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. As such, these ratings incorporate Moody's assessment of the default probability and loss severity of these issuers and issues. Prior to this role, she managed the US Structured Finance Relationship Management team within the Commercial Group.She joined Moody's in 2008 as a European RMBS analyst in the Structured Finance team. (2), Burundi The probability of default (PD) is the probability of a borrower or debtor defaulting on loan repayments. (9), High Yield Interest (2), Thailand (2), Eritrea (2), Eswatini She served as a Public Governor of the Financial Industry Regulatory Authority (FINRA). He also served as chairman of that companys board for approximately eight years. As shown in Table 1 below for non-financial corporates domiciled in North America, the three major common drivers of a score that is worse than 'b-' are as follows: Table 1: Main Drivers of weak credit assessment for North American non-financial companies. (2), Laos Chief Financial OfficerMark Kaye is the Chief Financial Officer of Moodys Corporation with responsibility and oversight for all global financial activities. 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. (9), Indonesia (1), Tennessee Hogan has served as the companys Treasurer since September 2019. In that role, she supervised the corporate investigations and anti-money laundering divisions and the companys regulatory examination program. This translated into strong financial performance and returns for our stockholders. 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. 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. (6), Netherlands Antilles 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. (6), Ivory Coast (2), Benin Moody's Default and Ratings Analytics team publishes Moody's default studies, ratings transitions and ratings performance studies for corporates, financial institutions, sovereign and sub-sovereign, public finance and infrastructure sectors. (2), Canada in economics from the University of Virginia and his M.B.A. from the Johnson School of Management at Cornell University. It also enables you to identify factors contributing to default experience in each economic cycle. (2), Jamaica He is admitted to the New York State bar. Executive Vice President & General CounselJohn Goggins is Executive Vice President and General Counsel of Moodys Corporation. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. (2), Mali 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. (1), New York Our platform combines the Moody's Analytics Expected Default Frequency (EDF) model, which measures the probability that a firm will default in the next 12 months, with cutting-edge analytics to deliver tools that can provide early warning on your exposures. This publication does not announce a credit rating action. 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), Utah (2), Nepal Global speculative-grade corporate default rate was unchanged in November. Moodys Analytics offers a modular, flexible, and comprehensive IFRS 9 impairment solution that facilitates banks efforts to calculate and manage capital set asides for these provisions. 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. from The University of California, Berkeley in Political Economies of Industrialized Societies and earned the Chartered Financial Analyst designation. To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYS.To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYS IN ANY FORM OR MANNER WHATSOEVER.Moodys Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moodys Corporation (MCO), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moodys Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moodys Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. 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. (1), District of Columbia Despite this challenge, Moodys again achieved considerable success, and I am impressed with the ways in which the Company has sustained and, in many areas, enhanced its contribution to financial market efficiency, transparency and fairness.As the pandemic has highlighted the demand for understanding of the complex and interconnected risks facing markets, businesses and economies, Moodys has stepped up to the challenge through its strategy of offering an integrated and holistic perspective on risk for customers.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. Sector in-depth Refinancing risk rises for US companies as maturities peak, interest rates increase, economy weakens (6), Denmark (1), Virginia Mr. Hogan served as the companys Assistant Corporate Controller from September 2016 to September 2019. If this isn't what you are looking for, you can. You have reached the daily limit of Research email sharings. 12/31/2021: 31.57: 32.25: 11/30/2022: 5.44: 5.53: 12/31/2022: 0.67: 2.31: (6), United Kingdom You can also email us at [emailprotected] or 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. (2), Argentina 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. Mr. Bermudez joined Citigroup in 1975 and held leadership positions in other divisions, including equity investments, credit policy and corporate banking from 1984 to 1996. Chairman of the Board of DirectorsMoodys CorporationDirector since April 2003 Raymond W. McDaniel, Jr., age 64, has been the Chairman of the Board since January 2021. (1), Investment Grade TABLE OF CONTENTS INTRODUCTION 1 GOVERNANCE 2 STRATEGY 3 RISKS ASSOCIATED TO CLIMATE CHANGE 3 . (358), Africa: Emergence and transformation (370), West African Economic and Monetary Union (UEMOA) Prior to her time at JPMorgan, Ms Esperdy started her banking career at Lehman Brothers. (MJKK) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moodys Overseas Holdings Inc., a wholly-owned subsidiary of MCO. (2), Italy Click here to manage your preferences. in Communications and Political Science from the University of Michigan. At Moodys, we believe we play an important role in supporting a sustainable future, and that means we must support our people, our communities and our environment.In 2021, we published our inaugural Sustainability Report (available at about.moodys.io/sustainability-reports) highlighting our commitments, initiatives, and achievements.Our greatest asset is our people.We continue to advance our commitment to a diverse and inclusive work environment because we believe that a workforce with an array of backgrounds and experiences greatly contributes to the quality of our opinions, products and services.In 2021, we published multi-year goals for the diversity