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. (2), Albania Moody's anticipates revenue growth in the low single-digits in 2021 and 2022, supported by increasing spending by consumers, a pickup in demand for travel and other products that were. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). (4), Infrastructure Renewal and Investment Mr. McDaniel currently is a director of John Wiley & Sons, Inc. (2005-present) and a member of the Board of Trustees of Muhlenberg College (2015-present).Mr. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. She is responsible for the supervision of global regulatory and compliance interactions, the management of regulatory examinations and all centralized compliance functions. Mr. Forlenza has also served since August 2021 as a director of MARABio Systems Inc., a startup company developing a diagnostic test for autism. 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. Mr. Platt holds an M.B.A. from The University of Chicago, a B.A. (2), Vanuatu (70), New Zealand If these default rate forecasts crystalize, the pandemic induced default cycle will be relatively mild comparing with prior recessionary default cycles whose peaks ranged from 9.7% to 13.3%. In this new report, Moody's forecasts that the rate will peak at 7.3% in March 2021, and then decline to 4.7% by December. (2), Pakistan If this isn't what you are looking for, you can. And, we will ensure that Moodys is a place where the best talent wants to come and stay through investments in our people and our culture. (2), Venezuela From 2019 to 2021, Ms. Kazanjian held various people leadership roles at WeWork, leading into her role as Chief People Officer. The probability of default (PD) is the probability of a borrower or debtor defaulting on loan repayments. The aggregation is customized to each firm. It also enables you to identify factors contributing to default experience in each economic cycle. Ms Hill currently serves as a director of NetApp, Inc. (September 2013-present) and Celanese Corporation (July 2015-present).Ms Hill has significant experience in business management and leading engineering and operations organizations. As such, these ratings incorporate Moody's assessment of the default probability and loss severity of these issuers and issues. (9), Commonwealth of Independent States (6), Turkmenistan Ms. Alsop has more than 20 years of experience helping drive positive change and business results at Moodys. (8), Organisation for Economic Co-operation and Development (OECD) Governments and others are increasingly using climate analytics to better inform climate mitigation and adaptation measures, and stakeholders are seeking ways to better understand the progress and impact of corporate de-carbonization commitments. Global speculative-grade corporate default rate was unchanged in November. Head of Global Corporate AffairsChristine Elliott is Managing Director - Head of Global Corporate Affairs. President, Moody's Investors Service Mr. West has served as President of Moodys Investors Service, Inc. since November 2019. Sullivan has served as the Companys Senior Vice PresidentCorporate Controller since December 2018. Head of Investor RelationsShivani Kak heads the Investor Relations Team and is responsible for managing effective communications with the analytical community, as well as existing and potential shareholders. (2), Seychelles (2), South Africa MOODYS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. She is a graduate of Emory University. London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong (2), Ethiopia MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. (58), Debt Sustainability We invested approximately $150 million organically in technology, data, and product development in addition to pursuing acquisitions that enhance our capabilities and will accelerate our speed to market in areas ranging from environmental, social and governance (ESG) and climate risk to financial crime, commercial real estate (CRE) and supply chain risk.In 2021, we rated over $6 trillion of issuance and served more than 1,100 issuers who accessed the markets for the first time. CreditEdge is also used by buy-side investors for relative value analysis. (6), Belize (3), Germany (2), Bangladesh To address these risks, they need to go beyond data into context and beyond context into meaning. It also enables you to identify factors contributing to default experience in each economic cycle. Prior to serving as CEO, Mr. Fauber served as Chief Operating Officer from November 2019 to December 2020, as President of Moodys Investors Service, Inc. from June 2016 to October 2019, as Senior Vice PresidentCorporate & Commercial Development of Moodys Corporation from April 2014 to May 2016, and was Head of the MIS Commercial Group from January 2013 to May 2016. (1), English If this isn't what you are looking for, you can. Forlenza served as the chief executive officer of a public, global medical technology company for approximately nine years. (2), Israel 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. 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. (6), Djibouti (2), Brunei Darussalam 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. (2021) note that one third of all U.S. corporate bonds have a fixed call feature, . Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. (1), Delaware Calculates the expected distribution of portfolio or tranche losses as a result of either default or rating transitions. 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. 12/31/2021: 31.57: 32.25: 11/30/2022: 5.44: 5.53: 12/31/2022: 0.67: 2.31: Dial the AT&T Direct Dial Access code for, We brought you to this page based on your search query. (1), Oklahoma 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. (6), Ivory Coast 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. 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. Measured by default rates, Hotel, Gaming & Leisure will be the most troubled sector. Kenney currently serves on the Board of Governors for the New York Institute of Internal Auditors and Hetrick Martin Institute. Multiple Approaches to Recovery Calculation: Choose from the settlement method, the trading price method, and the liquidity event method. 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. (2), Greece in Statistics and Actuarial Science, both from the Wharton School at the University of Pennsylvania, and is a Fellow of the Society of Actuaries. (2), Tanzania, United Republic of The Oil & Gas sector suffered from a very sharp drop in oil prices in 2020 as the pandemic severely curbed economic activity and energy demand, and the lack of an agreement on supply cuts early in 2020. (1), US Late Credit Cycle Risks Prior to her time at JPMorgan, Ms Esperdy started her banking career at Lehman Brothers. The trailing 12-month global speculative grade corporate default rate held steady at 2.6%. 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. 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. 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. Mr. Kenney holds a BS in Accounting from the University of Scranton and is a Certified Public Accountant licensed in New York. (270), Uruguay (2), Jamaica She served as a Public Governor of the Financial Industry Regulatory Authority (FINRA). 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. The maximum number of items you can export is 3,000. (10), Eurozone (5), Macedonia (former Yugoslav Republic of) (2), Guatemala 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. This translated into strong financial performance and returns for our stockholders. Moody's returned $116 million to its stockholders via dividend payments during the second quarter of 2021. Howell serves as a chief financial officer and treasurer of a major business management consulting firm, which allows him to bring an extensive executive leadership experience and business management expertise that span over a number of industries and both domestic and international markets. Mr. Howell previously served as a director of Integra Lifesciences Holdings Corporation, a medical devices company (2013-February 2021). 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