Moody’s Talks – The Big Picture: Recent Episodes
Jennifer Wong, Sarah Carlson, William Foster
On Moody’s Talks – The Big Picture, hosts Sarah Carlson, William Foster and Jennifer Wong bring you insights from Moody’s analysts around the world on hot topics across fixed-income markets. Each episode will illuminate Moody’s thinking on the latest credit and economic developments, ranging from the continued impact of the COVID-19 pandemic, to technological disruption, political shifts and climate change. Please join us as we explore what’s on the horizon for the global credit landscape.
Critical minerals are back in the spotlight as the global push for access to those supply chains grows – along with the risks for credit and areas like national security.
These elements, like lithium and cobalt, are key components of everything from electric vehicles to semiconductors. A subset, called rare earths, have qualities like magnetic powers and high heat resistance.
But just because you have them, doesn’t mean they are ready for use.
There is a complex and expensive extraction and refining process – and China dominates the world’s production capacity. Many countries are years away from refining minerals at the same scale domestically.
We discuss how critical minerals have become economic levers, spurred by geopolitical and trade tensions, demand for high-tech defense equipment, investment in AI and data centers, and diversification of energy sources.
Host: William Foster, Senior Vice President, Sovereign Risk, Moody's Ratings
Guests:
- Atsi Sheth, Chief Credit Officer, Moody’s Ratings
- Claire Li, Senior Analyst, Credit Strategy, Moody’s Ratings
Related Research:
- Sovereigns – Emerging Markets - Critical minerals boom offers a step up the value chain if structural constraints ease 13 July 2026
- Flipbook: Critical mineral and material reliance poses risks to US, but policy support offers relief, 5 November 2025
- Critical minerals – China: A detailed view of the sector, 12 June 2025
- Artificial Intelligence – Rare earth metals: China’s dominance of critical minerals supply chain creates vulnerabilities for tech firms, 2 July 2025
- Moody’s Emerging Markets Credit Risk Insights & Analysis
© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.
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Faced with slowing domestic growth and rising geopolitical tensions, China is changing its export strategy and selling different things, to different customers, in different places.
Electric vehicles, solar panels andAI-enabled services are replacing low-cost manufactured goods. And the destination? Increasingly, emerging markets in Southeast Asia, Latin America and beyond.
China's evolving overseas footprint will have far-reaching credit consequences. From autos in Europe to metals in Latin America and clean energy infrastructure in Asia, this is a global story with local credit impact.
The looming question remains: who can adapt and who will buckle under the sustained pressure?
Host: Matt Robinson, Associate Managing Director, Moody’s Ratings
Guest: Nick Hill, Global Head of Credit Strategy and Guidance, Moody’s Ratings
Related Research:
- Macroeconomics – China: Overseas investment will accelerate, with focus on select sectors and destinations 30 June 2025
- Trade – Asia-Pacific: US focus on origin of imports increases risks for Asia-Pacific supply chains 20 October 2025
- Geopolitical risks and China’s excess capacity expose ASEAN economies’ vulnerabilities 2 July 2025
- Moody’s Insights – China Growth and Credit
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Emerging markets have weathered a string of global shocks since 2019 with more resilience than in past cycles, supported by stronger policy frameworks, deeper local markets and larger buffers.
We discuss why credit outcomes are increasingly uneven across EMs, how a more fragmented global economy is reshaping trade and financing, and why investors are focusing on country-by-country differentiation.
Looking ahead, we explore what could test that resilience next, including high interest rates, debt-affordability pressures and the policy choices that will separate stronger credits from weaker ones.
Host: William Foster, Senior Vice President, Sovereign Risk, Moody's Ratings
Guests: Atsi Sheth, Chief Credit Officer, Moody’s Ratings; Ariane Ortiz-Bollin, Associate Managing Director, Sovereign Risk, Moody's Ratings
Related Research:
- Financial policy is key differentiator of credit quality amid global shocks, 07 May 2026
- Low-rated sovereigns' credit quality is recovering but is weaker than a decade ago, 06 May 2026
- Early policy reform and strong buffers support resilience to global shocks, 05 May 2026
- Middle East Conflict – India: Energy shock fuels external, inflationary and sectoral risks, 20 April 2026
- Corporates – Indonesia: Policy uncertainty will constrain credit strength as regulatory intervention rises, 16 April 2026
- Sovereigns – Global: Middle East shock will test sovereigns with limited credit buffers, 7 April 2026
- Sub-Saharan African Macro Monitor: Financing needs will remain broadly stable in 2026, 31 March 2026
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The private credit market has morphed into a powerhouse, deriving its allure from low volatility, stable and high predictable returns.
But less than a year after the so-called “golden age” of private credit, the asset class is now grappling with a period of uncertainty following its astronomical growth.
That volatility includes a wave of redemptions – when investors go to credit funds and ask for their money back — on top of disruption from AI and calls for more transparency. The wildcard of retail investors also raises the stakes.
In this episode, we discuss the negative outlook for perpetual non-traded BDCs (Business Development Companies), the impact from the Middle East conflict, exposure for the software sector, and what regulators might do next.
Host: Gabriel Agostini, Assistant Vice President, Credit Strategy and Research, Moody’s Ratings
Guests: Marc Pinto, Global Head of Private Credit, Moody’s Ratings; Atsi Sheth, Chief Credit Officer, Moody’s Ratings
Related Research:
- Private Credit – Global Volatility will intensify focus on liquidity, transparency 22 April 2026
- Business Development Companies – US – Outlook changes to negative on increased redemption pressures, higher leverage 7 April 2026
- Private Credit – North America – Credit Estimates point to eroding credit quality among middle-market borrowers 13 April 2026
- Banks – US – Aggregate loan exposure to non-depository financial institutions rises to $1.4 trillion 31 March 2026
- Moody’s Private Credit Insights
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Streaming giant Netflix withdrew its bid for Warner Brothers Discovery on the eve of this year’s Oscars, but it doesn’t mean Paramount has won the battle for dominance over the media landscape. Regulators still must approve the deal, and Paramount’s offer comes with huge debt.
In this first episode of Credit Currents, a new video podcast series from Moody’s Ratings, we reveal the stakes at play for traditional film and TV studios, the exponential value of intellectual property (IP), and how massive acquisitions can create credit risk.
