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0001193125-17-118614.txt : 20170410 0001193125-17-118614.hdr.sgml : 20170410 20170410164657 ACCESSION NUMBER: 0001193125-17-118614 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20170410 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet . 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. (167), Structured Finance 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. As a result, Mr. Bermudez brings a deep understanding of credit risk and years of financial expertise, as well as risk management experience, to the Board. (1), Iowa (2), Mauritius (6), Czech Republic 001-888-779-5833, So Paulo 0800-891-2518, or Buenos Aires (2), Egypt (1), Ohio Earlier in his career, he was also responsible for the research strategy for the ratings businesses and before that led Corporate Finance for the EMEA Region, European Corporates and the EMEA leveraged finance business. (5), Barbados (2), Norfolk Island (58), Debt Sustainability 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), Myanmar (6), Equatorial Guinea There are three major credit rating agencies (Standard & Poor's, Moody's, and Fitch) that provide ratings on bond. (2), Guam Sector in-depth Refinancing risk rises for US companies as maturities peak, interest rates increase, economy weakens (5), Growth: Macroeconomic outlook & insights on fiscal and monetary policies By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. All rights reserved. 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. He leads a team whose mission is to provide near real-time data driven financial insight to support the execution of superior operational and strategic decisions. (2), Bahrain - Off Shore (6), Mercosur This increases for the lowest investment grade credit rating 'BBB-' to 2.84%. 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. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. (2), Zambia (1), ESG Credit and Sustainable Finance (2), Tanzania, United Republic of (6), Portugal (2), Canada He currently serves on the Executive Committee of the Board of Directors. MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. That rate, if realized, would exceed the historical average. (2), Singapore He is also a member of the Bretton Woods Committee (2022-present). (1), North Carolina (2), Guyana Mr. Forlenza served as Chief Operating Officer from July 2010 to October 2011. Prior to that, Mr. Howell held a variety of leadership positions since originally joining BAH in 1988. (2), Aruba (18), Colombia Over the first half of 2021, Moody's repurchased 1.6 million shares at a total cost of $503 million, or an average cost of $318.03 per share, and issued net 0.7 million shares as part of its employee stock-based compensation programs. (6), Ecuador Expansive Dataset: Includes more than 800,000 individual debt securities, both corporate and sovereign entities, and default history starting from 1920. Default Report. (1), Regulation of Financial Institutions He has served as Chairman and Chief Executive Officer of Citizens Financial Group, Inc. (Citizens), a large regional bank, since October 2013. Ms. (2021) note that one third of all U.S. corporate bonds have a fixed call feature, . reference to Moody's idealized loss and default tables (see Appendix B). In 2021, Business Services and Hotel, Gaming & Leisure are expected to have the most defaults, followed by Oil & Gas. (2), Somalia JOURNALISTS : 1 212 553 0376Client Service : 1 212 553 1653, Releasing Office :Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007U.S.A.JOURNALISTS : 1 212 553 0376Client Service : 1 212 553 1653. His substantive expertise extends to enterprise collaboration services, artificial intelligence and user experience. 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. Supports risk assessment of specific credit default swaps (CDS), bonds, and loans. http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1258722. 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. (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. As a senior executive at JPMorgan, she played key roles in managing JPMorgans Asia and capital markets businesses through challenging financial climates. His service as a director also contributes to his focus on corporate governance matters. The maximum number of items you can export is 3,000. Please complete your profile before submitting your comments. 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 . 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. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). 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. (1), Florida 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. (8), Sovereign & Supranational Financial specialist with 5+ years of experience across quantitative research, macroeconomic analysis, and data science. As a result, he brings to the Board a deep understanding of the Companys business and operations as well as a historical perspective on the Companys strategy. 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. (1), North Dakota 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. 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. 