(6), El Salvador (1), Illinois (1), Rhode Island (1), Vermont 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. (370), West African Economic and Monetary Union (UEMOA) Zig brings a wealth of experience to the board, strengthening the Companys focus on innovation and enhancing operational and technological skillsets.I am grateful to Rob Fauber for his leadership since becoming President and Chief Executive Officer of Moodys Corporation in January 2021. 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. Shivani holds an MBA from the Johnson School at Cornell University and a B.Sc. (2), Financial stability risks: implications of rising corporate leverage 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. 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. (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. (2), Bahrain At RBS, Mr. Van Saun served as Group Finance Director and as an executive director on the RBS board from 2009 to 2013. (2), Ethiopia Chief People OfficerMaral Kazanjian is the Chief People Officer of Moodys Corporation she is also a member of the Executive Leadership Team. He led Citizens to a successful initial public offering in September 2014, and full independence from RBS in October 2015. (975), Financial Institutions 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. (2), Latvia The speculative-grade corporate default rate will climb to 4.3% next year under our baseline forecast, up from 2.3% in September. All rights reserved. (6), Ecuador 23 Dec 2022. 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. (8), Organisation for Economic Co-operation and Development (OECD) (1), Florida 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), Idaho Default Report. Please reduce your list by using the filtering tool to the left. (2), Andorra "As central banks and governments responded rapidly with significant fiscal and monetary measures to mitigate the impact of the crisis, the pace of defaults also began to slow. 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. 12/31/2021: 31.57: 32.25: 11/30/2022: 5.44: 5.53: 12/31/2022: 0.67: 2.31: (6), Puerto Rico Breed currently serves as the Treasurer for the Skating Club of New York. (6), Comoros The aggregation is customized to each firm. (6), Solomon Islands (5), Palau 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. 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. US Credit Compass indicates further deterioration as lending standards tighten and sentiment worsens, The performance of Moody's corporate debt ratings Q2 2022, This publication provides updated measures of the, Corporate defaults more than double in August from the prior month. (10), Cocos (Keeling) Islands The markets looked to Moodys for our expertise and insights in navigating evolving credit conditions, and many organizations sought our help in making better, more informed decisions in financing, screening, lending, insuring and investing. (2), Chad During her tenure, the FASB established numerous accounting standards relating to financial instruments, including securitizations, derivatives and credit losses and worked with regulators and policy makers in the U.S., and in other major capital markets to develop consistent accounting standards. (6), Papua New Guinea He has served as Chairman and Chief Executive Officer of Citizens Financial Group, Inc. (Citizens), a large regional bank, since October 2013. (1), Oklahoma 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. Moody's returned $116 million to its stockholders via dividend payments during the fourth quarter of 2021. (6), Netherlands Antilles The maximum number of items you can export is 3,000. 001-888-779-5833, So Paulo 0800-891-2518, or Buenos Aires 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. (1), Nebraska Environmental, social and governance (ESG), cybersecurity and other emerging risks have become more relevant to our core business of credit and risk management, evidenced by increasingly and at times stark event-driven impacts on businesses and the communities they support.. (1), New Jersey She is a graduate of Emory University. (2), Liberia (2), Saint Kitts and Nevis our global press information hotlines: New York +1-212-553-0376, All rights reserved. You can also email us at [emailprotected] or (18), Colombia He holds an undergraduate degree in Economics and Business Administration from the University of Notre Dame and an MBA in Finance, Marketing and International Business from the Stern School of Business at New York University. (2), Bahamas - Off Shore 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. While 2021 was a year of challenges, it was also full of opportunities to invest and deliver for our customers. Mr. Forlenza served as BDs Chief Executive Officer from 2011 to January 2020 and President from 2009 to April 2017. The speculative-grade corporate default rate will rise to 4.5% in 12 months from 2.5% in October under our baseline forecasts. Inputs for Models: Utilize recovery pricing, rating changes at the issuer and security levels sourced from Moody's Investors Service and data for every stage of the credit cycle. (6), British Virgin Islands (9), Indonesia (2), Myanmar (1584), Default Studies 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. (3), Germany 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. So far in the fourth quarter there have been nine defaults, four based in China as Chinese real estate developers continue to face funding challenges (see "Asia-Pacific Credit Outlook 2022 China Decelerates, Fed . 