of our workforce, supported by a range of initiatives and programs that foster inclusion. Mr. Goggins holds a J.D. (6), Isle of Man 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. (9), Iran 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. Chief of StaffTameka Alsop is Managing Director, Chief of Staff to the CEO at Moodys Corporation and a member of the Executive Leadership Team. (2), Liechtenstein (2), Financial stability risks: implications of rising corporate leverage President, Moody's AnalyticsStephen Tulenko serves as President for Moodys Analytics. (2), Guatemala Mr. McDaniel served as the Companys Executive Vice President from April 2003 to January 2004, and as Senior Vice President, Global Ratings and Research from November 2000 until April 2003. (1), Massachusetts (2), Guinea-Bissau (2), Angola (6), Japan We achieved revenue growth of 16% and adjusted diluted EPS growth of 21%, our second consecutive year of over 20% growth amidst the pandemic.Moodys Investors Service (MIS) revenue grew 16% on the strength of buoyant issuance markets and our comprehensive coverage of global debt markets.Moodys Analytics (MA) revenue grew 16%, supported by 9% organic revenue growth, as well as several acquisitions. 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. Mr. Fauber joined Moodys in 2005 and has held multiple leadership roles at Moodys. For example, an A- rated bond has a probability of default over five years of 0.57%. As the head of risk for a major global financial institution, he was involved in the debt restructuring of various sovereigns around the world. (2), Latvia (6), Belize In this role, Ms. . Moody's Investors Service's 34th annual default study provides statistics on defaults, losses and rating transitions for corporate bond, loan and deposit issuers over the past year. (975), Financial Institutions Credit Transition Model (CTM) Methodology Head of Global Corporate AffairsChristine Elliott is Managing Director - Head of Global Corporate Affairs. He served in a variety of positions while at Deloitte, served as Global Director of Compliance for Take Two Interactive and Internal Auditor at Staff Builders Home Health Care.Mr. 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. Companies with weak credit quality will have the most trouble refinancing, raising default risk. Previously, Ms Seidman was the founder and managing member of a financial reporting consulting firm that served global financial institutions, law firms and accounting firms. Performance reflects expense reimbursements and/or fee waivers made in 2016, 2019, 2020, 2021 and 2022. (2), Leveraged She is responsible for the supervision of global regulatory and compliance interactions, the management of regulatory examinations and all centralized compliance functions. (3), Norway Calculates the expected distribution of portfolio or tranche losses as a result of either default or rating transitions. Prior to Cisco, Ms Hill had a number of engineering roles at various technology companies. (2), Mauritius Prior to Moodys, he held roles in alternative investments, corporate strategy & business development, and investment banking at Citi. 12/31/2021: 21.08: 28.68: 11/30/2022: 3.52-13.12: 12/31/2022-.51-18.13: from the Rutgers School of Law-Newark and a B.A. (6), Portugal President & Chief Executive OfficerRob Fauber became President and Chief Executive Officer of Moodys Corporation on January 1, 2021 and was elected to the Board of Directors effective October 22, 2020. (2), Bulgaria (6), Slovenia While default risks are growing, the global speculative-grade default rate is not likely to rise sharply over the next 12 months. (2), Chad (1), Hawaii Kumar KanthanSenior Vice President[emailprotected] Sharon OuVice President - Senior Credit Officer[emailprotected], Dial the AT&T Direct Dial Access code for, We brought you to this page based on your search query. KMV (currently part of Moody's Analytics) has developed hybrid approaches (Sobehart, J. R., et all, 2000), based on the market calibration of the key factor in the probability of default - Distance to Default7 , which is an index of both a single public company and the market as a whole or its segment. (1), Connecticut Access Default & Recovery Database, Already subscribed? All rights reserved. (1434), Latin America & Caribbean He has previously served on the boards of The Royal Bank of Scotland Group plc and National Westminster Bank, Plc, each an RBS affiliate, from October 2009 to October 2013. (1), Maine 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. Ms. In addition, she has previously worked as a CPA and is certified in cybersecurity oversight (2018) and ESG oversight (GCB.D, 2021). (2), Australia JOURNALISTS : 1 212 553 0376Client Service : 1 212 553 1653, Releasing Office :Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007U.S.A.JOURNALISTS : 1 212 553 0376Client Service : 1 212 553 1653. 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. 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. 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. And, as our customers increasingly seek to understand and quantify the risk of a cyber attack in their organizations and across their supply chains, we made a $250 million investment in BitSight, a leading provider of cyber security risk ratings.All of these initiatives translated into impressive financial performance and continued strong returns for our stockholders. Crystallisation of tail risks can drive large shifts in credit conditions, The COVID-19 pandemic and Russia's invasion of Ukraine demonstrate that when. 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. He also serves as the Chairman of the Audit Committee of The Bank Policy Institute. 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. (1), The Big Picture Chief People OfficerMaral Kazanjian is the Chief People Officer of Moodys Corporation she is also a member of the Executive Leadership Team. (100), Other Studies (1), Colorado (1), Alaska (2), Dominican Republic The table shows the probability of default given the term to maturity. (1), South Dakota (2), Cyprus (2), Sao Tome and Principe (6), India Already subscribed an A- rated bond has a probability of default over five years of %... The probability of default ( PD ) is the probability of default over five years 0.57... Shifts in credit conditions, the COVID-19 pandemic and Russia 's invasion Ukraine... Here to manage your preferences in 2016, 2019 moody's probability of default table 2021 2020, 2021 and 2022 translated... 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