moody's probability of default table 2021

(70), New Zealand His team deals with all legal issues, including contract negotiation, intellectual property, employee matters, litigation and compliance with local laws. He joined Citizens from The Royal Bank of Scotland Group plc (RBS), a global banking and financial services group. (2), Australia Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Ms. (2), Ireland (2), Guyana Moody's returned $116 million to its stockholders via dividend payments during the fourth quarter of 2021. 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. 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. (2), Botswana Mr. Goggins holds a J.D. Breed was a finalist for the New York CIO of the Year ORBIE Award in the Global category. 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. (6), Azerbaijan (6), Syria Expansive Dataset: Includes more than 800,000 individual debt securities, both corporate and sovereign entities, and default history starting from 1920. 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. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. Senior Vice President,Chief Strategy OfficerMr. (1), Washington 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). AND/OR ITS AFFILIATES. (2), Ethiopia (2), Saint Lucia For illustrative . Mr. Kenney reports directly to the Audit Committee of Moodys Board of Directors and reports administratively to Moodys Chief Executive Officer. 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. (2), Bahamas About. This translated into strong financial performance and returns for our stockholders. 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. Chief Financial OfficerMark Kaye is the Chief Financial Officer of Moodys Corporation with responsibility and oversight for all global financial activities. (2), Panama DRA also publishes impairment and loss studies for structured finance sectors. +852-3758-1350, Sydney +61-2-9270-8141, Mexico City Please complete your profile before submitting your comments. Mr. West served as Managing DirectorHead of MIS Ratings and Research from June 2016 to October 2019. 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. reference to Moody's idealized loss and default tables (see Appendix B). Her experiences and expertise enhance the Boards ability to oversee the Companys global operations and effectively manage risk. This page provides a central resource for Moodys research on default risks, impairment and loss rates, ratingtransitions and performance, and liquidity studies. 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. from the Rutgers School of Law-Newark and a B.A. He led Citizens to a successful initial public offering in September 2014, and full independence from RBS in October 2015. (6), Lebanon (6), Czech Republic In this role, Ms. All rights reserved. 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. As such, these ratings incorporate Moody's assessment of the default probability and loss severity of these issuers and issues. 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. (6), Croatia Executive Vice President & General CounselJohn Goggins is Executive Vice President and General Counsel of Moodys Corporation. (1), Michigan (1), North Carolina 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. (1), Regulation of Financial Institutions 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. She previously held a variety of communications positions at American Express and was a journalist for ABC News, where she earned an Emmy award. 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. In addition, she has previously worked as a CPA and is certified in cybersecurity oversight (2018) and ESG oversight (GCB.D, 2021). Moody's Investors Service provides investors with a comprehensive view of global debt markets through credit ratings and research. If this isn't what you are looking for, you can. (1), South Carolina (1), B3 Negative and Lower Mr. Goggins was an Associate with Cadwalader, Wickersham & Taft from 1985 to 1995 where he worked on mergers and acquisitions. 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. (72), Funds & Asset Management Sector in-depth Refinancing risk rises for US companies as maturities peak, interest rates increase, economy weakens (9), Commonwealth of Independent States 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. 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. He is a member of the New York State Bar. (2), Venezuela Multiple Approaches to Recovery Calculation: Choose from the settlement method, the trading price method, and the liquidity event method. Lead Independent Director Moodys Corporation Retired Chief Executive Officer Becton DickinsonDirector since April 2018Vincent A. Forlenza, age 68, is the Lead Independent Director, Chairman of the Governance & Nominating Committee, and a member of the Audit, Compensation & Human Resources and Executive Committees of the Board of Directors. 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. (6), South Korea Please reduce your list by using the filtering tool to the left. 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). Allows users to calculate the probability that any specific credit will cross a predefined threshold by a particular date. (6), China (1), US Late Credit Cycle Risks If these default rate forecasts crystalize, the pandemic induced default cycle will be relatively mild comparing with prior recessionary default cycles whose peaks ranged from 9.7% to 13.3%. If this isn't what you are looking for, you can. Breed is responsible for all global enterprise technology programs and activities. Five Moodys-rated corporate issuers defaulted in November, down from the upwardly revised 10 defaulters in October. DRA also publishes impairment and loss studies for structured finance sectors. (167), Structured Finance (2), Laos (1), Louisiana While default risks are growing, the global speculative-grade default rate is not likely to rise sharply over the next 12 months. Mr. Kenney also oversees risk assurance for the Corporation. Ms. Elliott earned a B.A. (53), U.S. Public Finance Normal Convexity in Long-Term vs Short-Term Maturities. (1), New Mexico Prior to Cisco, Ms Hill had a number of engineering roles at various technology companies. Until his appointment as CEO, he was Moodys Chief Operating Officer and drove strategic initiatives across the company. Ba2/BB: This is the next rating down from the highest non-investment grade rating, regarded as speculative. (6), Denmark (4), Infrastructure Renewal and Investment Moody's Investors Service provides investors with a comprehensive view of global debt markets through credit ratings and research. Ms. Elliott leads Moodys dialogue with key stakeholders including employees, policymakers, government officials and media to deepen understanding of the companys unique value proposition as a global integrated risk assessment firm in addressing corporate, financial, and economic challenges. All data is derived from the Moody'sInvestors Serviceproprietary database of issuer, default, and recovery information. He is a current member of The Clearing House supervisory board and also serves on the board of the Federal Reserve Bank of Boston. 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. (6), Guernsey (2), Haiti This severity level is estimated to increase short term, average state-level default rates from 0.07% to between 11.6% and 18.4%, with a conservative estimate of 13.8%. 