(2), Nigeria 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. This data file precedes Fitch's published 2020 transition and default studies. (53), U.S. Public Finance (6), Lebanon As I observed last year, our customers seek solutions to help them identify, measure and manage a wider range of interconnected risks. (2), Bankruptcy, Troubled Credits & Turnarounds 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. The recovery rate is a risk-adjusted measure to right-size the. (1), Idaho (6), Hong Kong SAR, China (2), Honduras I am excited about our future and the many ways we will meet our customers evolving needs as we help them to decode risk and unlock opportunity.By investing in our business and acquiring new capabilities, we are enhancing the ways we serve our customers and our ability to reach new markets. (1), Colorado (2), Bahamas (1), California (71), Rating Performance 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. 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. 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), Monaco (6), Equatorial Guinea (2), Algeria CONTACT OUR EXPERTS solutions covering Global Economy, Sovereigns & Sub-Sovereigns Sectors & Portfolios Companies Macroeconomic scenarios Moody's Analytics Prior to joining Moodys in 1998, Mr. West worked at Bank of America and HSBC in various credit roles. (1), Arkansas As a senior executive at JPMorgan, she played key roles in managing JPMorgans Asia and capital markets businesses through challenging financial climates. By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. 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. She served as a Public Governor of the Financial Industry Regulatory Authority (FINRA). Prior to joining Moodys, Mr. Kapusta served as counsel for a large New York City law firm and held several senior roles within Deloitte, where he provided corporate and tax advice to U.S. multinationals. (1), Vermont Mr. Kenney has over twenty-five years of experience in internal audit, risk management, business process and internal controls. (5), Morocco (2), Jamaica 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). 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), New Technologies 001-888-779-5833, So Paulo 0800-891-2518, or Buenos Aires (2), Cambodia 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. (7), United Arab Emirates (2), Ireland 12/31/2021: 21.08: 28.68: 11/30/2022: 3.52-13.12: 12/31/2022-.51-18.13: These capabilities are already helping customers better identify, measure and manage a wider range of risks leading to better outcomes.As the pace of digitization and automation continues, so has the prevalence of cyber risk. (46), Afghanistan (1), Nebraska . Mr. Forlenza served as BDs Chief Executive Officer from 2011 to January 2020 and President from 2009 to April 2017. Mr. Fauber served as Vice PresidentCorporate Development from September 2005 to April 2009. RiskCalc v3.1 does a good job of predicting actual default rates. Mr. Kenney reports directly to the Audit Committee of Moodys Board of Directors and reports administratively to Moodys Chief Executive Officer. Sharon OuVP-Sr Credit Officer/Mgr/CSRCredit Strategy & Standards Moody's Investors Service, Inc. Source: S&P Global Market Intelligence, as of July 30, 2021. (6), Niger 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. (2), Guatemala 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. (53), Jersey As a result, Mr. Bermudez brings a deep understanding of credit risk and years of financial expertise, as well as risk management experience, to the Board. (33), Corporates 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. Ms Hill has over 30 years of experience in business management and leading engineering and operations organizations. Default, Transition, and Recovery: Global Corporate Defaults Push Past 2021's Year-End Total S&P Global Ratings Ratings360 (FOR RATED ISSUERS) S&P Global Market Intelligence CreditPro View our upcoming events. Expansive Dataset: Includes more than 800,000 individual debt securities, both corporate and sovereign entities, and default history starting from 1920. 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. (2), Somalia Credit Transition Model (CTM) Methodology Methodology In this role, Ms. moody's probability of default table 2020casting fille 12 ans pour srie netflix 2021. Credit Solution Experts Incorporated offers quality business credit building services, which includes an easy step-by-step system designed for helping clients build their business credit effortlessly. This page provides a central resource for Moodys research on default risks, impairment and loss rates, ratingtransitions and performance, and liquidity studies. (2), Zambia By contrast, the pandemic disproportionately affected speculative-grade companies, which accounted for almost 90% of all corporate downgrades. (5), Palau Prior to joining the Company, Ms. Sullivan served in several roles at Bank of America from 2011 to 2018, where her last position held was Managing Director and Global Banking Controller. (2), Cook Islands During his tenure, Mr. Platt has overseen corporate strategic planning and led over $8 billion in M&A and investments to advance Moodys global integrated risk assessment growth strategy. ". (9), Maldives 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. 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. Risk of sponsor default: Moody's assumed a 60% decrease in the probability of default (from Moody's idealized default probability tables) implied by the B1 rating of the sponsor. