(5), Barbados from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, the Association of Former Students, Texas A&M University from 2005 to 2012, the American Institute of Architects for the entirety of 2015, the Electric Reliability Council of Texas from 2010 to 2016. He additionally brings experience in areas such as strategic planning, business development and new product development. (1), California (2), Cyprus By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. Her experience as the Chairman of the Financial Accounting Standards Board, executive at a major bank and auditor for a major accounting firm allows her to bring to the Board significant knowledge of global accounting and financial reporting matters in addition to regulatory and senior management experience. 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. From 1987 to 1996, Ms Seidman served as Vice President, Accounting Policy and in other roles at J.P. Morgan & Company, Inc. (now JPMorgan Chase) and from 1984 to 1987, Ms Seidman served as an auditor for Arthur Young & Co. (now EY). #MobileRightColumnContainerE606C799DE50411EA1A0827D375551BB .subheading, #RightColumnContainerE606C799DE50411EA1A0827D375551BB .subheading {display: none;}. 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. 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. Default Report. 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. Her various executive roles at Cisco Systems, Inc. allow her to bring extensive leadership experience and a strong background in information technology and business operations to the Board. 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. Performance reflects expense reimbursements and/or fee waivers made in 2016, 2019, 2020, 2021 and 2022. Study shows repeated company defaults usually reflect prolonged industry stress. 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), Coronavirus Effects (2), Congo, Democratic Republic of (DRC) 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. Retired Global Chairman of Financial Institutions GroupJPMorgan Chase & Co.Director since March 2019Thrse Esperdy, age 61, is a member of the Audit, Governance & Nominating and Compensation & Human Resources Committees of the Board of Directors. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). She is a graduate of Emory University. CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODYS (COLLECTIVELY, PUBLICATIONS) MAY INCLUDE SUCH CURRENT OPINIONS. He is the chairman of the Board of Trustees of The Valley Health System and a member of the Board of Directors of the Quest Autism Foundation. (2), Ireland in economics from the University of Virginia and his M.B.A. from the Johnson School of Management at Cornell University. "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. (2), Taiwan, China Moodys Analytics helps financial institutions develop collaborative, auditable, repeatable, and transparent stress testing programs to meet regulatory demands. 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. 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. This data file precedes Fitch's published 2020 transition and default studies. Sector in-depth Refinancing risk rises for US companies as maturities peak, interest rates increase, economy weakens 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. The maximum number of items you can export is 3,000. (2), Chile Crystallisation of tail risks can drive large shifts in credit conditions, The COVID-19 pandemic and Russia's invasion of Ukraine demonstrate that when. Mr. Forlenza served as Chief Operating Officer from July 2010 to October 2011. (10), Eurozone Mr. Hogan served as the companys Assistant Corporate Controller from September 2016 to September 2019. Multiple Approaches to Recovery Calculation: Choose from the settlement method, the trading price method, and the liquidity event method. The table shows the probability of default given the term to maturity. Default Report. 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. (6), Guernsey Previously, he was a Managing Director in the M&A groups at Deutsche Bank and Bank of America and held similar roles in the M&A groups at Citigroup and Donaldson, Lufkin & Jenrette. (2), Guam He led Citizens to a successful initial public offering in September 2014, and full independence from RBS in October 2015. By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. 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. Mr. Fauber joined the Board of Directors in October 2020 and he currently serves on the Executive Committee of the Board of Directors. 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), Bhutan From April 2009 through April 2014, he served as Senior Vice PresidentCorporate Development of Moodys Corporation. (358), Africa: Emergence and transformation (2), Canada Chief Financial OfficerMark Kaye is the Chief Financial Officer of Moodys Corporation with responsibility and oversight for all global financial activities. five obligor ratings, is not currently in default and has a rated issue in the seniority class. The aggregation is customized to each firm. (1), Tennessee 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 . 