We also consider the potentially significant impact of AI on viewing habits and customer preferences.
Host: Patrick Ronk, Vice President, Senior Analyst, Moody’s Ratings
Guest: Emile El Nems, Vice President, Senior Credit Officer, Moody’s Ratings
Related Research:
- Media, Telecommunications – US – Media's significant consolidation, streaming shift continue; more telecom competition 2 Feb 2026
- Corporates | Media & Publishing - Netflix, Inc. - Credit Opinion – Update to credit analysis following affirmation and changing outlook to stable 29 Dec 2025
- Media & Publishing – US – Large streamers thriving amid intense competition, smaller streamers at risk 16 April 2025
© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.
© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.
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Streaming giant Netflix withdrew its bid for Warner Brothers Discovery on the eve of this year’s Oscars, but it doesn’t mean Paramount has won the battle for dominance over the media landscape. Regulators still must approve the deal, and Paramount’s offer comes with huge debt.
In the first episode of Credit Currents, a new video podcast series from Moody’s Ratings launching on April 2, 2026, we reveal the stakes at play for traditional film and TV studios, the exponential value of intellectual property (IP), and how massive acquisitions can create credit risk.
We also consider the potentially significant impact of AI on viewing habits and customer preferences.
Host: Patrick Ronk, Vice President, Senior Analyst, Moody’s Ratings
Guest: Emile El Nems, Vice President, Senior Credit Officer, Moody’s Ratings
© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.
© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.
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The US Supreme Court's rejection of the raft of US tariffs imposed in 2025 under the International Emergency Economic Powers Act (IEEPA) offers near-term relief for some exporters, but some sectors may still be in the crosshairs.
We discuss the prospect of refunds, the durability of restrictive trade frameworks, and how the US administration will likely tap other legal means to achieve its trade agenda.
This comes amid upheaval from the Middle East conflict which is rippling across sectors and deepening the uncertainty.
Host: William Foster, Senior Vice President, Sovereign Risk, Moody's Ratings
Guests: Atsi Sheth, Chief Credit Officer, Moody’s Ratings
Related Research:
- Tariffs – Global – Trade deal commitments and new tariffs diminish effects of IEEPA ruling 3 March 2026
- Tariffs – US – FAQ: Trade uncertainty will persist after Supreme Court rules on IEEPA tariffs 19 Feb 2026
- Government Policy – US – Midterm dynamics and 'America First' agenda to shape credit in 2026 19 Feb 2026
- Moody’s Tariff Tracker
© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this episode.
© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.
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What happens when technology starts automating and augmenting the cognitive tasks that form the backbone of many professions?
The stakes are high: companies are reorganizing, workers are anxious, and major investors are pouring billions into models, chips and data centers. Meanwhile, governments face important decisions on how to minimize social disruption from AI, while maximizing economic gains.
Explore which jobs are most exposed, what factors could boost productivity gains, and the steps governments are taking to manage the transition: https://www.moodys.com/ai-insights
Host: Gabriel Agostini, Assistant Vice President, Credit Strategy and Research, Moody’s Ratings
Guests: Ana Rayes, Vice President, Senior Analyst, Moody’s Ratings; Elisa Parisi-Capone, Vice President, Senior Analyst, Moody’s Ratings
Related Research:
- Artificial Intelligence – Global – AI productivity gains to hinge on demographics and occupational structures 23 Feb 2026
- Artificial Intelligence – Global – AI will reshape the nature of labor, with varying social risks across economies 24 Feb 2026
© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.
© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.
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Climate-driven shocks are rippling across sectors, from rising insurance premiums to lower property prices and tax revenue.
With the costs of severe weather rising, Moody’s experts share their insights into key themes and possible solutions.
Learn more at https://www.moodys.com/outlooks
Explore our outlook: https://www.moodys.com/web/en/us/insights/credit-risk/outlooks/global-sustainable-finance.html
Want to know more on the sustainable finance trends in 2026? Join us:
- EMEA/US: https://events.moodys.com/2026-mie26362-sustainable-finance-outlook-emea-usa
- APAC: https://events.moodys.com/2026-mip26493-sustainable-finance-outlook-apac
Host: Chandra Ghosal, Vice President, Senior Credit Officer, Moody’s Ratings
Guests: Jennifer Chang, Vice President, Senior Credit Officer, Moody’s Ratings; Sarah Hibler, Associate Managing Director, Moody’s Ratings
Related Research:
- Sustainable Finance – Global – 2026 Outlook – Transition shifts, extreme weather and AI boom drive credit risks 13 Jan 2026
- Emerging economies are most exposed to the credit effects of severe weather 30 Oct 2025
- US Public Finance – Florida – Miami Cat-5 storm would test economy and insurance market even with federal aid 24 Sep 2025
- Environmental Risk – Global – Adaptation can support credit strength, but faces race to keep up with climate risks 22 Sept 2025
- Property & Casualty – US – California wildfires — one year later, insurers have absorbed losses 14 Jan 2026
© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.
© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.
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New and emerging digital technologies are connecting previously siloed areas of finance.
The convergence of traditional finance with digital assets, the rapid evolution of blockchain and AI, and the growing influence of cyber risks across sectors will create both challenges and opportunities.
In this episode, we speak with Moody’s experts to understand the risks, innovations, and financing needs shaping global financial markets.
Learn more at https://www.moodys.com/outlooks
Host: William Foster, Senior Vice President, Sovereign Risk, Moody's Ratings
Guests: Fabian Astic, Managing Director, Global Head of Digital Economy, Moody’s Ratings; Lesley Ritter, Senior Vice President, Cyber Credit Risk, Moody’s Ratings
Related Research:
- Cyber Risk – Global -- 2026 Outlook - Cyber threats will intensify as AI tools proliferate 8 Jan 2026
- Digital Economy – Global – 2026 Outlook - Digital finance links diverse market segments, raising efficiency, risks 05 Jan 2026
- Digital Transformation – Global – Digitalization reshapes private credit, emerging markets, transition finance 01 Dec 2025
- Cyber Risk – Global - Weak artificial intelligence governance practices pose growing risk of data breaches 01 Oct 2025
© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.
© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.
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AI is fueling a boom in data centers, and the world’s biggest hyperscalers are pouring billions into building up their capacity.
