For example, an A- rated bond has a probability of default over five years of 0.57%. (5), Growth: Macroeconomic outlook & insights on fiscal and monetary policies (1), South Dakota I am very proud that our expertise and focus on supporting credit markets was recognized by Institutional Investor as Best Credit Rating Agency for the tenth consecutive year.We also significantly expanded the ways we are helping markets better understand ESG issues, including the risks and opportunities around climate change. (2), Cyprus (6), Central African Republic Moody's Investors Service Risk Quantification Evaluate, manage, and mitigate climate risks and their impacts through scenario analysis, quantitative modelling and stress testing. (6), Equatorial Guinea Ms. Alsop holds a B.A. (1), Illinois That rate, if realized, would exceed the historical average. . 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. Thank you for your interest in sharing Moody's Research. The rating scale used by Moody's is: Rating Scale of Moody . For full year 2021, Moody's repurchased 2.2 million shares at a total cost of $750 million, or an average cost of $336.58 per share, and issued net 0.8 million shares as part of its employee stock-based compensation programs. (2), Lithuania 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. CLICK HERE Contact & Support Nick Kraemer Head of Ratings Performance Analytics P. + 1 (212) 438-1698 E. nick.kraemer@spglobal.com The speculative-grade corporate default rate will rise to 4.5% in 12 months from 2.5% in October under our baseline forecasts. METRICS AND TARGETS 10 SCOPE 2 GHG EMISSION REDUCTION 10. (2), Serbia 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. (2), Australia The speculative-grade corporate default rate will climb to 4.3% next year under our baseline forecast, up from 2.3% in September. (2), Latvia The table shows how the Portfolio's average annual total returns for one year, five years and since inception compare to those of selected market indices. (2), Gibraltar 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.. (2), Mali Prior to that role, Ms. Sullivan supported the Global Wealth &Investment Management business from 2015 to 2017 in a variety of positions including Controller. (1), Vermont (6), Denmark (9), Tajikistan (1), California Sector in-depth Refinancing risk rises for US companies as maturities peak, interest rates increase, economy weakens By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. 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. (2), Sweden This page provides a central resource for Moodys research on default risks, impairment and loss rates, ratingtransitions and performance, and liquidity studies. (2), Bolivia 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. 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. (2), Namibia Ms. (10), Cocos (Keeling) Islands MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. From April 2009 through April 2014, he served as Senior Vice PresidentCorporate Development of Moodys Corporation. 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. Moodys Analytics provides tools for the most crucial aspects of the expected loss impairment model, with robust solutions to aggregate data, calculate expected credit losses, and derive and report provisions. Within financial markets, an asset's probability of default is the probability that the asset yields no return to its holder over its lifetime and the asset price goes to zero. (6), Switzerland All rights reserved. Moody's Investors Service analysts use this data to produce the Annual Default Study, read by market participants globally. (649), Infrastructure & Project Finance Copyright 2023 Moody's Analytics, Inc. and/or its licensors and affiliates. (72), Funds & Asset Management (2), Samoa Ms. Elliott has more than 25 years in senior-level corporate communications roles. Mark joined Moodys in 2018 after more than 15 years of diverse experience in business finance, financial planning and analysis, strategy and large-scale project management. (70), North Korea Mr. Kenney also oversees risk assurance for the Corporation. 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. (6), Jordan Chief Financial OfficerMark Kaye is the Chief Financial Officer of Moodys Corporation with responsibility and oversight for all global financial activities. You have reached the daily limit of Research email sharings. He is a current member of The Clearing House supervisory board and also serves on the board of the Federal Reserve Bank of Boston. 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. CONTACT OUR EXPERTS solutions covering Global Economy, Sovereigns & Sub-Sovereigns Sectors & Portfolios Companies Macroeconomic scenarios Moody's Analytics (1), South Carolina This includes our Business Resource Groups, which count more than half of our employees as members, and our work to empower our leaders, managers and individual employees in reinforcing an inclusive culture. (1), Virginia 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 additionally brings experience in areas such as strategic planning, business development and new product development. (6), Syria Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. Mr. Serafin joined Qualtrics in October 2016 as Chief Operating Officer. (5), Palau This data file precedes Fitch's published 2020 transition and default studies. Executive Vice President & General CounselJohn Goggins is Executive Vice President and General Counsel of Moodys Corporation. (2), Trinidad & Tobago (1), ESG Credit and Sustainable Finance 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. As Vice Chairman and Chief Financial Officer, he was actively involved in the strategic transformation of Bank of New York from a diversified regional bank into a focused global securities servicer and asset manager. (2), Panama (2), Laos 001-888-779-5833, So Paulo 0800-891-2518, or Buenos Aires 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. 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. In the expanding area of sustainability, COP26 highlighted the importance of stakeholder requests for transparent corporate disclosures that capture both the short- and long-term impacts of physical risk and energy transition risk across industries and business operations. He was a member of the Texas A&M Foundation Board of Trustees (2014-2021). 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. http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1258722. (9), Iran Companies with weak credit quality will have the most trouble refinancing, raising default risk. (2), Seychelles Moody's returned $116 million to its stockholders via dividend payments during the second quarter of 2021. 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. Expansive Dataset: Includes more than 800,000 individual debt securities, both corporate and sovereign entities, and default history starting from 1920. He currently serves as a member of Qualtrics board of directors.Having served as a senior executive of major technology and software companies, Mr. Serafin brings extensive digital and technology expertise as well as executive management experience. At RBS, Mr. Van Saun served as Group Finance Director and as an executive director on the RBS board from 2009 to 2013. (191), Rating Transition Studies Once again, our employees powered through the pandemic, working together to support each other and our customers with passion and commitment. (1), Investment Grade Looking at the risk profile of the Swedish corporate bond market reveals several notable trends. 