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 . That rate, if realized, would exceed the historical average. 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. Breed came to Moodys from OppenheimerFunds, where she served as Head of Infrastructure, Enterprise Applications, IT Strategy and Transformation. 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. 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. By contrast, the pandemic disproportionately affected speculative-grade companies, which accounted for almost 90% of all corporate downgrades. 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 and his wife have two children. In this role, Mr. Goggins is primarily responsible for providing legal advice to senior management and managing the provision of legal services by a team of inhouse lawyers and outside counsel. Default Risk Service Structured Finance. All rights reserved. Prior to that role, Ms. Sullivan supported the Global Wealth &Investment Management business from 2015 to 2017 in a variety of positions including Controller. 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. (2), Bahrain - Off Shore (6), Switzerland Prior to Cisco, Ms Hill had a number of engineering roles at various technology companies. Moodys seeks to be a compass for our customers by leveraging our rich history and diverse expertise to provide a holistic view of risk and opportunity. (2), Samoa (2), Australia This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. Each credit rating agency sets a minimum bond rank to be classified as investment-grade: Standard & Poor's denotes bonds rated BBB- or higher as investment grade. (6), Philippines 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. 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. Ms. Kazanjian holds a J.D. Executive Vice President & General CounselJohn Goggins is Executive Vice President and General Counsel of Moodys Corporation. 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). The maximum number of items you can export is 3,000. Senior Vice President,Risk Management & Chief Audit ExecutiveScott Kenney is Senior Vice President Risk Management and Chief Audit Executive of Moodys Corporation. (1), Indiana By telephone from outside the United States: Modern Slavery and Human Trafficking Statement. Throughout 2021, the global pandemic continued to impact Moodys employees, customers, stockholders and communities. (1), Mississippi (7), Sri Lanka We held over 13,000 customer engagement meetings, a 12% increase over 2020. (1), Emerging Markets He has served as Chairman and Chief Executive Officer of Citizens Financial Group, Inc. (Citizens), a large regional bank, since October 2013. 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. (72), Funds & Asset Management (1584), Default Studies 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. The maximum number of items you can export is 3,000. (6), Panama - Off Shore He is responsible for overseeing Moodys capital allocation and long-term financing strategies, and managing cash and short-term investments to support Moodys operations and growth. Investment-grade companies have exhibited greater stability in terms of changes in credit quality and ratings. (2), Zambia 2023 Moody's Investors Service, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors. (6), Puerto Rico 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 . 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. We also advanced the transition of our banking and insurance solutions to SaaS, deepening and streamlining the ways we support many mid-sized financial institutions. Executive Vice President Chief Financial Officer and TreasurerBooz Allen HamiltonDirector since March 2021 Lloyd W. Howell, Jr., age 55, is a member of the Audit, Governance & Nominating and Compensation & Human Resources Committees of the Board of Directors. 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), Cayman Islands Passed Level II of the CFA Program (Feb 2022). (1), Nebraska (1), Maine Supports risk assessment of specific credit default swaps (CDS), bonds, and loans. (2), Paraguay (2), Belarus We employed a forward intensity approach to predict the multi-period defaults of Chinese-listed firms during the period 2001-2019 on a monthly basis. (1), Virginia (8), United States He also serves as the Chairman of the Audit Committee of The Bank Policy Institute. in economics from the University of Virginia and his M.B.A. from the Johnson School of Management at Cornell University. 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. (1), North Carolina Study shows repeated company defaults usually reflect prolonged industry stress. (2), Netherlands The statistics over the 36 year study period should give confidence to investors in highly rated bonds. (1), B3 Negative and Lower 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 . (6), India Default Report. (41), Periodic Reports There are three major credit rating agencies (Standard & Poor's, Moody's, and Fitch) that provide ratings on bond. 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. 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. Forlenza served as the chief executive officer of a public, global medical technology company for approximately nine years. 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. Mr. Tulenko joined Moodys in 1990. (2), Turks and Caicos Islands (270), Uruguay (MJKK) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moodys Overseas Holdings Inc., a wholly-owned subsidiary of MCO. To help address the emerging cyber risk segment, in 2021 Moodys invested and partnered with BitSight, a pioneer in cybersecurity ratings and analytics. Credit Transition Model (CTM) Methodology These impressive results are the product of the many investments we have made in our people and our offerings and speak to the value that customers place on our expertise and solutions. (2), European Union She served as a Public Governor of the Financial Industry Regulatory Authority (FINRA). Mr. Hogan served as the companys Assistant Corporate Controller from September 2016 to September 2019. (9), High Yield Interest 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. 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. 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. 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), Chile Product development work and acquisitions complemented and enhanced investments in Moodys core credit ratings and research offerings, data and analytic capabilities, and will help ensure the continued relevance and value of these offerings to customers.The acquisition of RMS established Moodys as a leader in insurance and data analytics and brought valuable new expertise in modeling extreme weather and climate risk, as well as other catastrophes. (2), Fiji (6), Uzbekistan (1), Pennsylvania (1), Montana 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. 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 . Moody's denotes bonds rated Baa3 or higher as investment grade. 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. 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%. (2), Cook Islands (6), El Salvador Expansive Dataset: Includes more than 800,000 individual debt securities, both corporate and sovereign entities, and default history starting from 1920. She is also a key contributor to various Moodys diversity, equity and inclusion initiatives. The probability of default (PD) is the probability of a borrower or debtor defaulting on loan repayments. (6), Belize From 1992 to 1996, Mr. Fauber worked at NationsBank (now Bank of America) in the middle market commercial banking group.Mr. For example, an A- rated bond has a probability of default over five years of 0.57%. (1), Kentucky 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. London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong (2), Ireland (2), SMEs and Mid-caps: A Focus on Funding (975), Financial Institutions (10), Gulf Cooperation Council (9), Poland (9), Maldives Prior to joining Moodys, David spent ten years in Deloittes Assurance practice, with a focus on clients within the Telecom, Media and Technology sector. (46), Afghanistan Van Saun currently serves as the chief executive officer and chairman of a U.S. bank. (1), US Late Credit Cycle Risks 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. (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. 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 Communications and Political Science from the University of Michigan. (2), Mexico (8), Armenia (53), U.S. Public Finance CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. It also enables you to identify factors contributing to default experience in each economic cycle. At RBS, Mr. Van Saun served as Group Finance Director and as an executive director on the RBS board from 2009 to 2013. He served as Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008. This page provides a central resource for Moodys research on default risks, impairment and loss rates, ratingtransitions and performance, and liquidity studies. (191), Rating Transition Studies (1), South Dakota Founding member of the CFA Program ( Feb 2022 ) companys Assistant corporate Controller from September 2016 to 2019. Citigroup, Inc., Moodys Analytics, Inc. and/or their affiliates and licensors she is a! Applications, IT Strategy and Transformation accounted for almost 90 % of all corporate downgrades should confidence... Prolonged industry stress Head of Infrastructure, Enterprise Applications, IT Strategy and Transformation the 36 year Study should... Greater stability in terms of changes in credit quality and ratings pandemic disproportionately speculative-grade. 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