But risks of an AI bubble and circular deals involving companies like OpenAI and Microsoft are worrying investors.
Learn more about data center growth in 2026 and other sector outlooks: moodys.com/outlooks
Host: Paloma San Valentin, Managing Director, North America Corporate Finance, Moody’s Ratings
Guests: John Medina, Senior Vice President, Moody's Ratings; Raj Joshi, Senior Vice President, Moody’s Ratings
Related Research:
- Artificial Intelligence – Global - 2026 Outlook - Risks are rising in a shifting AI landscape 08 Dec 2025
- Artificial Intelligence - Global - OpenAI's huge footprint is a risk for the AI value chain 05 Dec 2025
- Data Centers – US - Broadening array of financing approaches attract new capital as data centers scale up 03 Dec 2025
© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.
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Differing views on politics and the economy are making it harder for lawmakers to agree on issues like trade, immigration, regulation and fiscal policy. In this episode, Moody’s Ratings experts unpack the risk to credit in 2026 and repercussions for businesses and consumers.
Learn more and watch the full episode at moodys.com/outlooks
Host: Paloma San Valentin, Managing Director, North America Corporate Finance, Moody’s Ratings
Guest: Atsi Sheth, Chief Credit Officer, Moody’s Ratings
Related Research:
- Credit Conditions – Global – 2026 Outlook – Politics, innovation and extreme weather will drive credit conditions 10 Nov 2025
- Sovereigns - Global - 2026 Outlook - Negative as policy, political risks outweigh pockets of resilience 13 Nov 2025
- Government Policy – US – How credit effects of tax and spending shifts vary across sectors 31 Jul 2025
© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.
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Extreme weather is intensifying, and funding for adaptation measures remains a challenge. Emerging markets face growing economic and credit risks given limited resilience and insurance protection.
In this new video podcast ahead of the COP30 meeting in Belém, Brazil, our Moody’s experts discuss whether innovative private and multilateral finance are the answers to bridging the gap.
Watch the full episode at: moodys.com/sustainable-finance
Host: Colin Ellis, Head of Centre for Credit Research, Moody’s Ratings
Guests: Rahul Ghosh, Global Head of Sustainable Finance, Moody’s Ratings; Marie Diron, Global Head of Sovereign and Sub-Sovereign Risk, Moody's Ratings
Related Research:
- Data Story -- Emerging economies are most exposed to the credit effects of severe weather -- 30 Oct 2025
- Environmental Risk – Global – Strong water management increases economic resilience to physical climate risk 27 Oct 2025
- Environmental Risk – Global – Adaptation can support credit strength, but faces race to keep up with climate risks 22 Sep 2025
© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.
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As artificial intelligence reshapes workplaces and business strategies, firms increasingly depend on AI providers, making AI a tool of geopolitical influence. We'll discuss the impact across industries, as digital currencies affect monetary control and cyber threats challenge operational resilience.
Host: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings
Guests: Vincent Gusdorf, Associate Managing Director, Digital Finance and AI Analytics, Moody’s Ratings; Leroy Terrelonge, Vice President-Analyst, Cyber Credit Risk, Moody’s Ratings
Related research:
- Artificial Intelligence – Global – Nations push for AI sovereignty to capture economic, geopolitical gains 30 September 2025
- Sovereigns - Global – Digital currency growth, inconsistent regulation amplify countries' financial risks 25 September 2025
- Artificial Intelligence – Corporates – Pace of AI advances, regional disparities will steer credit trends across industries 23 September 2025
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Sub-Saharan Africa needs a lot of investment to support its development, but high funding costs are a constraint. We’ll explore the drivers of these costs and steps three of the region’s largest economies – South Africa, Nigeria and Kenya – are taking to reduce their cost of capital.
Host: Colin Ellis, Head of Centre for Credit Research, Moody’s Ratings
Guests: Christian Fang, Vice President - Senior Analyst, Moody’s Ratings; Mik Kabeya, Vice President - Senior Credit Officer, Moody’s Ratings
Related research:
- Credit Conditions – South Africa, Kenya and Nigeria – Policy, market constraints keep borrowing costs high 15 Sept 2025
- Sovereigns – Sub-Saharan Africa – Outlook stable as solid growth, fiscal consolidation mitigate financing constraints 16 Sept 2025
- Banks – Africa – Evolving fundraising sources and high yields will help banks navigate cost of foreign currency 17 Sept 2025
- Sovereigns – Sub-Saharan Africa – Low revenue and domestic savings underlie high debt cost in Sub-Saharan Africa 02 May 2025
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Fueled by AI, cloud migration, streaming and gaming, Asia-Pacific's data center capacity will more than double by 2030. Moody’s analysts unpack regional trends, financing strategies, and how utilities are adapting to this power-hungry transformation.
Host: Sarah Carlson - Senior Vice President, Moody’s Ratings
Guests: Nidhi Dhruv - Vice President, Senior Credit Officer, Moody’s Ratings; Abhishek Tyagi - Vice President, Senior Credit Officer, Moody’s Ratings
Related research:
- Infographic - Asia-Pacific data center capacity will more than double by 2030 on AI surge 30 July 2025
- Data Centers – Asia-Pacific — APAC data center growth to spark power demand, with divergent impact on utilities 31 July 2025
- Data Centers – China — AI and geopolitics deepen China's domestic data center buildout 04 Aug 2025
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What started as a niche alternative could become a nearly $3 trillion juggernaut by 2028. In this conversation, we explore where the money is coming from, how borrowers and lenders are coping with tough conditions, and what lies ahead for the asset class—including possible new regulations.
Host: Colin Ellis, Head of Centre for Credit Research, Moody’s Ratings
Guest: Christina Padgett, Associate Managing Director, Corporate Finance Group, Moody’s Ratings
Related Research:
• Private Credit – Cross Region – Private market retail to fuel opportunity but intensify liquidity, asset quality risks 10 June 2025
• Private Credit Insights – Global – Private credit, a refuge in turbulent times, set to take share again 17 April 2025
• Private Credit – Global – 2025 Outlook – Primed for growth as LBOs revive, ABF opportunities accelerate 21 Jan 2025
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In this episode, our analysts explain exposure to trade uncertainty for debt issuers across emerging markets -- and why many in India are more insulated than their peers.
