That rate, if realized, would exceed the historical average. 12/31/2021: 21.08: 28.68: 11/30/2022: 3.52-13.12: 12/31/2022-.51-18.13: Chief of StaffTameka Alsop is Managing Director, Chief of Staff to the CEO at Moodys Corporation and a member of the Executive Leadership Team. 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. Moody's returned $116 million to its stockholders via dividend payments during the fourth quarter of 2021. TABLE OF CONTENTS INTRODUCTION 1 GOVERNANCE 2 STRATEGY 3 RISKS ASSOCIATED TO CLIMATE CHANGE 3 . He also served on the boards of ConvergEx Inc. from May 2007 to October 2013, Direct Line Insurance Group plc from April 2012 to October 2013 and WorldPay (Ship Midco Limited) from July 2011 to September 2013, and on the franchise board of Lloyds of London from September 2012 to May 2016.Mr. Ms. He also managed a global business with a presence in over 100 countries. (1), Virginia You can also email us at [emailprotected] or Senior Vice President,Chief Strategy OfficerMr. 15 Dec 2022. (2), Thailand (1), Kansas 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. Mr. Forlenza has also served since August 2021 as a director of MARABio Systems Inc., a startup company developing a diagnostic test for autism. Allows users to calculate the probability that any specific credit will cross a predefined threshold by a particular date. (1), Massachusetts 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. Moodys Analytics helps financial institutions develop collaborative, auditable, repeatable, and transparent stress testing programs to meet regulatory demands. Revised Senior Ratings Algorithm2015 Oil BustDefinition of Default and Rating SymbolsTrading Prices vs. (2), Cuba 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. The speculative-grade corporate default rate will rise to 4.5% in 12 months from 2.5% in October under our baseline forecasts. 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. (2), Trinidad & Tobago 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), Saudi Arabia (270), Uruguay (6), Isle of Man (2), Jamaica Investment-grade companies have exhibited greater stability in terms of changes in credit quality and ratings. Previously, Mr. West served as Managing DirectorHead of Global Structured Finance from February 2014 to May 2016 and Managing DirectorHead of Global Corporate Finance from January 2010 to January 2014. 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. (8), Organisation for Economic Co-operation and Development (OECD) Product development work and acquisitions complemented and enhanced investments in Moodys core credit ratings and research offerings, data and analytic capabilities, and will help ensure the continued relevance and value of these offerings to customers.The acquisition of RMS established Moodys as a leader in insurance and data analytics and brought valuable new expertise in modeling extreme weather and climate risk, as well as other catastrophes. (2), Lesotho He currently serves as President of the Moodys Foundation and is a member of the Board of Directors of BitSight Technologies, Inc. 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. Mr. Kapusta started his career in government, where he served as a senior court attorney for the New York State Supreme Court, Appellate Division, Second Department. 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. (2), Guyana (1), Coronavirus Effects Global speculative-grade default rate to peak at 7.3% in March before declining to 4.7% at year-end, Number of defaults likely will fall over the course of 2021, as economies recover. (2), Dominican Republic (5), Growth: Macroeconomic outlook & insights on fiscal and monetary policies He has also served on the Board of Directors of ICRA Limited, Moodys affiliate in India. (2), Bahamas - Off Shore (1), District of Columbia (7), Vietnam (1), New Mexico Dial the AT&T Direct Dial Access code for. Mr. Fauber joined the Board of Directors in October 2020 and he currently serves on the Executive Committee of the Board of Directors. (6), Puerto Rico 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. There were differences in default rates across sectors. He is responsible for overseeing Moodys capital allocation and long-term financing strategies, and managing cash and short-term investments to support Moodys operations and growth. Managing this risk is critical to informing key strategic decisions from security initiatives to capital allocation given that its reach extends across supply chains. (1), Michigan (2), Gibraltar 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. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). We held over 13,000 customer engagement meetings, a 12% increase over 2020. (2), Nigeria . He additionally brings experience in areas such as strategic planning, business development and new product development. Methodology (56), North America (6), Bosnia and Herzegovina 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. (1), Utah Additionally, DRA publishes analytical research reports on topics that are of interest to broader fixed-income markets community.. Ms Hill has over 30 years of experience in business management and leading engineering and operations organizations. reference to Moody's idealized loss and default tables (see Appendix B). (2), Honduras As a result of holding these positions, Mr. Van Saun brings financial expertise, management experience and experience managing a business in a highly regulated industry both in the U.S. and in Europe. Ms. 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. All rights reserved. About. He enjoys spending time with his family and is a licensed pilot. We employed a forward intensity approach to predict the multi-period defaults of Chinese-listed firms during the period 2001-2019 on a monthly basis. This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. A firm is defined to default if there is a record of nominal default and one or more post-default prices are observed. (2), Guinea-Bissau From 1992 to 1996, Mr. Fauber worked at NationsBank (now Bank of America) in the middle market commercial banking group.Mr. We see our role as a corporate citizen to help build a world where more people have access to opportunity and where everyone has the resources to grow and thrive. 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. He served as Senior Managing Director, Global Ratings and Research, of Moodys Investors Service from November 2000 until November 2001 and as Managing Director, International from 1996 to November 2000. 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. At RBS, Mr. Van Saun served as Group Finance Director and as an executive director on the RBS board from 2009 to 2013. As the head of risk for a major global financial institution, he was involved in the debt restructuring of various sovereigns around the world. The table shows the probability of default given the term to maturity. (100), Other Studies from Pennsylvania State University and is a certified project management professional. in Statistics and Actuarial Science, both from the Wharton School at the University of Pennsylvania, and is a Fellow of the Society of Actuaries. (370), West African Economic and Monetary Union (UEMOA) (2), Liberia (358), Africa: Emergence and transformation (9), Poland Supports risk assessment of specific credit default swaps (CDS), bonds, and loans. She is also a key contributor to various Moodys diversity, equity and inclusion initiatives. (2), Ukraine (2), Eritrea LONDON, March 10, 2021 - Moody's ESG Solutions Group today announced the launch of Climate Solutions, a comprehensive product suite that provides market participants with enhanced risk measurement and evaluation tools to better understand, quantify and manage climate risks and opportunities.Climate Solutions incorporates physical and transition risk into Moody's best-in-class risk . If this isn't what you are looking for, you can. 23 Dec 2022. 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. Mr. Kenney is responsible for overseeing Moodys Global Internal Audit function, including providing an independent oversight function that evaluates the processes and controls over the organizations financial, technology, ratings and operational activities. 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 Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008. Crystallisation of tail risks can drive large shifts in credit conditions, The COVID-19 pandemic and Russia's invasion of Ukraine demonstrate that when. (2), Italy In 2021, Ms. 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. Senior Vice PresidentChief Information OfficerMona Breed is the Chief Information Officer (CIO) of Moodys Corporation. (91), Nicaragua Mark came to Moodys from Massachusetts Mutual Life Insurance Company (MassMutual), where he served as Chief Financial Officer of MassMutual U.S. (2), Alabama 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. 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