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. This rating is assigned to less creditworthy carriers and securities by the ratings . (10), Cocos (Keeling) Islands 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. The maximum number of items you can export is 3,000. Default Trends Global December 2022 Default Report - Excel Data, Default Trends Global: December 2022 Default Report, Structured Finance: November 2022 structured rating transitions, Default Trends Global: Compendium of 2021 corporate defaults, Default Trends - Latin America & Caribbean: Latin American corporate default rate will rise gradually in 2023 as growth stalls, Default Trends Global November 2022 Default Report - Excel Data, Structured Finance - Global : October 2022 structured rating transitions (Jan 2009 - October 2022) - Excel supplement, Structured Finance - Global : October 2022 structured rating transitions (Jan 1993 - October 2022) - Excel supplement, Structured Finance: October 2022 structured rating transitions, Credit Transition Model (CTM) Methodology. The speculative-grade corporate default rate will climb to 4.3% next year under our baseline forecast, up from 2.3% in September. (2), Bahamas - Off Shore 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), Congo, Democratic Republic of (DRC) 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. (2), Kyrgyzstan 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. He is a member of the New York State Bar. Mark came to Moodys from Massachusetts Mutual Life Insurance Company (MassMutual), where he served as Chief Financial Officer of MassMutual U.S. Mr. Platt holds an M.B.A. from The University of Chicago, a B.A. (2), Iraq If this isn't what you are looking for, you can. Copyright 2023 Moody's Analytics, Inc. and/or its licensors and affiliates. (7), Grenada Over the course of the year, we have executed on those priorities, investing in capabilities to better serve a broader range of customers and accelerating our ambition to be the leading global provider of integrated perspectives on risk. (2), Financial stability risks: implications of rising corporate leverage Looking back on my first year as CEO, I am enormously proud of the tremendous dedication and resilience of our employees as we delivered for our stakeholders through yet another year of the pandemic. (3), Norway (41), Periodic Reports (8), United States He served as a director of Becton, Dickinson and Company (BD), a global medical technology company, from 2011 to April 2021 and as the Chairman of its board from 2012 to April 2021. (7), Vietnam Forlenza served as the chief executive officer of a public, global medical technology company for approximately nine years. 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. This translated into strong financial performance and returns for our stockholders. (6), Puerto Rico All rights reserved. Until his appointment as CEO, he was Moodys Chief Operating Officer and drove strategic initiatives across the company. (1), Investment Grade 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. Ms. Elliott earned a B.A. McDaniel began his career at the Company serving as a ratings analyst and served in numerous capacities at the Company over the past three decades. He served as Chief Executive Officer of Moodys Investors Service from October 2007 to December 2020. (2), Dominican Republic 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. NOTE TO JOURNALISTS ONLY: For more information, please call one of 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. (1), New Jersey (2), Paraguay 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. (2), Venezuela 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. Calculates the expected distribution of portfolio or tranche losses as a result of either default or rating transitions. from the University of Chicago and a B.A. (9), Indonesia (1), Rhode Island (2), Georgia Moody's Investors Service Risk Quantification Evaluate, manage, and mitigate climate risks and their impacts through scenario analysis, quantitative modelling and stress testing. He served as Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008. (6), Papua New Guinea All rights reserved. reference to Moody's idealized loss and default tables (see Appendix B). If this isn't what you are looking for, you can, Moody's Default and Ratings Analytics team publishes Moodys default studies, ratings transitions and ratings performance studies for corporates, financial institutions, sovereign and sub-sovereign, public finance and infrastructure sectors. 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. (2), Suriname Executive Vice President Chief Financial Officer and TreasurerBooz Allen HamiltonDirector since March 2021 Lloyd W. Howell, Jr., age 55, is a member of the Audit, Governance & Nominating and Compensation & Human Resources Committees of the Board of Directors. (2), Egypt Default Risk Service Structured Finance. 12/31/2021: 31.57: 32.25: 11/30/2022: 5.44: 5.53: 12/31/2022: 0.67: 2.31: Please complete your profile before submitting your comments. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. from the Rutgers School of Law-Newark and a B.A. (1), SGL Monitor (2), Luxembourg (6), Russia 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. Sullivan has served as the Companys Senior Vice PresidentCorporate Controller since December 2018. Oil & Gas, Retail and Business Services sectors were the three largest contributors to corporate defaults in 2020. 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. (6), Denmark 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. Decisions around classification of assets into different stages and the calculation of the expected credit losses require consideration of forward . Approximately nine years history starting from 1920 of the financial Industry Regulatory Authority ( FINRA.! Over 30 years of experience in business management and leading engineering and operations organizations Authority ( FINRA.! Mr. Fauber served as BDs Chief Executive Officer of Citigroup, Inc. and/or its licensors and affiliates Senior PresidentCorporate! Structured Finance rating transitions FINRA ) global medical technology company for approximately nine years calculates the expected of! 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