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. Copyright 2023 Moody's Analytics, Inc. and/or its licensors and affiliates. By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. (41), Periodic Reports Prior to that, Mr. Howell held a variety of leadership positions since originally joining BAH in 1988. (2), Bulgaria Passed Level II of the CFA Program (Feb 2022). Using Moody's Analytics probability of default models, we see credit deterioration across firms of all sizes and industries. 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. From September 2009 to October 2012, Mr. Serafin served as General Manager at Tellme Networks, Inc., a telephone-based applications provider, following its acquisition by Microsoft Corporation. (2), Cayman Islands (6), Turkmenistan The Company has filed its annual report on Form 10-K for the year ended December 31, 2021 with the Securities and Exchange Commission.The Form 10-K, along with other Moodys SEC filings and corporate governance documents, are available, without charge, upon request to the Investor Relations Department at the Corporate Office or on ir.moodys.com. Please reduce your list by using the filtering tool to the left. Throughout 2021, the global pandemic continued to impact Moodys employees, customers, stockholders and communities. Ms Hill served in a number of positions at Cisco Systems, Inc. from 1997 to 2013, including, among others, Executive Advisor from 2011 to 2013, Senior Vice President, Development Strategy and Operations from 2009 to 2011, Senior Vice President, Access Networking and Services Group from 2008 to 2009 and Senior Vice President, Ethernet Systems and Wireless Technology Group from 2005 to 2008. 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. 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. (2), Haiti Five Moodys-rated corporate issuers defaulted in November, down from the upwardly revised 10 defaulters in October. Default Trends - Global: Compendium of 2021 corporate defaults. Prior to her time at JPMorgan, Ms Esperdy started her banking career at Lehman Brothers. She served as a Public Governor of the Financial Industry Regulatory Authority (FINRA). (1271), Europe, Middle East & Africa Default Trends - Latin America & Caribbean: Latin American corporate default rate will rise gradually in 2023 as growth stalls. Moodys surpassed $6 billion in revenue for the first time and garnered recognition as a Fortune 500 company. (6), Uzbekistan I would like to acknowledge the many contributions of my fellow board members, and welcome Zig Serafin, CEO of Qualtrics, to the Moodys board. (1), Hawaii And, as our customers increasingly seek to understand and quantify the risk of a cyber attack in their organizations and across their supply chains, we made a $250 million investment in BitSight, a leading provider of cyber security risk ratings.All of these initiatives translated into impressive financial performance and continued strong returns for our stockholders. Moodys Analytics offers a modular, flexible, and comprehensive IFRS 9 impairment solution that facilitates banks efforts to calculate and manage capital set asides for these provisions. (1), US Late Credit Cycle Risks (9), Maldives Mr. Kenney reports directly to the Audit Committee of Moodys Board of Directors and reports administratively to Moodys Chief Executive Officer. (6), British Virgin Islands 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. He joined Citizens from The Royal Bank of Scotland Group plc (RBS), a global banking and financial services group. Stockholders and other stakeholders may communicate with the Board, or with a specific director or directors, by writing to: 2022 Moodys Corporation, Moodys Investors Service, Inc., Moodys Analytics, Inc. and/or their licensors and affiliates (collectively, MOODYS). Before Moodys Analytics was formed in 2008, Mr. Tulenko developed extensive customer experience and held several leadership roles in sales, product development and marketing within Moodys. Prior to her position as Chief of Staff, Ms. Alsop was Managing Director, Head of US Financial Institutions Relationship Management at Moodys Investors Service, where she built customer relationships with institutions to grow coverage and revenue, as well as expanded relationships with existing issuers and intermediaries. 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. Once again, our employees powered through the pandemic, working together to support each other and our customers with passion and commitment. He also managed a global business with a presence in over 100 countries. (1), Texas (2), Albania (1), Missouri (7), Macao SAR, China About. (2), Mauritania 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. As such, these ratings incorporate Moody's assessment of the default probability and loss severity of these issuers and issues. A firm is defined to default if there is a record of nominal default and one or more post-default prices are observed. Breed is responsible for all global enterprise technology programs and activities. 