Host: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings
Guests: Nicky Dang, Senior Vice President, Credit Strategy & Guidance, Moody’s Ratings; Kaustubh Chaubal (KC), Senior Vice President, Corporate Finance Group, Moody’s Ratings
Related research:
- Emerging Markets - India: Internal growth drivers anchor the economy amid US policy shifts and global uncertainty, 21 May 2025
- Tariffs -- Emerging Markets: Exporters are most directly exposed, but most debt issuers face indirect effects, 20 May 2025
- Tariffs – Global: Tariffs and trade turmoil: how we gauge the credit consequences, 14 April 2025
- Tariffs -- Global: US-China trade negotiations ease risks for global growth, 15 May 2025
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Economists and investors are speculating about potential changes to US financial and exchange rate policies from a ‘Mar-a-Lago accord’, a set of ideas which include weakening the dollar to boost US manufacturing. We'll dive into what it is and the potential impact on the global financial system.
Host: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings
Guests: Mark Sobel, US chairman, Official Monetary and Financial Institutions Forum (OMFIF); Steven Kamin, Senior Fellow, American Enterprise Institute (AEI)
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Five years ago, the World Health Organization declared COVID-19 a pandemic. In this episode, we delve into the performance of corporate credit quality since then, including the sectors that thrived or struggled, the hidden credit stories and strategies that improved resilience.
Guests: Merxe Tudela, Associate Managing Director, Credit Strategy & Research, Moody’s Ratings; Jessica Gladstone, Managing Director, Credit Strategy and Guidance, Moody’s Ratings
Host: Sarah Carlson, Senior Vice President, Sovereign Risk Group, Moody's Ratings
Related Research:
- Diverging fortunes: Credit recovery and lasting scars post-COVID
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A barrage of executive orders and tariff actions are keeping markets on edge. We’ll dive into implications for a US economy that has outperformed expectations, the independence of government institutions and the Federal Reserve, and the outlook for already large fiscal deficits and debt.
Guests: Nathan Sheets, Global Chief Economist, Citi; Robert Sockin, Senior Global Economist, Citi
Host: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings
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In this follow-up episode on the wildfires in southern California, we explore the consequences for the utilities sector of the City of Los Angeles. We'll dive into the immediate financial effects of disaster relief and lost revenue, as well as the risks from potential legal liabilities which could cost the city billions.
Guests: John Medina, Senior Vice President, Moody’s Ratings; Lori Treviño, Assistant Vice President, Moody’s Ratings
Host: Colin Ellis, Head of Centre for Credit Research, Moody’s Ratings
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The devastating ongoing wildfires in Los Angeles County are set to become the worst in California's history. In this episode, we discuss the effects on property owners, insurers and the state government, and what the damage could mean for the future of the insurance market in the state.
Guests: Jasper Cooper, Vice President, Senior Credit Officer, Moody’s Ratings; Matt Butler, Vice President, Senior Credit Officer, Moody’s Ratings
Host: Colin Ellis, Head of Centre for Credit Research, Moody’s Ratings
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In this episode, we unpack the new Moody’s Ratings forecasts for the global economy and explain why there could be bright spots amid a myriad of risks. Join our analysts as they delve into topics like potential changes in US policy, the effects of stimulus on the Chinese economy, and whether Europe is headed for stagnation.
Guests: Marie Diron, Global Head of Sovereign and Sub-Sovereign Risk at Moody’s Ratings; Madhavi Bokil, Head of Macro Research at Moody’s Ratings
Host: Colin Ellis, Head of Center for Credit Research, Moody’s Ratings
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Policymakers and key stakeholders will soon converge on Baku, Azerbaijan for the 29th United Nations Climate Change Conference to find ways of boosting spending on climate initiatives. Rahul Ghosh, Global Head of Sustainable Finance, and Marie Diron, Global Head of Sovereign and Sub-Sovereign Risk at Moody’s Ratings, discuss the challenges, potential solutions, and expectations.
Speakers: Rahul Ghosh, Global Head of Sustainable Finance at Moody's Ratings; Marie Diron, Global Head of Sovereign and Sub-Sovereign Risk at Moody’s Ratings
Host: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings
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In this joint Big Picture-Emerging Markets Decoded episode, our regional analysts highlight the key US policy areas to watch in Europe, Asia-Pacific and Latin America -- and discuss which economies and sectors could be at risk if policies were to dramatically change.
Guests: Sarah Carlson, Senior Vice President, Sovereign Risk Group, Moody's Ratings; Gong Cheng, Managing Director, Credit Strategy, Moody's Ratings; Ariane Ortiz-Bollin, Vice President - Senior Credit Officer, Credit Strategy, Moody's Ratings
Host: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings
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Sarah Carlson is joined by the lead analyst for the US, William Foster, and Chief Credit Officer for the Americas, Elena Duggar, to discuss their expectations for fiscal, trade and immigration policy under both US presidential candidates, and what they could mean for the US economy and credit.
Speakers: William Foster, Senior Vice President at Moody's Ratings; Elena Duggar, MD-Credit Strategy at Moody's Ratings
Host: Sarah Carlson, Senior Vice President at Moody's Ratings
In today’s episode, we’re joined by Hans Peter Lankes, Managing Director of the think tank ODI, as well as Kathrin Muehlbronner from Moody’s Ratings to discuss the effectiveness of recent reform proposals in increasing the lending capacity of multilateral development banks (MDBs) and what they think is needed for MDBs to better address global challenges like climate change, poverty, and inequality.
Speakers: Hans Peter Lankes, Managing Director of ODI; Kathrin Muehlbronner, Senior Vice President at Moody's Ratings
Host: Sarah Carlson, Senior Vice President at Moody's Ratings
China has rapidly become the largest producer of electric vehicles (EV) globally, with a nearly 40% increase in sales volume last year. In this episode, Colin Ellis talks with our analyst Gerwin Ho about the drivers behind this growth, how a drive to boost scale amid intense domestic competition has prompted them to look elsewhere and the difficulties they will encounter in boosting exports and setting up overseas production.
