In that role, she supervised the corporate investigations and anti-money laundering divisions and the companys regulatory examination program. (160), Recovery Studies A record-high amount of debt matures in 2023-27, and the amount due in the first few years is rising. Mr. Kapusta holds a Masters Degree (LL.M.) (10), Hungary (1), English 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), Pakistan 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. Sharon OuVP-Sr Credit Officer/Mgr/CSRCredit Strategy & Standards Moody's Investors Service, Inc. (5), Macedonia (former Yugoslav Republic of) 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. Please reduce your list by using the filtering tool to the left. 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. (2), Guatemala our global press information hotlines: New York +1-212-553-0376, (1), Florida (2), Financial stability risks: implications of rising corporate leverage (167), Structured Finance 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. (2), Sweden (6), Philippines All data is derived from the Moody'sInvestors Serviceproprietary database of issuer, default, and recovery information. (191), Rating Transition Studies 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. 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. (527), Asia-Pacific Economic Cooperation (APEC) Please reduce your list by using the filtering tool to the left. (6), Netherlands Antilles 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. 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. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. Performance reflects expense reimbursements and/or fee waivers made in 2016, 2019, 2020, 2021 and 2022. 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. (10), Cocos (Keeling) Islands (2), 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. (91), Austria June 2021 . . (364), Association of Southeast Asian Nations (ASEAN) He currently serves on the Executive Committee of the Board of Directors. 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), Taiwan, China That rate, if realized, would exceed the historical average. Maximum pseudo-likelihood estimation was conducted on 3513 firms to calculate . (1434), Latin America & Caribbean (2), Myanmar (2), Mexico He was a member of the Texas A&M Foundation Board of Trustees (2014-2021). (2), Congo, Democratic Republic of (DRC) (2), Bhutan Mr. Goggins was an Associate with Cadwalader, Wickersham & Taft from 1985 to 1995 where he worked on mergers and acquisitions. (975), Financial Institutions (1), Vermont Mr. McDaniel served as the Companys President from October 2004 until April 2005 and the Companys Chief Operating Officer from January 2004 until April 2005. (2), Paraguay in Statistics and Actuarial Science, both from the Wharton School at the University of Pennsylvania, and is a Fellow of the Society of Actuaries. (1), Maryland 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. He has extensive executive experience, having formerly held several additional senior management positions at banks. (82), Cape Verde (9), Maldives (1), Louisiana Ms. Kazanjian holds a J.D. Ms. Elliott has more than 25 years in senior-level corporate communications roles. I would like to acknowledge the many contributions of my fellow board members, and welcome Zig Serafin, CEO of Qualtrics, to the Moodys board. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. 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. Her experiences and expertise enhance the Boards ability to oversee the Companys global operations and effectively manage risk. (70), North Korea Senior Vice President &Corporate ControllerMs. (10), Spain (6), Portugal Probabilities of default Bloomberg Professional Services February 08, 2021 The credit quality of an entity is essential information that reflects that entity's financial health and its. 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. She also held various leadership positions across the organization including roles in Business Process Management and Ratings Operations, Investor Relations, Structured Finance Surveillance, Public Finance, Business Planning and Revenue Accounting. (2), Malawi The Companys common stock trades on the New York Stock Exchange under the symbol MCO. President, Moody's AnalyticsStephen Tulenko serves as President for Moodys Analytics. Five Moodys-rated corporate issuers defaulted in November, down from the upwardly revised 10 defaulters in October. (10), Gulf Cooperation Council If this isn't what you are looking for, you can. (1), New Jersey Prior to this role, she managed the US Structured Finance Relationship Management team within the Commercial Group.She joined Moody's in 2008 as a European RMBS analyst in the Structured Finance team. Ms. Alsop currently serves on the Trident American Dreams Advisory Board and is a founding member of the Womens Business Resource Group at Moodys. From April 2009 through April 2014, he served as Senior Vice PresidentCorporate Development of Moodys Corporation. 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. Previously, Ms Seidman was the founder and managing member of a financial reporting consulting firm that served global financial institutions, law firms and accounting firms. She also serves as the Senior Independent Director at National Grid plc (March 2014-present).Ms Esperdys extensive experience in global investment banking and financial markets provides her with strategic and financial expertise that is critical to overseeing the Companys strategies. Expansive Dataset: Includes more than 800,000 individual debt securities, both corporate and sovereign entities, and default history starting from 1920. (6), Ghana He is a member of the New York State Bar. Bermudez brings a history of executive experience at a major international financial services company. Mr. Platt holds an M.B.A. from The University of Chicago, a B.A. (7), Vietnam Please reduce your list by using the filtering tool to the left. All rights reserved. (1), Arkansas Chief Compliance OfficerHelene Gurian joined Moodys in 2010 and is the companys Chief Compliance Officer. His service as a director also contributes to his focus on corporate governance matters. 