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. (1), Mississippi 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. (1), New Hampshire (2), Bhutan Vice President, TreasurerMr. (975), Financial Institutions 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. Moody's municipal ratings are opinions of the investment quality of the issues and issues in the US municipal and tax-exempt markets. Ms. In this spirit, Moodys accelerated its own net-zero commitments to 2040, advanced its science-based targets, and published its inaugural Stakeholder Sustainability Report.Moodys has continued to strengthen the firms culture of inclusion, built on respect, diversity and openness. 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. 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. (7), Economic and Monetary Community of Central Africa (CEMAC) (8), United States We are proud that Moodys continues to be recognized for our leadership in this area, including a perfect score on the Human Rights Campaign Foundations Corporate Equality Index for the eleventh year in a row, our third consecutive year in the Bloomberg Gender-Equality Index, inclusion in the prestigious Civic 50 honor roll, and being named one of Americas Most Loved Workplaces by Newsweek.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. Passed Level II of the CFA Program (Feb 2022). By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. (2), Argentina (6), Turkmenistan Moody's Investors Service provides investors with a comprehensive view of global debt markets through credit ratings and research. He began his career as a Senior Investment Analyst in the Fixed Income Division at Fidelity Investments where his responsibilities included credit risk assessment, setting exposure limits and investment oversight for a range of corporate and municipal credits and structured products. The Company is proud to have met its Supplier Diversity Initiative pledge to increase the representation of women-owned businesses in its supply chain, and of the commitment made in 2021 to materially increase the population of women, and U.S. Black and Hispanic / Latino leaders across the company by 2025. our global press information hotlines: New York +1-212-553-0376, He has served as the Executive Vice President, Chief Financial Officer and Treasurer of Booz Allen Hamilton Holding Corporation (BAH), a business management consulting company, since 2016. He also is a member of the advisory committees for Finance and Audit at OnePulse Foundation. New York, January 07, 2013 -- Moody's Investors Service today announced that in mid-January 2013 it expects to introduce a new rating scale for probability of default ratings (PDR) in order to differentiate probability of default ratings from ratings that use Moody's global long-term scale. The maximum number of items you can export is 3,000. (6), Hong Kong SAR, China "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. Performance reflects expense reimbursements and/or fee waivers made in 2016, 2019, 2020, 2021 and 2022. 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. 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. 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. Ms. Elliott earned a B.A. (6), Netherlands Antilles (1), Oklahoma Data for separately estimating the probability of default, loss given default, and overall expected loss, More than 800,000 individual debt securities. (2), Brunei Darussalam The aggregation is customized to each firm. 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. (2), South Africa (1), Kentucky (2), Italy in Statistics and Actuarial Science, both from the Wharton School at the University of Pennsylvania, and is a Fellow of the Society of Actuaries. (6), Japan Credit Strategy and Standards Index of Reference Documents. (7), Sri Lanka Refinancing risk rises for US companies as maturities peak, interest rates increase, economy weakens. 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. Please reduce your list by using the filtering tool to the left. (71), Rating Performance (2), Georgia Mr. Fauber served as Vice PresidentCorporate Development from September 2005 to April 2009. 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. (10), Eurozone (53), U.S. Public Finance 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. (2), Norfolk Island . (2), Cook Islands (9), Indonesia He joined Citizens from The Royal Bank of Scotland Group plc (RBS), a global banking and financial services group. (2), Lesotho She is also a key contributor to various Moodys diversity, equity and inclusion initiatives. (2), Bahamas - Off Shore (6), El Salvador (2), Singapore With the inclusion of sector data and default rates and the inclusion of market data, the default probabilities are more accurate and move more responsively to reflect the change in default rates as conditions change. (2), Kazakhstan (2), Turks and Caicos Islands Hogan has served as the companys Treasurer since September 2019. (2), Malaysia (6), Ivory Coast By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. 12/31/2021: 31.57: 32.25: 11/30/2022: 5.44: 5.53: 12/31/2022: 0.67: 2.31: (7), Grenada (270), Uruguay Click here to manage your preferences. His substantive expertise extends to enterprise collaboration services, artificial intelligence and user experience. (1), Oregon (10), Hungary In this role, Mr. Goggins is primarily responsible for providing legal advice to senior management and managing the provision of legal services by a team of inhouse lawyers and outside counsel. 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. (Hons) in Russian and European Studies from the University of Surrey and speaks fluent Russian. He has also served as a director of several companies, contributing to his appreciation of corporate governance matters. A record-high amount of debt matures in 2023-27, and the amount due in the first few years is rising. A firm is defined to default if there is a record of nominal default and one or more post-default prices are observed. Sullivan has served as the Companys Senior Vice PresidentCorporate Controller since December 2018. (2), Malawi (2), Bahrain - Off Shore Moodys SF Japan K.K. All rights reserved. It also enables you to identify factors contributing to default experience in each economic cycle. (2), Burundi CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. Moodys diversity, equity and inclusion initiatives new product Development and/or its licensors and affiliates, and the amount in! Use this data to produce the Annual default Study, read by market participants globally an executive director on board. Strategic planning, business Development and new product Development daily limit of Research email sharings Clearing supervisory. Fitch & # x27 ; s published 2020 transition and default studies, Lesotho She also. Speaks fluent Russian export is 3,000 and TARGETS 10 SCOPE 2 GHG EMISSION 10... 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