Speaker: Gerwin Ho, VP-Senior Credit Officer, Corporate Finance Group at Moody's Ratings
Host: Colin Ellis, MD-Global Credit Strategist at Moody's Ratings
Related Research:
- Auto and Auto Parts Manufacturers – China: Chinese EV makers will broaden expansion into emerging markets amid US, EU tariffs
With macroeconomic matters moderating, geopolitics has taken center stage with conflicts in the Middle East and elsewhere threatening the world order. In this episode, host Colin Ellis calls on NATO advisor and geopolitics expert Klaus Dodds to assess today’s political and environmental flash points. Dodds sees a “world full of wicked problems” and considers some pragmatic outcomes, including potential Ukrainian concessions to Russia.
Speaker: Klaus Dodds, Executive Dean and Professor of Geopolitics of the School of Life Sciences at Royal Holloway, University of London
Host: Colin Ellis, MD-Global Credit Strategist at Moody's Ratings
We forecast growing demand for cloud services, the adoption of new AI products and cryptocurrencies will see investment in new data center capacity exceed $2 trillion globally over the next five years. But real customer demand and continued technological improvements could limit the amount of data center capacity that is actually needed over the longer term. In this episode, John Medina explains what risks this uncertainty poses to investors in the corporate credit, leveraged loan, bank, CMBS, ABS, private credit and project finance markets.
Speaker: John Medina, Senior Vice President at Moody's Ratings
Host: Colin Ellis, MD-Global Credit Strategist at Moody's Ratings
Related Research:
- Data Centers – Global: Rapid capacity growth to serve surging computing demand poses long-term risks
On 7 July, France held the second and final round of legislative elections, which produced a shock upset for Marine Le Pen’s Rassemblement National party after strong first round. But with no clear path to a majority and France’s inexperience with broad political coalitions, the country now faces an uncertain political future.
Sarah Carlson discusses what this could mean for the French sovereign rating and the rest of Europe.
Speaker: Sarah Carlson, Senior Vice President at Moody's Ratings
Host: William Foster, Senior Vice President at Moody's Ratings
Related Research:
- Government of France: FAQ on hung parliament following National Assembly elections
The digital transformation of the global economy offers big opportunities for companies and governments but also increases their exposure to private and state-backed cyberattacks. In this episode, we talk about the recent rise in these attacks, how new advances like Gen AI are making them more sophisticated, their effects on our assessment of credit risk, and the strategies companies are adopting to protect themselves.
Speaker: Leroy Terrelonge, VP-Analyst/Cyber Credit Risk at Moody's Ratings
Host: William Foster, Senior Vice President at Moody's Ratings
The lead analyst for the UK sovereign rating, Evan Wohlmann, joins Colin Ellis to discuss the potential outcomes, policy changes, and the role of Brexit and immigration in shaping the sovereign’s future rating trajectory.
Speaker: Evan Wohlmann, VP-Sr Credit Officer at Moody's Ratings
Host: Colin Ellis, MD-Global Credit Strategist at Moody's Ratings
Related Research:
- Government Policy – UK: New government could boost growth, but faces fiscal and institutional hurdles
Last week, President Biden announced that the US will increase tariffs on $18 billion of imports from China in sectors like electric vehicles, semiconductors and solar panels. In this episode, we review the implications of these measures on the US and Chinese economies, the individual sectors we rate, and for the future of US-China trade ties.
Speakers: Dima Cvetkova, Analyst/CSR at Moody's Ratings, Elena Duggar, MD-Credit Strategy at Moody's Ratings
Host: William Foster, Senior Vice President at Moody's Ratings
The world of finance is always changing. There’s always a new kid on the block, and one of the fastest growing asset classes in recent years is this thing called private credit. But what exactly is private credit and what kind of risks does it pose? That’s the topic we will be discussing today with Christina Padgett, an associate managing director in our Corporate Finance Group.
Speaker: Christina Padgett, Associate Managing Director at Moody's Ratings
Host: Colin Ellis, MD-Global Credit Strategist at Moody's Ratings
Following updates in the first quarter of this year, positive outlooks now outnumber the negative ones we assign to industry sectors globally. In this episode, we speak to Edmond DeForest about the drivers behinds these recent improvements despite the challenges facing the global economy and our expectations for business conditions in the next 12 to 18 months.
Speaker: Edmond DeForest, Senior Vice President at Moody's Ratings
Host: Colin Ellis, MD-Global Credit Strategist at Moody's Ratings
The tone has shifted since the meetings last year to cautious optimism about a soft landing for the global economy. But stubborn inflation, budget constraints and geopolitics present growing concerns, particularly in light of recent events in the Middle East. In this episode, we sit down with Marie Diron and Sarah Carlson from the sovereign team to discuss what this means for the future direction of sovereign ratings.
Speakers: Marie Diron, MD-Global Sovereign Risk at Moody's Ratings; Sarah Carlson, Senior Vice President at Moody's Ratings
Host: William Foster, Senior Vice President at Moody's Ratings
It’s a long way to global net zero emissions but some industrial efforts are getting traction. Proof-of-concept has been established in steelmaking, where hydrogen can help replace coal, and in aviation, where some planes are taking to the skies on biofuel. In this episode, we discuss the early stages of this transformation and what it will take to keep it going.
Speaker: Rebecca Karnovitz, Vice President, Senior Credit Officer – ESG Group, Moody’s Ratings
Host: Sarah Carlson, Senior Vice President – Sovereign Risk Group, Moody’s Ratings
Computers are not just on your desk. They're in your phones, your cars, your microwave. Even washing machines are now computers. And the demand for the computer chips that these products use is an increasing focus not just for investors but also for governments globally. In this episode, we discuss how this intervention is impacting the big players and where the market is headed with our lead analyst for Nvidia and Intel, Raj Joshi.
Speaker: Raj Joshi, Senior Vice President at Moody's Ratings
Host: Colin Ellis, MD-Global Credit Strategist at Moody's Ratings
The rate will likely decline to 3.6% by the end of 2024, from a 5% peak in January, as central banks begin lowering policy rates.
Speakers: Sharon Ou, VP-Sr Credit Officer/Mgr/CSR
Host: Colin Ellis, MD-Global Credit Strategist
Female labour participation rates have more than recovered losses sustained during the pandemic. The associated boost in economic activity and support to households is positive for a range of issuers.
