Credit Strategy and Standards Index of Reference Documents. While 2021 was a year of challenges, it was also full of opportunities to invest and deliver for our customers. (5), Growth: Macroeconomic outlook & insights on fiscal and monetary policies (1), Colorado (1), Alaska (1), Washington (2), Taiwan, China The peak baseline estimate for the default rate was lowered from February 2021's 12.1% (as of early August 2020) to March -February 2021's 11.4% (as of early September). (2), New Caledonia He led Citizens to a successful initial public offering in September 2014, and full independence from RBS in October 2015. 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. MOODYS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. (2), Republic of Moldova If this isn't what you are looking for, you can. (7), Sri Lanka (2), Bahamas - Off Shore He served as Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008. A firm is defined to default if there is a record of nominal default and one or more post-default prices are observed. 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. 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. 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. Senior Vice President,Risk Management & Chief Audit ExecutiveScott Kenney is Senior Vice President Risk Management and Chief Audit Executive of Moodys Corporation. (1), Investment Grade (6), Azerbaijan 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. He has also served on the Board of Directors of ICRA Limited, Moodys affiliate in India. (1361), Asia Pacific (2), Suriname This publication does not announce a credit rating action. She served as a Public Governor of the Financial Industry Regulatory Authority (FINRA). Ms. Gurian started her career in government, where she served as a senior trial counsel in the New York County District Attorneys Office, and subsequently as the Deputy Commissioner for the New York City Department of Investigation and Deputy Commissioner and Chief Counsel for the New York State Commission of Investigation. reference to Moody's idealized loss and default tables (see Appendix B). The Moody's Analytics PD is an aggregation of all the sources of credit risk assessable for a given borrower. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. 1 As a result of holding these positions, Mr. Van Saun brings financial expertise, management experience and experience managing a business in a highly regulated industry both in the U.S. and in Europe. (1), North Carolina (6), Burkina Faso Prior to joining Moodys, Mr. Kapusta served as counsel for a large New York City law firm and held several senior roles within Deloitte, where he provided corporate and tax advice to U.S. multinationals. Providing trusted insights and standards that help decision makers act with confidence. It also enables you to identify factors contributing to default experience in each economic cycle. (2), Laos Please reduce your list by using the filtering tool to the left. She held various executive roles at JPMorgan Chase & Co. (JPMorgan) from 1997 through 2015, including Global Chairman of Financial Institutions Group, Co-Head of Banking, Asia Pacific, and Head of Global Debt Capital Markets. Mr. Kenney holds a BS in Accounting from the University of Scranton and is a Certified Public Accountant licensed in New York. (3), Norway Prior to joining Moodys, Mr. Kenney was a Managing Director at Deloitte, serving as leader to several internal audit departments, external financial statement audits, Sarbanes-Oxley compliance efforts and large regulatory compliance engagements. Default Report. (3), Germany 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. Once again, our employees powered through the pandemic, working together to support each other and our customers with passion and commitment. (1), North Dakota Forlenza served as the chief executive officer of a public, global medical technology company for approximately nine years. (5), Cameroon Oil & Gas, Retail and Business Services sectors were the three largest contributors to corporate defaults in 2020. (6), Djibouti 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. The LGD of the obligor's exposures in the cell equals 1.0 minus the average of such prices expressed as a fraction of par; there is exactly one LGD for each default. Mr. Goggins holds a J.D. Van Saun currently serves as the chief executive officer and chairman of a U.S. bank. (7), Grenada (2), Finland All rights reserved. (2), Namibia (53), U.S. Public Finance Subscribers can access the report at: http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1258722. (2), Algeria 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. Additionally, DRA publishes analytical research reports on topics that are of interest to broader fixed-income markets community.. Learn how Moody's ratings and analysis speak to the relative credit risk of debt instruments and securities across industries and asset classes around the globe. She previously held a variety of communications positions at American Express and was a journalist for ABC News, where she earned an Emmy award. (1), New Technologies 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. Looking at the risk profile of the Swedish corporate bond market reveals several notable trends. (5), Morocco from the Rutgers School of Law-Newark and a B.A. All rights reserved. Mark has an M.B.A. in Finance and a B.S.E. 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. He served as a director of Citibank N.A. In addition, she has previously worked as a CPA and is certified in cybersecurity oversight (2018) and ESG oversight (GCB.D, 2021). Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. Following a year marked by one of the deepest recessions in the past 100 years, 2021 proved to be a year of better-than-expected economic recovery, despite the lingering COVID-19 pandemic. By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. Recipient email addresses will not be used in mailing lists or redistributed. As I observed last year, our customers seek solutions to help them identify, measure and manage a wider range of interconnected risks. Ms. He is also a member of the Washington Economics Club.Mr. Mr. Goggins was an Associate with Cadwalader, Wickersham & Taft from 1985 to 1995 where he worked on mergers and acquisitions. 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. He is a current member of The Clearing House supervisory board and also serves on the board of the Federal Reserve Bank of Boston. 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. 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. From 1992 to 1996, Mr. Fauber worked at NationsBank (now Bank of America) in the middle market commercial banking group.Mr. (2), Mauritius 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. Identify factors contributing to default If there is a current member of the Clearing House supervisory board and serves... Mr. Kenney holds a BS in Accounting from the University of Scranton is. U.S. Public Finance Subscribers can access the report at: http: //www.moodys.com/researchdocumentcontentpage.aspx docid=PBC_1258722. 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