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. (7), Grenada He served as President of Moodys Investors Service from 2016 to 2019 and was Head of Moodys Investors Services Global Commercial Group from 2013 to 2016, overseeing relationship management, product development, and strategy for the rating agency. (6), Turkmenistan (1), The Big Picture 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. She moved to the Commercial department in 2011, to focus on Structured Finance business development, including secondments to both the Hong Kong and New York offices.She also spent time in the Product Management Group with global responsibility for product related requests and initiatives linked to Structured Finance and investor requested products.Prior to joining Moody's, she was a Director at Lehman Brothers, specializing in Structured Finance origination and structuring. (2), Brazil 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. That rate, if realized, would exceed the historical average. (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. As the head of risk for a major global financial institution, he was involved in the debt restructuring of various sovereigns around the world. (1), SGL Monitor (2), Dominican Republic (1), Mississippi . (6), Syria (1), New Mexico June 2021 . 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), Mongolia This publication does not announce a credit rating action. (6), South Korea Prior to joining Moodys in 2013, Mr. Platt provided M&A and corporate finance advisory services to boards and companies across a wide range of industries. (2), Sierra Leone (2), Mali (2), Malawi (70), North Korea (1434), Latin America & Caribbean (56), North America Head of Global Corporate AffairsChristine Elliott is Managing Director - Head of Global Corporate Affairs. 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. (1), Minnesota (6), Denmark Mr. Tulenko joined Moodys in 1990. This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. 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. In 2021, 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. Subscribers can access the report at: http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1258722. (1), North Carolina (2), Namibia Mr. Platt holds an M.B.A. from The University of Chicago, a B.A. All rights reserved. (1), Investment Grade Her experiences and expertise enhance the Boards ability to oversee the Companys global operations and effectively manage risk. This, combined with Moodys experienced leadership and its talented and diverse workforce, will enable continued generation of enduring value for stockholders and other important stakeholders. 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. (9), Slovakia She previously held a variety of communications positions at American Express and was a journalist for ABC News, where she earned an Emmy award. The report is available on www.fitchratings.com or by clicking on the link above. She also held various leadership positions across the organization including roles in Business Process Management and Ratings Operations, Investor Relations, Structured Finance Surveillance, Public Finance, Business Planning and Revenue Accounting. (2), Canada She served as a Public Governor of the Financial Industry Regulatory Authority (FINRA). By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. (2), Congo, Republic of (ROC) Senior Vice President,Chief Strategy OfficerMr. (1), Pennsylvania Mr. Kapusta holds a Masters Degree (LL.M.) In 2021, Business Services and Hotel, Gaming & Leisure are expected to have the most defaults, followed by Oil & Gas. The statistics over the 36 year study period should give confidence to investors in highly rated bonds. DRA also publishes impairment and loss studies for structured finance sectors. (2), Brunei Darussalam 5 Moody's definition of default includes four types of credit events: - A missed or delayed disbursement of interest and/or principal; - Bankruptcy . (71), Rating Performance 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. 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. 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. (270), Uruguay (9), Commonwealth of Independent States (55), Micronesia in government and psychology from Georgetown University. (2), Costa Rica (6), Isle of Man (1), B3 Negative and Lower (2), Singapore in Tax from New York University School of Law and a J.D. Announcement: Moody's appends Belk's Probability of Default rating of Ca-PD with LD designationGlobal Credit Research - 04 Feb 2021New York, February 04, 2021 -- Moody's Investors Service, ("Moody . (2), Somalia We are focused on providing a world-class experience for our customers, anchored around their sense of value, to help expand our relationships with them as we meet their needs.I am confident that we will realize the benefits of our investments as we provide differentiated integrated solutions that accelerate our growth. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. 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