Speakers: Dawn Holland, Director-Economic Research at Moody's Analytics; Ana Rayes, VP-Senior Analyst at Moody's Investors Service
Host: William Foster, Senior Vice President at Moody’s Investors Service
Around €300 billion of European spec-grade corporate debt needs refinancing by 2026, but uncertain market access, slower growth and higher interest rates increase risks for some lower rated entities.
Speaker: Martin Hallmark, Senior Vice President-CFG at Moody's Investors Service
Host: Colin Ellis, MD-Global Credit Strategist at Moody’s Investors Service
Since 2020, there have been 20 sovereign defaults, surpassing the total in the entire previous decade. What factors led to this point, where are they concentrated and will they continue?
Speakers: William Foster, Senior Vice President at Moody’s Investors Service; David Rogovic, VP-Sr Credit Officer at Moody's Investors Service
Host: Sarah Carlson, Senior Vice President at Moody’s Investors Service
Strong policies, innovation and falling costs are set to propel green capital spending this year. However, a busy election calendar and slowing economic growth could temper that momentum.
Speaker: Rahul Ghosh, MD-Sustainable Finance at Moody's Investors Service
Host: Colin Ellis, MD-Global Credit Strategist at Moody’s Investors Service
A $4 billion fine for the cryptocurrency exchange Binance indicates greater regulatory focus that could bring more security and confidence to the crypto sector.
Speaker: Cristiano Ventricelli, VP-Senior Analyst/DFDA at Moody's Investors Service
Host: Colin Ellis, MD-Global Credit Strategist at Moody’s Investors Service
In this episode of the Big Picture podcast, we delve into the factors underpinning our recent decision to change the outlook on the Chinese sovereign rating to negative.
Speaker: Gene Fang, Associate Managing Director - Sovereign Risk Group at Moody's Investors Service
Host: Colin Ellis, MD-Global Credit Strategist at Moody’s Investors Service
The conflict's credit effects should be limited to Israeli issuers, but an escalation that disrupts global energy and financial markets would widen the scope significantly.
Speakers: Kathrin Muehlbronner, Senior VP-Sovereign Risk at Moody's Investors Service; Laura Perez, Associate MD-Credit Strategy at Moody's Investors Service
Host: William Foster, Senior Vice President at Moody’s Investors Service
In this episode of the Big Picture podcast, we delve into the reasons behind our outlook change, factors supporting the Aaa rating and opportunities to slow a decline in fiscal strength.
Speaker: William Foster, Senior Vice President at Moody’s Investors Service
Host: Colin Ellis, MD-Global Credit Strategist at Moody’s Investors Service
In this episode of the Big Picture podcast, we discuss our forecasts for G20 economic growth and inflation next year, and what this means for companies, lenders and governments.
Speakers: Elena Duggar, MD-Credit Strategy; Madhavi Bokil, Senior VP-Credit Strategy
Host: Sarah Carlson, Senior VP-Sovereign
Related Research:
- Global Macro Outlook 2024-25: G-20 growth dynamics diverge amid ongoing global slowdown
In this episode of the Big Picture podcast, we discuss what is driving the recent fall in freight rates and what this could mean for the sector’s efforts to decarbonize and the global economy.
Guests: Daniel Harlid, VP-Senior Credit Officer within the Corporate Finance Group at Moody’s Investors Service
Host: Colin Ellis, MD-Global Credit Strategist at Moody’s Investors Service
Our forecasts suggest a decline in debt/GDP ratios for around 80 of the 140 sovereigns we rate next year. However, social and environmental demands, coupled with higher-for-longer interest rates, pose larger fiscal challenges for some.
Guests: Marie Diron, MD – Global Sovereign Risk, and Sarah Carlson, Senior Vice President at Moody’s Investors Service
Host: William Foster, Senior Vice President at Moody’s Investors Service
In this episode of the Big Picture podcast, we discuss the narrative around the dollar’s demise, the implications for the global economy and the viability of its rivals.
Guests: Al Wilson, Chief Credit Officer at Moody’s Investors Service (MIS), and William Foster, Senior Vice President at Moody’s Investors Service
Host: Sarah Carlson, Senior Vice President at Moody’s Investors Service
In this episode of the Big Picture podcast, we discuss the hype around generative AI, which sectors and countries stand to gain most, and the risks they need to manage.
Guests: Vincent Gusdorf, Senior Vice President within the Digital Finance group at Moody’s Investors Service (MIS), and Christian Fang, VP-Senior Analyst in the Sovereign Risk group at MIS.
Host: Matt Bridle, AVP within the Research Group at Moody’s Investors Service
In this episode of the Big Picture podcast, we delve into the world of shadow banking, exploring its recent rapid growth, where we think the risks are, the challenges facing regulators, and the potential threats to financial stability.
Guests: Colin Ellis, MD-Global Credit Strategist at Moody’s Investors Service, and Michael Taylor, MD-Credit Strategy at Moody’s Investors Service
Host: Jennifer Wong, VP-Sr Credit Officer at Moody’s Investors Service
Barring gains in productivity, participation rates, skills, education and experience, the coming drag on growth and public finances will be significant.
Guests: Christian de Guzman, Senior Vice President/Manager at Moody’s Investors Service, and Anushka Shah, Vice President-Senior Credit Officer at Moody’s Investors Service
Host: William Foster, Senior Vice President at Moody’s Investors Service
On this episode of the Big Picture podcast, our analysts explore the situation in labor markets and its broader implications for the global economy and corporate credit quality.
Guests: Yasmina Serghini, Managing Director within the Corporate Finance Group at Moody’s Investors Service, and Gabriel Agostini, Assistant Vice President within the Credit Strategy and Research Group at Moody’s Investors Service
Host: Jennifer Wong, Vice President – Senior Credit Office within the Sub-Sovereign Group at Moody’s Investors Service
As higher borrowing costs and structural shifts compound cyclical trends in commercial real estate, our analysts explain where the risks lie and how they could affect lenders and the broader economy.
Guests: Ana Arsov, MD- Financial Institutions at Moody’s Investors Service, Keith Banhazl, MD-Structured Finance at Moody’s Investors Service and Matthias Hellstern, MD-Corporate Finance at Moody’s Investors Service
Host: William Foster, Senior Vice President within the Sovereign Risk team at Moody’s Investors Service
Policy rates may be approaching their peaks, but central bankers are unlikely to change course anytime soon. In this episode of The Big Picture podcast, we discuss what this means for credit risk.