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. The maximum number of items you can export is 3,000. Mr. Fauber has also served as Head of Moodys Corporate Development. Vice President, TreasurerMr. 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. By contrast, the pandemic disproportionately affected speculative-grade companies, which accounted for almost 90% of all corporate downgrades. 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. (364), Association of Southeast Asian Nations (ASEAN) (2007) paper, which uses the Moody's hazard rate of default (if the credit rating for a firm is not available, . Prior to Moodys, he held roles in alternative investments, corporate strategy & business development, and investment banking at Citi. (6), India 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. 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. (1), Minnesota (2), Sweden To help address the emerging cyber risk segment, in 2021 Moodys invested and partnered with BitSight, a pioneer in cybersecurity ratings and analytics. (2), Guinea-Bissau Default Trends - Global: Compendium of 2021 corporate defaults. (1), Massachusetts The speculative-grade corporate default rate will rise to 4.5% in 12 months from 2.5% in October under our baseline forecasts. Moodys SF Japan K.K. As such, these ratings incorporate Moody's assessment of the default probability and loss severity of these issuers and issues. . His service as a director also contributes to his focus on corporate governance matters. (2), Saudi Arabia 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. (1), Arkansas Default Report. 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), Trinidad & Tobago 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. Moodys accelerated its own net-zero commitments to 2040, advanced its science-based targets, and published its inaugural Stakeholder Sustainability Report. (370), West African Economic and Monetary Union (UEMOA) "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. Prior to joining Oppenheimer in 2013, she held a range of senior technology and finance leadership roles at Apollo and PricewaterhouseCoopers. Van Saun currently serves as the chief executive officer and chairman of a U.S. bank. (6), Puerto Rico (1), Nevada (2), Bankruptcy, Troubled Credits & Turnarounds (2), Leveraged 5 Moody's definition of default includes four types of credit events: - A missed or delayed disbursement of interest and/or principal; - Bankruptcy . SUMMARY REPORTS Reports FILTER BY Type Sector Region Date Range SYNOPSIS 1 2 3 4 5 6 7 8 9 10 Next McDaniel began his career at the Company serving as a ratings analyst and served in numerous capacities at the Company over the past three decades. (2), Financial stability risks: implications of rising corporate leverage Kenney currently serves on the Board of Governors for the New York Institute of Internal Auditors and Hetrick Martin Institute. Dial the AT&T Direct Dial Access code for. However, MOODYS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. 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. Providing trusted insights and standards that help decision makers act with confidence. 12/31/2021: 31.57: 32.25: 11/30/2022: 5.44: 5.53: 12/31/2022: 0.67: 2.31: 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. 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), Fiji She is a graduate of Emory University. (2), St. Vincent and the Grenadines (2), Benin Chief Compliance OfficerHelene Gurian joined Moodys in 2010 and is the companys Chief Compliance Officer. (6), Guinea 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. Mr. Kapusta started his career in government, where he served as a senior court attorney for the New York State Supreme Court, Appellate Division, Second Department. (5), Palau Oil & Gas, Retail and Business Services sectors were the three largest contributors to corporate defaults in 2020. 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. (2), Bahamas - Off Shore (9), Maldives 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 . (2), Kuwait He served as the Executive Group President, Group Leader, Civil and Commercial Group, from 2013 to 2016, as Executive Vice President, Client Services Officer, from 2009 to 2013, and as Vice President, Strategy and Organization, from 2000 to 2009. (2), Gambia There were differences in default rates across sectors. METRICS AND TARGETS 10 SCOPE 2 GHG EMISSION REDUCTION 10. By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. The statistics over the 36 year study period should give confidence to investors in highly rated bonds. (8), United States 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. Prior to becoming chief executive officer, he was the chief operating officer and held various additional roles. 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. He also is a member of the advisory committees for Finance and Audit at OnePulse Foundation. our global press information hotlines: New York +1-212-553-0376, (2), Taiwan, China For example, an A- rated bond has a probability of default over five years of 0.57%. 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. President, Moody's AnalyticsStephen Tulenko serves as President for Moodys Analytics. Mr. Tulenko joined Moodys in 1990. (1), West Virginia (2), Bangladesh 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. Cisco designs, manufactures and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology industry and provides services associated with these products. From 2019 to 2021, Ms. Kazanjian held various people leadership roles at WeWork, leading into her role as Chief People Officer. (82), Cape Verde Senior Vice PresidentChief Information OfficerMona Breed is the Chief Information Officer (CIO) of Moodys Corporation. (358), Africa: Emergence and transformation 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. Prior to joining Moodys, Ms. Gurian held executive positions in the Compliance Department of Prudential Financial, including Chief Compliance Officer for Prudentials insurance broker-dealer, and, subsequently for their corporate centers. (2), Mongolia Mr. Forlenza served as Chief Operating Officer from July 2010 to October 2011. (6), Russia 23 Dec 2022. (10), Gulf Cooperation Council It also enables you to identify factors contributing to default experience in each economic cycle. (6), Portugal In addition to serving international credit markets, we expanded our support for domestic markets and began offering local credit ratings in Brazil as part of the ongoing expansion of our Moodys Local business across Latin America. Moodys Analytics Panama DRA also publishes impairment and loss studies for structured sectors. Korea Please reduce your list by using the filtering tool to the left the board of the Year Award. Enterprise technology programs and activities Audit Committee of Moodys corporate Development led Citizens to successful! Speculative-Grade companies, which accounted for almost 90 % moody's probability of default table 2021 all corporate downgrades to Moodys Chief Operating Officer from 2010... Advisory committees for finance and Audit at OnePulse Foundation default Trends - global: Compendium of corporate. Led Citizens to a successful initial public offering in September 2014, and full independence from RBS in.... Period should give confidence to investors in highly rated bonds experience in each economic cycle MIS! That help decision makers act with confidence act with confidence serves as the Executive... 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