (1938), German 19 Dec 2022. (1), ESG Credit and Sustainable Finance (10), Gulf Cooperation Council (2), Romania (1), Montana Data for separately estimating the probability of default, loss given default, and overall expected loss, More than 800,000 individual debt securities. 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. By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. (3), Norway Financial performance and returns for our stockholders to help them identify, measure and a. 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