Guests: Atsi Sheth, MD-Global Strategy & Research at Moody’s Investors Service, and Jorge Rodriguez-Valez, Senior Vice President within Global Strategy & Research at Moody’s Investors Service
Host: Sarah Carlson, Senior Vice President within the Sovereign Risk team at Moody’s Investors Service
The underutilization of women in the workforce has a huge cost in terms of lost productivity and economic output around the world. What progress has been made and what will it take for women to achieve parity in labor force participation, pay and management roles?
Guests: Dawn Holland, Director of Economic Research, Moody’s Analytics, and Raphaele Auberty, Analyst – Sub-sovereign Group, Moody’s Investors Service.
Host: Sarah Carlson, Senior Vice President, Sovereign Risk Group, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
The chief economist of Moody’s Analytics joins host William Foster to discuss the consequences of debt limit brinkmanship for the US sovereign, the economy and global financial markets.
Guest: Mark Zandi, Chief Economist, Moody’s Analytics.
Host: William Foster, Vice President – Senior Credit Officer, Sovereign Risk Group, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
One year after Russia invaded Ukraine, European economies are confronting a plethora of challenges and a transformed geopolitical landscape. We discuss the trade-offs for Europe as it seeks long-term replacements for Russian gas supplies while keeping decarbonization plans on track, the prospects for certain countries in stabilizing their government debt levels, and how European policymakers are responding to the US Inflation Reduction Act.
Guests: Jeromin Zettelmeyer, Director, Bruegel.
Host: Sarah Carlson, Senior Vice President – Sovereign Risk Group, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
Home prices are falling in the US and Europe after a surge during COVID-19, as interest rates rise at a rapid clip and economic growth slows. On this episode, we discuss what’s different about this housing market downturn, particularly the big changes in mortgage lending since the global financial crisis, and why the credit performance of outstanding European mortgages will likely be much more uneven in the current higher interest rate environment compared with mortgages in the US. We also discuss why many US consumers will still struggle with home affordability even as home prices come down.
Guests: Madhavi Bokil, Senior Vice President – Credit Strategy & Research, Moody’s Investors Service; Luisa De Gaetano Polverosi, Associate Managing Director – Structured Finance Group, Moody’s Investors Service.
Host: Jennifer Wong, Vice President – Senior Credit Officer, Sub-Sovereign Group, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
ESG issues will come into sharp relief this year as corporate debt issuers grapple with growing scrutiny over their decarbonization plans, social risks intensify and the rules of the road for ESG investments evolve – all in an environment of heightened macroeconomic, financial and geopolitical risks. In this episode, we discuss the highlights of our recently published ESG Outlook and what are the key ESG trends that will shape credit quality in 2023.
Guests: Rahul Ghosh, Managing Director – Sustainable Finance, Moody’s Investors Service; Rebecca Karnovitz, Vice President – Senior Credit Officer, Environmental, Social and Governance Group, Moody’s Investors Service.
Host: Sarah Carlson, Senior Vice President – Sovereign Risk Group, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
We discuss how recent geopolitical realignments and the splintering of international trade and financial flows will have credit effects for many sovereigns, and how deepening regionalization, not globalization, may be the trend of the future.
Guests: Anne Van Praagh, Managing Director, Global Sovereign Risk, Moody’s Investors Service; and Shannon K. O’Neil, Vice President, Deputy Director of Studies, and Nelson and David Rockefeller Senior Fellow for Latin America Studies, Council on Foreign Relations.
Host: William Foster, Vice President – Senior Credit Officer, Sovereign Risk Group.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
On this episode, we assess the major policy announcements from the COP27 climate summit and what they mean for the sovereign and corporate credit environment and for climate risk modeling. We discuss the “loss and damage” agreement on providing aid to poorer countries that have suffered some of the worst effects of climate change, innovations in climate finance, and what new technologies will be needed to bring about carbon transition of hard-to-abate business sectors.
Guests: Marie Diron, Managing Director – Sovereign Risk Group, Moody’s Investors Service; Swami Venkataraman, Associate Managing Director – Environmental, Social and Governance, Moody’s Investors Service; and Robert Muir-Wood, Chief Risk Officer, RMS, Moody’s Corp.
Host: Jennifer Wong, Vice President, Sub-Sovereign Group, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
In this special episode to coincide with the publication of Moody’s 2023 Global Credit Conditions Outlook, we discuss how persistent inflation, rising interest rates and slowing growth will cast a cloud over the borrowing environment next year. We look at the factors that make this turn in the credit cycle unique, and the likely path for corporate and sovereign defaults. We also examine why social challenges are a risk we are watching especially closely, and where there could be potential for positive economic surprises that would help stabilize credit conditions.
Guests: Elena Duggar and Colin Ellis, Managing Directors for Credit Strategy at Moody’s Investors Service.
Host: Sarah Carlson, Senior Vice President – Sovereign Risk Group, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
Long-time emerging markets investor Mark Mobius speaks with Atsi Sheth of Moody’s about the risks and opportunities in the current macroeconomic environment, effects of the strong dollar, and the outlook for cryptocurrencies as an asset class. This interview took place on the sidelines of Moody’s recent South Africa Risk Summit in Johannesburg, and also touches on Dr. Mobius’s views on investing in Africa and how he thinks increased digitalization of economies will play a large role in improving governance frameworks across the continent.
Guests: Mark Mobius, Founder and Partner, Mobius Capital Partners LLP; Atsi Sheth, Managing Director –Credit Strategy & Research, Moody’s Investors Service.
Host: William Foster, Vice President –Sovereign Risk Group, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
For banks in the US and Europe, this year’s sharp climb in interest rates has been positive for their performance, helping lift net interest income and net interest margins. But the higher rate environment could become unfavorable for banks as margin improvement begins to taper off and higher credit costs take hold. How are banks preparing? What do prior monetary policy cycles tell us about the correlation between higher interest rates and margin performance? And what happens if borrowers can no longer afford their higher debt-service obligations, especially if the economy weakens further?