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), Seychelles Default Report. He is a Trustee at the University of Pennsylvania and a member of their board of overseers of the School of Engineering and Applied Science. Ultimate Recovery Default Rate MethodologyMoodys 35 Industry Default, Migration, & LGD Second-Lien Debt Risk 2015 HY Ultimate Recovery US Distressed Exchanges, Dial the AT&T Direct Dial Access code for, We brought you to this page based on your search query. AND/OR ITS AFFILIATES. (2), Saint Kitts and Nevis (2), Brunei Darussalam 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. Chief Financial OfficerMark Kaye is the Chief Financial Officer of Moodys Corporation with responsibility and oversight for all global financial activities. (9), Poland 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. Mr. West served as Managing DirectorHead of MIS Ratings and Research from June 2016 to October 2019. (1), Tennessee Prior to joining Moodys in 2013, Mr. Platt provided M&A and corporate finance advisory services to boards and companies across a wide range of industries. Sullivan has served as the Companys Senior Vice PresidentCorporate Controller since December 2018. (6), Guinea (1), Mississippi 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. (6), South Korea (2), Cambodia 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. Moodys SF Japan K.K. His substantive expertise extends to enterprise collaboration services, artificial intelligence and user experience. 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. 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. Retired Chief Risk OfficerCitigroup, Inc.Director since April 2011Jorge A. Bermudez, age 70, is a member of the Audit, Governance & Nominating and Compensation & Human Resources Committees of the Board of Directors. Financial specialist with 5+ years of experience across quantitative research, macroeconomic analysis, and data science. Supports risk assessment of specific credit default swaps (CDS), bonds, and loans. (18), Colombia (6), Solomon Islands http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1258722. 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. 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. Mr. Tulenko joined Moodys in 1990. (1), Indiana (1), West Virginia (6), Azerbaijan - statistical model . (6), Japan (1), Oklahoma (2), SMEs and Mid-caps: A Focus on Funding 1 (9), High Yield Interest 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, . (2021) note that one third of all U.S. corporate bonds have a fixed call feature, . (2), Zimbabwe Granularity: Contains granular information from our sister company, Moody'sInvestors Service, includingcomplete rating history at the instrument level, rating outlook and watch-list data, and credit enhancement/backing data, indicating external support. By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. 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. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. 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. 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. (2), Trinidad & Tobago He has experience leading a large global business in a regulated industry, including significant experience in large M&A transactions. 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. (2), Venezuela (2), Italy 23 Dec 2022. 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. (2), Guinea-Bissau (1), New Hampshire A probability of default (PD) is already assigned to a specific risk measure, per guidance, and represents the percentage expectation to default, measured most frequently by assessing past dues. Recipient email addresses will not be used in mailing lists or redistributed. 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. (2), Eritrea There are three major credit rating agencies (Standard & Poor's, Moody's, and Fitch) that provide ratings on bond. The rating scale used by Moody's is: Rating Scale of Moody . (6), Slovenia Default Trends - Global: Compendium of 2021 corporate defaults. The bar chart shows how the performance of the Portfolio has varied from year to year. 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. NOTE TO JOURNALISTS ONLY: For more information, please call one of (2), Brazil The speculative-grade corporate default rate will climb to 4.3% next year under our baseline forecast, up from 2.3% in September. Default Risk Service Structured Finance. (6), Denmark (2), Peru From 2019 to 2021, Ms. Kazanjian held various people leadership roles at WeWork, leading into her role as Chief People Officer. Already a Client? Ms Seidman previously served as a Public Governor of the Financial Industry Regulatory Authority (2014-2019). Exposure at default is an estimated value that predicts the amount of loss a bank may experience when a debtor defaults on a loan. Default Report. (649), Infrastructure & Project Finance Moody's Investors Service Risk Quantification Evaluate, manage, and mitigate climate risks and their impacts through scenario analysis, quantitative modelling and stress testing. (6), Uzbekistan 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.
moody's probability of default table 2021