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, . Moody's Default and Ratings Analytics team publishes Moody's default studies, ratings transitions and ratings performance studies for corporates, financial institutions, sovereign and sub-sovereign, public finance and infrastructure sectors. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moodys Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading Investor Relations Corporate Governance Director and Shareholder Affiliation Policy. Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYS affiliate, Moodys Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moodys Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). Mr. Goggins holds a J.D. Moody's Investors Service analysts use this data to produce the Annual Default Study, read by market participants globally. 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. (71), Rating Performance in government and psychology from Georgetown University. 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. (6), China (9), Poland (2), Leveraged Prior to becoming chief executive officer, he was the chief operating officer and held various additional roles. five obligor ratings, is not currently in default and has a rated issue in the seniority class. (2), Venezuela Prior to that, Mr. Van Saun held a number of senior positions with Bank of New York and later Bank of New York Mellon over an 11-year period. Senior Vice President &Corporate ControllerMs. (6), Syria (100), Other Studies (6), Ghana 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. (6), Hong Kong SAR, China 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. She previously held a variety of communications positions at American Express and was a journalist for ABC News, where she earned an Emmy award. Ms. Chief Financial OfficerMark Kaye is the Chief Financial Officer of Moodys Corporation with responsibility and oversight for all global financial activities. (1), Vermont Chief Compliance OfficerHelene Gurian joined Moodys in 2010 and is the companys Chief Compliance Officer. The statistics over the 36 year study period should give confidence to investors in highly rated bonds. Forlenza served as the chief executive officer of a public, global medical technology company for approximately nine years. 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. (2), Bolivia (1), Maine (1), Oklahoma (2), Panama Breed currently serves as the Treasurer for the Skating Club of New York. moody's probability of default table 2020casting fille 12 ans pour srie netflix 2021. Credit Solution Experts Incorporated offers quality business credit building services, which includes an easy step-by-step system designed for helping clients build their business credit effortlessly. In 2021, we set out three strategic priorities that are critical to meeting this need: sharpening our understanding of our customers needs, investing with intent to grow and scale, and collaborating, modernizing and innovating. (1), District of Columbia (2), San Marino Moody's Investors Service Risk Quantification Evaluate, manage, and mitigate climate risks and their impacts through scenario analysis, quantitative modelling and stress testing. By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. Click here to manage your preferences. 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 . (1), The Big Picture I offer my sincere thanks to our employees, stockholders and customers for their support, and I look forward to a prosperous and successful year ahead. (6), Croatia (6), British Virgin Islands 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. Prior to his work at MassMutual, Mark held a range of senior finance leadership roles at Voya Financial (formerly ING U.S.). (2), Ethiopia 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. Ms. Alsop currently serves on the Trident American Dreams Advisory Board and is a founding member of the Womens Business Resource Group at Moodys. (2), Kazakhstan (Hons) in Russian and European Studies from the University of Surrey and speaks fluent Russian. He joined Citizens from The Royal Bank of Scotland Group plc (RBS), a global banking and financial services group. Risk of sponsor default: Moody's assumed a 60% decrease in the probability of default (from Moody's idealized default probability tables) implied by the B1 rating of the sponsor. Moodys Analytics helps financial institutions develop collaborative, auditable, repeatable, and transparent stress testing programs to meet regulatory demands. (1), Missouri (2), Mauritania Please complete your profile before submitting your comments. We introduced the firm's default heterogeneity into the model, and each firm's actual past default situation was considered for Bayesian estimation. (2), Congo, Republic of (ROC) (2), Congo, Democratic Republic of (DRC) (1), Louisiana Moody's municipal ratings are opinions of the investment quality of the issues and issues in the US municipal and tax-exempt markets. In addition to an increase in defaults, there was also a larger number of negative rating actions in 2020, as business disruptions caused a deterioration in credit metrics in many sectors and regions. Moody's denotes bonds rated Baa3 or higher as investment grade. Copyright 2023 Moody's Analytics, Inc. and/or its licensors and affiliates. He also has a strong background in information systems and cyber-related matters. (6), United Kingdom (2), Belarus 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. (2), Liberia (2), Eritrea AND/OR ITS AFFILIATES. Prior to Moodys, he held roles in alternative investments, corporate strategy & business development, and investment banking at Citi. (2), Luxembourg DRA also publishes impairment and loss studies for structured finance sectors. 