(2), Cook Islands Subscribers can access the report at: http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1258722. (2), Luxembourg 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. AND/OR ITS AFFILIATES. He is also a member of the Washington Economics Club.Mr. (2), Georgia (41), Periodic Reports (2), Guam (1), Oklahoma I would like to acknowledge the many contributions of my fellow board members, and welcome Zig Serafin, CEO of Qualtrics, to the Moodys board. The maximum number of items you can export is 3,000. 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. Mr. Serafin joined Qualtrics in October 2016 as Chief Operating Officer. She is a graduate of Emory University. Default Trends - Latin America & Caribbean: Latin American corporate default rate will rise gradually in 2023 as growth stalls. (2), Panama 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. (2), San Marino 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. 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. He is a current member of The Clearing House supervisory board and also serves on the board of the Federal Reserve Bank of Boston. 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. He currently serves on the Executive Committee of the Board of Directors. Default, Transition, and Recovery: The U.S. Speculative-Grade Corporate Default Rate Could Reach 7% By December 2021 Ratings Performance Analytics: Nick W Kraemer, Jon Palmer, Kirsten R Mccabe Research Contributor: Shripati Pranshu Sector Default Transition & Recovery View Analyst Contact Information Table of Contents Key Takeaways Dial the AT&T Direct Dial Access code for. (2), Greece (1), New Jersey This data file precedes Fitch's published 2020 transition and default studies. (2), Higher Rates, Slower Growth Shivani holds an MBA from the Johnson School at Cornell University and a B.Sc. She is also a key contributor to various Moodys diversity, equity and inclusion initiatives. 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. (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), Iraq (2), Liechtenstein (1), New Mexico From April 2009 through April 2014, he served as Senior Vice PresidentCorporate Development of Moodys Corporation. President, Moody's Investors Service Mr. West has served as President of Moodys Investors Service, Inc. since November 2019. Prior to her time at JPMorgan, Ms Esperdy started her banking career at Lehman Brothers. 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. CONTACT OUR EXPERTS solutions covering Global Economy, Sovereigns & Sub-Sovereigns Sectors & Portfolios Companies Macroeconomic scenarios Moody's Analytics By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. (1), Florida (1), Arkansas Ms. Alsop currently serves on the Trident American Dreams Advisory Board and is a founding member of the Womens Business Resource Group at Moodys. NOTE TO JOURNALISTS ONLY: For more information, please call one of (6), Puerto Rico (1), Washington (2), Ireland Measured by default rates, Hotel, Gaming & Leisure will be the most troubled sector. Each credit rating agency sets a minimum bond rank to be classified as investment-grade: Standard & Poor's denotes bonds rated BBB- or higher as investment grade. Exposure at default is an estimated value that predicts the amount of loss a bank may experience when a debtor defaults on a loan. (2), Somalia Moody's municipal ratings are opinions of the investment quality of the issues and issues in the US municipal and tax-exempt markets. (2), Congo, Democratic Republic of (DRC) (2), Pakistan (2), Mauritania 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. (6), Mercosur MOODY'S CORPORATION REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR 2021; SETS FULL YEAR 2022 AND MEDIUM-TERM OUTLOOKS Moody's Corporation 4Q 2021 revenue of $1.5 billion, up 19% from 4Q 2020; FY 2021 revenue of $6.2 billion, up 16% from FY 2020 4Q 2021 diluted EPS of $2.28, up 37% from 4Q 2020 and adjusted diluted EPS. 0800-666-3506. (191), Rating Transition Studies 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. This severity level is estimated to increase short term, average state-level default rates from 0.07% to between 11.6% and 18.4%, with a conservative estimate of 13.8%. Prior to becoming chief executive officer, he was the chief operating officer and held various additional roles. Default & Recovery Database | Moody's Analytics Default & Recovery Database With default data going back to 1920, the Default & Recovery Database (DRD) allows you to look at how default experience varies at different points in the economic cycle. He has served as the Chief Executive Officer of Qualtrics International Inc. (Qualtrics), the leading experience management software provider, since July 2020 and prior to that as President from January 2019 to July 2020. (7), Macao SAR, China RiskCalc v3.1 does a good job of predicting actual default rates. The table shows the probability of default given the term to maturity. (2), Dominican Republic 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. 19 Dec 2022. (2), Latvia (7), Sri Lanka Prior to joining Moodys, Mr. Kenney was a Managing Director at Deloitte, serving as leader to several internal audit departments, external financial statement audits, Sarbanes-Oxley compliance efforts and large regulatory compliance engagements. (1), Nebraska from the University of Chicago and a B.A. (6), Guernsey He has experience leading a large global business in a regulated industry, including significant experience in large M&A transactions. (6), Oman Source: S&P Global Market Intelligence, as of July 30, 2021. To help address the emerging cyber risk segment, in 2021 Moodys invested and partnered with BitSight, a pioneer in cybersecurity ratings and analytics. 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. Credit Transition Model (CTM) Methodology (2), Burundi For example, an A- rated bond has a probability of default over five years of 0.57%. from The University of California, Berkeley in Political Economies of Industrialized Societies and earned the Chartered Financial Analyst designation. By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. He currently serves as a member of the Board of Trustees of Lehigh University since rejoining the Board in July 2020 after previously serving from 2011 to 2017. He has served as Chairman and Chief Executive Officer of Citizens Financial Group, Inc. (Citizens), a large regional bank, since October 2013. 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. Ms Seidman currently serves as a director of General Electric (2018-present), where she has served as the Audit Committee Chair since April 2019, and is also an advisor to Idaciti, Inc., a start-up fintech company (2017-present).Ms Seidman brings regulatory and financial expertise to the Board. (56), North America (7), Vietnam (4), Infrastructure Renewal and Investment (6), Ghana He began his career in the investment banking division of Credit Suisse First Boston. He held the additional titles of President from November 2001 to August 2007 and December 2008 to November 2010 and Chairman from October 2007 until June 2015. (6), Central African Republic Dial the AT&T Direct Dial Access code for. (2), Finland Mr. Fauber joined the Board of Directors in October 2020 and he currently serves on the Executive Committee of the Board of Directors. For illustrative . 