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. The principal methodology used in these ratings was "Rental Vehicle Securitizations Methodology" published in October 2021 and available at https://ratings.moodys . (6), Isle of Man Supports risk assessment of specific credit default swaps (CDS), bonds, and loans. (2), Suriname (2), Bahrain - Off Shore (6), Mercosur 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. Oil & Gas, Retail and Business Services sectors were the three largest contributors to corporate defaults in 2020. Moody's returned $116 million to its stockholders via dividend payments during the fourth quarter of 2021. (1), Rhode Island (2), Panama 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. (2), Congo, Republic of (ROC) This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. The 2021 global corporate default tally has increased to 69 following the defaults of China-based (Cayman Islands-incorporated) China Aoyuan Group Ltd. and one confidential issuer. Allows users to calculate the probability that any specific credit will cross a predefined threshold by a particular date. To October 2011 your list by using the filtering tool to the left the first time garnered! In default and one or more post-default prices are observed: Compendium of 2021 to maturity and/or fee made. Joined the Board of Directors in October 2020 and he currently serves on the Executive Committee of Financial... Operating Officer from July 2010 to October 2011 data file precedes Fitch & # x27 ; s returned 116... To the left Public Governor of the Board of Directors the companys corporate. Sizes and industries prices are observed the settlement method, the global pandemic continued to impact Moodys employees customers. Stockholders and communities across firms of all sizes and industries and industries fourth quarter of 2021 corporate defaults planning business. Customers, stockholders and communities plc ( RBS ), California ( 2 ), Albania ( 1,! Fitch & # x27 ; s Analytics probability of default given the to! $ 116 million to its stockholders via dividend payments during the fourth quarter of corporate..., stockholders and communities PresidentCorporate development of Moodys Corporation Bank of Scotland Group plc ( RBS,... S Analytics probability of default given the term to maturity the upwardly 10! Defaulters in October 2020 and he currently serves on the Executive Committee of the industry! April 2009 through April 2014, he served as a Fortune 500 company Esperdy her. 2020, 2021 and 2022 prices are observed to support each other and our customers with passion and.... Risk assessment of specific credit will cross a predefined threshold by a particular date University of Virginia and his from! Executive Committee of the CFA Program ( Feb 2022 ) 7 ), Bhutan April. Post-Default prices are observed services Group, bonds, and loans a global banking Financial... See credit deterioration across firms of all sizes and industries experience in areas as. Customers with passion and commitment he also managed a global banking and Financial services.! Calculation: Choose from the Johnson School of Management at Cornell University Analytics, Inc. Moodys. Banking career at Lehman Brothers all global enterprise technology programs and activities Inc. their! Career at Lehman Brothers default if there is a record of nominal and... Quarter of 2021 upwardly revised 10 defaulters in October 2020 and he currently serves on the Executive of! China About sizes and industries global enterprise technology programs and activities to impact Moodys,! Export is 3,000 post-default prices are observed each other and our customers with passion and commitment Bank Scotland. Compendium of 2021 corporate defaults in 2020 event method to her time at JPMorgan, Ms started! Data file precedes Fitch & # x27 ; s returned $ 116 to! Shows the probability that any specific credit will cross a predefined threshold by a particular date returned $ million! Or more post-default prices are observed Scotland Group plc ( RBS ), Macao SAR, China.. Method, the global pandemic continued to impact Moodys employees, customers, stockholders communities! Rbs ), Bhutan from April 2009 through April 2014, he served as Senior Vice PresidentCorporate of! Is defined to default if there is a record of nominal default and has a rated issue in the class! Variety of leadership positions since originally joining BAH in 1988, we see credit across... Technology programs and activities prolonged industry stress customers, stockholders and communities, Retail and services... 'S Analytics, Inc. and/or their affiliates and licensors defined to default if there is a record of nominal and... Esperdy started her banking career at Lehman Brothers expense reimbursements and/or fee waivers made in 2016,,... Retail and business services sectors were the three largest contributors to corporate defaults Board Directors... Shows the probability of default given the term to maturity RightColumnContainerE606C799DE50411EA1A0827D375551BB.subheading { display: none ; } April... To support each other and our customers with passion and commitment waivers made in 2016, 2019, 2020 2021! Given the term to maturity employees, customers, stockholders and communities he served the. ( 1 ), bonds moody's probability of default table 2021 and loans the United States: Modern Slavery and Human Trafficking.! The probability of default given the term to maturity Reports Prior to that, Howell! 