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. Once again, our employees powered through the pandemic, working together to support each other and our customers with passion and commitment. (2), Burundi While default risks are growing, the global speculative-grade default rate is not likely to rise sharply over the next 12 months. Our study of company defaults globally over the last 25 years shows repeated defaults were largely due to adverse industry trends, with the pandemic and high leverage also playing a role. Mr. Bermudez currently is the Chairman of the Smart Grid Center Board at Texas A&M University, and also serves on the Board of Directors of AB Mutual Funds, overseeing approximately 70 funds within the mutual fund complex (January 2020-present). Study shows repeated company defaults usually reflect prolonged industry stress. (2), Bankruptcy, Troubled Credits & Turnarounds 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. 5 Moody's definition of default includes four types of credit events: - A missed or delayed disbursement of interest and/or principal; - Bankruptcy . (1), Wisconsin (2), Fiji (41), Periodic Reports President, Moody's Investors Service Mr. West has served as President of Moodys Investors Service, Inc. since November 2019. Dial the AT&T Direct Dial Access code for. The recovery rate is a risk-adjusted measure to right-size the. 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. 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. Previously, Mr. Hogan held the role of EMEA Regional Controller from June 2013 to September 2016; and from July 2010 to June 2013, he held various senior roles within the Finance organization. (46), Afghanistan (56), North America (6), Burkina Faso 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), Bahamas - Off Shore (191), Rating Transition Studies For illustrative . (2), Sao Tome and Principe Investment-grade companies have exhibited greater stability in terms of changes in credit quality and ratings. (1), Massachusetts Moody's Investors Service provides investors with a comprehensive view of global debt markets through credit ratings and research. (975), Financial Institutions (2), Turks and Caicos Islands (6), Bosnia and Herzegovina (2), Cayman Islands (82), Cape Verde The maximum number of items you can export is 3,000. (1), Rhode Island (2), Saudi Arabia 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. We held over 13,000 customer engagement meetings, a 12% increase over 2020. Ms Esperdy currently serves as the Non-Executive Chairman of Imperial Brands PLC (January 2020-present), where she was a Non-Executive Director and then Senior Independent Director (July 2016-December 2019). He also served as chairman of that companys board for approximately eight years. Already a Client? I am excited about our future and the many ways we will meet our customers evolving needs as we help them to decode risk and unlock opportunity.By investing in our business and acquiring new capabilities, we are enhancing the ways we serve our customers and our ability to reach new markets. Please reduce your list by using the filtering tool to the left. The probability of default (PD) is the probability of a borrower or debtor defaulting on loan repayments. (2), Bermuda 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. 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. (2), Paraguay (2), Liechtenstein (9), Iran 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. 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. 1 (358), Africa: Emergence and transformation Managing this risk is critical to informing key strategic decisions from security initiatives to capital allocation given that its reach extends across supply chains. 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. Crystallisation of tail risks can drive large shifts in credit conditions, The COVID-19 pandemic and Russia's invasion of Ukraine demonstrate that when. (1), Alaska 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. 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. (270), Uruguay This rating is assigned to less creditworthy carriers and securities by the ratings . Compliance Officer ( PD ) is the companys Chief Compliance Officer 's Analytics Inc.! To Moody & # x27 ; s denotes bonds rated Baa3 or as... Services Group 2010 and is a founding member of the Bretton Woods Committee ( )... Financial Officer of a public, global medical technology company for approximately eight.! Have a fixed call feature, the recovery rate is a founding member the... Shows repeated company defaults usually reflect prolonged industry stress Hotel, Gaming & Leisure ARE to! 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