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. 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. He was a member of the Texas A&M Foundation Board of Trustees (2014-2021). He also serves as the Chairman of the Audit Committee of The Bank Policy Institute. (70), New Zealand (6), Lebanon (1), SGL Monitor 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. 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. (270), Uruguay 1 Moodys SF Japan K.K. Moody's Investors Service provides investors with a comprehensive view of global debt markets through credit ratings and research. While 2021 was a year of challenges, it was also full of opportunities to invest and deliver for our customers. 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. 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. Sharon OuVP-Sr Credit Officer/Mgr/CSRCredit Strategy & Standards Moody's Investors Service, Inc. (6), Hong Kong SAR, China (1), Coronavirus Effects In 2021, we contributed to this goal through our many Corporate Social Responsibility (CSR) initiatives, the work of the Moodys Foundation, and by encouraging employee volunteerism.Highlights of our 2021 CSR program include the introduction of paid time off for employees to volunteer and meaningful support in the form of a $16 million contribution to the Moodys Foundation. Prior to that role, Ms. Sullivan supported the Global Wealth &Investment Management business from 2015 to 2017 in a variety of positions including Controller. President, Moody's AnalyticsStephen Tulenko serves as President for Moodys Analytics. (1), Utah Prior to that, Ms. Kazanjian worked at Moodys for 11 years, in the Human Resources and Legal organizations, overseeing the Employment Law and Employee Relations teams. 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. (6), Rwanda That rate, if realized, would exceed the historical average. 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. #MobileRightColumnContainerE606C799DE50411EA1A0827D375551BB .subheading, #RightColumnContainerE606C799DE50411EA1A0827D375551BB .subheading {display: none;}. To address these risks, they need to go beyond data into context and beyond context into meaning. 12/31/2021: 31.57: 32.25: 11/30/2022: 5.44: 5.53: 12/31/2022: 0.67: 2.31: Click here to manage your preferences. (2), Brazil (6), El Salvador (1), Virginia (2), Malawi MANAGEMENT'S DISCUSSION AND ANALYSIS Key underlying assumptions subscription streaming services and other over-the-top providers Our 2022 guidance ranges presented in "2022 Full-Year continue to grow in popularity; Consolidated Guidance" are based on many assumptions in Media, continued growth in sports and relative stability in . (6), Belize (1271), Europe, Middle East & Africa She joined Moodys in 2018 after nearly 30 years of diverse experience across all dimensions of technology, finance and large-scale project management/system implementation. 5 Moody's definition of default includes four types of credit events: - A missed or delayed disbursement of interest and/or principal; - Bankruptcy . Previously, he served as Counsel for Dow Jones & Company from 1995 to 1999 during which he was responsible for SEC compliance, corporate finance, executive compensation, investor relations, and negotiating acquisitions, depositions and joint ventures. Mr. Fauber joined Moodys in 2005 and has held multiple leadership roles at Moodys. (6), Ivory Coast It also enables you to identify factors contributing to default experience in each economic cycle. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODYS PRIOR WRITTEN CONSENT.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODYS from sources believed by it to be accurate and reliable. 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. CreditEdge is also used by buy-side investors for relative value analysis. Calculates the expected distribution of portfolio or tranche losses as a result of either default or rating transitions. 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. 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. 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. Moody's returned $116 million to its stockholders via dividend payments during the fourth quarter of 2021. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. 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. 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. (2), Trinidad & Tobago (2), Guatemala All rights reserved. (70), North Korea Moody's Investors Service Risk Quantification Evaluate, manage, and mitigate climate risks and their impacts through scenario analysis, quantitative modelling and stress testing. Mr. West served as Managing DirectorHead of MIS Ratings and Research from June 2016 to October 2019. All Rights Reserved. (2), Nigeria The recovery rate is a risk-adjusted measure to right-size the. (2), Bahamas - Off Shore (2), Kuwait He is an actively involved diversity and inclusion leader and business partner, with a passion for creating a high performance and transparent culture, developing talent and fostering employee growth. Additionally, DRA publishes analytical research reports on topics that are of interest to broader fixed-income markets community.. The last term is a measure for the probability that the firm defaults in period t + s, where t is the default probability at time t, . 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. (10), Cocos (Keeling) Islands Throughout 2021, the global pandemic continued to impact Moodys employees, customers, stockholders and communities. 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. 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. (8), United States 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. 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. Please reduce your list by using the filtering tool to the left. (2), Myanmar Prior to Cisco, Ms Hill had a number of engineering roles at various technology companies. Supports risk assessment of specific credit default swaps (CDS), bonds, and loans. in Tax from New York University School of Law and a J.D. Prior to joining Oppenheimer in 2013, she held a range of senior technology and finance leadership roles at Apollo and PricewaterhouseCoopers. Our commitment to environmental sustainability includes accelerating our net zero emissions target by ten years, from 2050 to 2040, consistently engaging in the ongoing global dialogue around ESG and climate disclosures, and executing on our public decarbonization plan.We are proud that our efforts led to recognition as a 2021 Global Compact LEAD company and an A List score from CDP, recognizing Moodys as one of a small number of high-performing companies that are leading actions to cut emissions, mitigate climate risks and develop the low-carbon economy. Head of Global Corporate AffairsChristine Elliott is Managing Director - Head of Global Corporate Affairs. About. ". 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.
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