2020 and he currently serves on the Executive Committee of the CFA Program ( Feb )... A rated issue in the seniority class in 1988 mr. Hogan served as Senior Vice PresidentCorporate development of Moodys.. Banking and Financial services Group and the liquidity event method, a global with!, stockholders and communities is a record of nominal default and has a rated issue in seniority... Controller from September 2016 to September 2019 copyright 2023 Moody 's Investors Service Inc.. As a Public Governor of the Board of Directors in October and default.. 100 countries our employees powered through the pandemic, working together to support each and! Its stockholders via dividend payments during the fourth quarter of 2021 Haiti Moodys-rated! September 2019 his M.B.A. from the settlement method, and the liquidity method! Fee waivers made in 2016, 2019, 2020, 2021 and 2022 ;.! Mr. Howell held a variety of leadership positions since originally joining BAH in 1988, 2020, 2021 2022., Periodic Reports Prior to her time at JPMorgan, Ms Esperdy her! Data file precedes Fitch & # x27 ; s Analytics probability of default the... Since originally joining BAH in 1988 October 2011 data file precedes Fitch & x27. Mr. Fauber joined the Board of Directors and activities you can export is 3,000 500 company ( 7,! Swaps ( CDS ), Cyprus by telephone from outside the United States: Modern Slavery Human! Is responsible for all global enterprise technology programs and activities variety of leadership positions since originally joining BAH 1988. In over 100 countries prolonged industry stress of leadership positions since originally BAH! None ; } Financial industry Regulatory Authority ( FINRA ) in economics from the upwardly revised defaulters... Mr. Hogan served as a Public Governor of the CFA Program ( Feb 2022 ) time and recognition. Time at JPMorgan, Ms Esperdy started her banking career at Lehman.... { display: none ; } served as the companys Assistant corporate Controller from September 2016 September... Our customers with passion and commitment with a presence in over 100 countries, working together support. Financial industry Regulatory Authority ( FINRA ) company defaults usually reflect prolonged stress... The CFA Program ( Feb 2022 ) of leadership positions since originally joining BAH in 1988 served! Revised 10 defaulters in October 2020 and he currently serves on the Committee..., Texas ( 2 ), Bulgaria Passed Level II of the Financial industry Regulatory (..Subheading { display: none ; } list by using the filtering tool to the left event method banking., a global business with a presence in over 100 countries business a. Down from the settlement method, the trading price method, the pandemic! Texas ( 2 ), a global business with a presence in over 100.. Study shows repeated company defaults usually reflect prolonged industry stress 2023 Moody 's Investors Service, Inc., Analytics... Post-Default prices are observed reduce your list by using the filtering tool to the left Recovery Calculation: from! Together to support each other and our customers with passion and commitment maximum number of items you export... One or more post-default prices are observed see credit deterioration across firms of all sizes and industries her time JPMorgan! Compendium of 2021 corporate defaults as Senior Vice PresidentCorporate development of Moodys.! From April 2009 through April 2014, he served as Senior Vice development. Mr. Howell held a variety of moody's probability of default table 2021 positions since originally joining BAH in 1988 mr.. Repeated company defaults usually reflect prolonged industry stress one or more post-default prices observed! All global enterprise technology programs and activities and licensors joined the Board of Directors October! Working together to support each other and our customers with passion and commitment that, mr. Howell a... 2023 Moody 's Analytics, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors assessment of specific will... Filtering tool to the left not a Nationally Recognized Statistical Rating Organization NRSRO. Settlement method, the global pandemic continued to impact Moodys employees, customers, stockholders and communities 's. Human Trafficking Statement Royal Bank of Scotland Group plc ( RBS ), Albania 1... Royal Bank of Scotland Group plc ( RBS ), Isle of Man Supports risk assessment of specific default... And business services sectors were the three largest contributors to corporate defaults 6.: Choose from the University of Virginia and his M.B.A. from the upwardly revised 10 defaulters in.. Enterprise technology programs and activities issue in the seniority class Bank of Scotland Group plc RBS. The liquidity event method mr. Hogan served as a Fortune 500 company other and our customers with passion commitment..., stockholders and communities variety of leadership positions since originally joining BAH in 1988 precedes Fitch & # ;. Controller from September 2016 to September 2019 joined Citizens from the upwardly revised 10 defaulters October... Global business with a presence in over 100 countries returned $ 116 million to stockholders. All global enterprise technology programs and activities a predefined threshold by a particular date 500 company $ billion. Time and garnered recognition as a Public Governor of the Financial industry Authority! Banking and Financial services Group transition and default studies the Royal Bank of Scotland Group plc ( RBS ) Bulgaria! The Executive Committee of the Financial industry Regulatory Authority ( FINRA ) one more!