Guests: Jorge Rodriguez-Valez, Senior Vice President, Credit Strategy & Risk Group, Moody’s Investors Service; Allen Tischler, Senior Vice President, Financial Institutions Group, Moody’s Investors Service.
Host: Jennifer Wong, Vice President, Sub-Sovereign Group, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
Early lights out at the Eiffel Tower. Lowered thermostats. Cold showers. Europe is bracing for a tough winter as it tries to scale back energy consumption to counter cuts in Russian gas flow and surging fuel prices. How are energy-intensive companies altering production to cope with the market disruption? What are the knock-on effects for other industries? And what policy paths are governments pursuing to soften the impact on households, and what are the risks?
Guests: Petter Bryman, Vice President – Senior Analyst, Sovereign Risk Group, Moody’s Investors Service; Matthias Hellstern, Managing Director, Corporate Finance Group, Moody’s Investors Service.
Host: Sarah Carlson, Senior Vice President, Sovereign Risk Group, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
More than two years after the onset of the COVID-19 pandemic, many US office workers still are not back at their desks, as many have embraced work-from-home and other flexible work arrangements. How are commercial property owners, lenders and local governments adapting, and what does this mean for creditworthiness? What will it take to draw more workers back to the office? And how do the evolving workplace trends in the US compare with those in other parts of the world?
Guests: Ranjini Venkatesan, Vice President – Senior Credit Officer, Corporate Finance Group, Moody’s Investors Service; Nicholas Samuels, Senior Vice President – US Public Finance Group, Moody’s Investors Service; Victor Calanog, Senior Director – Head of CRE Economics, Moody’s Analytics.
Host: William Foster, Vice President – Senior Credit Officer, Sovereign Risk Group, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
Growth of the G-20 economies will slow markedly this year after a strong rebound from the COVID-19 crisis in 2021, as high inflation erodes consumer purchasing power and central bank monetary policy has become more hawkish. How are the uncertain macro dynamics affecting the financing environment for corporate borrowers, and how vulnerable are lower-rated companies to a worsening economy? Is there a risk that central banks will overdo it and that higher interest rates become a catalyst for a recession? And why will the next few months be particularly critical in determining the path of the global economy?
Guests: Madhavi Bokil, Senior Vice President – Credit Strategy & Research, Moody’s Investors Service; Christina Padgett, Associate Managing Director – Corporate Finance Group, Moody’s Investors Service.
Host: Jennifer Wong, Vice President/Senior Credit Officer – Sub-Sovereign Group, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
Cybersecurity risk is evolving in novel ways, with increasing potential to cause significant economic disruption and financial losses for attack victims as hackers become more sophisticated. Which sectors are most vulnerable? What types of entities have the best and worst cyber defenses? And how are organizations managing cyber risks?
Guests: Jim Hempstead, Managing Director – Utilities, Moody’s Investors Service; Sarah Hibler, Associate Managing Director – Financial Institutions Group, Moody’s Investors Service.
Host: William Foster, Vice President – Senior Credit Officer, Sovereign Risk Group, Moody’s Investors Service.
To read more on this topic, visit
The Big Picture
page on Moodys.com (some content only available to registered users or subscribers).
Russia’s invasion of Ukraine has pushed energy security to the top of the policy agenda in Europe, raising questions about whether the desire to reduce dependence on Russian oil and gas will come at the expense of efforts to decarbonize the region’s economy. What are the options for European countries as they try to become more energy independent, and which countries are best placed to do so? And while there is no easy way to fill the energy gap in the short term, could the Russia-Ukraine crisis have the long-term effect of accelerating Europe’s pivot toward greater adoption of clean energy?
Guests: Rahul Ghosh, Managing Director – ESG, Moody’s Investors Service, and Douglas Segars, Managing Director – Infrastructure Finance, Moody’s Investors Service.
Host: Sarah Carlson, Senior Vice President – Sovereign Risk Group, Moody’s Investors Service.
To read more on this topic, visit
The Big Picture
page on Moodys.com (some content only available to registered users or subscribers).
Soaring food and energy prices, exacerbated by Russia’s invasion of Ukraine, are stoking inflation and reducing households’ purchasing power in many countries. How are governments and companies trying to address affordability concerns, particularly for the poorest members of society? What will be the impact on consumption and economic growth? And what role might diminished living standards play in fomenting social and political risks?
Guests: Matt Robinson, Associate Managing Director – Sovereign and Sub-Sovereign, Moody’s Investors Service, and Joanna Fic, Senior Vice President – Public Project and Infrastructure Finance, Moody’s Investors Service.
Host: Jennifer Wong, Vice President-Senior Credit Officer – Sub-Sovereign, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
Russia’s invasion of Ukraine is fomenting new risks for the global economy and broader international relations. On this episode, a panel of Moody’s Investors Service analysts provide perspective on the spillover effects of the military conflict, from higher oil and food prices, to the growing number of refugees, and rising cybersecurity threats against critical infrastructure and other targets.
Guests: Elena Nadtotchi, Senior Vice President, Corporate Finance Group, Moody’s Investors Service; Leroy Terrelonge, Vice President – Senior Analyst, Cyber Risk Group, and Evan Wohlmann, Vice President – Senior Credit Officer, Sovereign Risk Group, Moody’s Investors Service
Host: William Foster, Vice President – Senior Credit Officer, Sovereign Risk Group, Moody’s Investors Service
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
Soaring commodities prices in the wake of the invasion of Ukraine are raising new questions about where inflation is headed, and whether supply chain stresses will be further exacerbated. We examine the root causes of current inflationary trends and how central banks will try to tame it. We also discuss whether moderate levels of inflation could be positive for the economy and the financial sector.
Guests: Atsi Sheth, Managing Director, Global Strategy & Research, Moody’s Investors Service; Nick Hill, Managing Director, Financial Institutions Group, Moody’s Investors Service.
Host: Sarah Carlson, Senior Vice President – Sovereign Risk Group, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
China was one of the few large economies to record growth during the pandemic crisis in 2020, but momentum has weakened in recent months. The loss of economic momentum comes as China has imposed strict COVID-19 lockdowns in some regions and its property sector is in the doldrums. What’s behind the recent slowdown and how is the world’s second-largest economy addressing its growth challenges? What is the effect on other economies? And how will the government’s pledges on multiple policy fronts – from reducing leverage to narrowing income inequality and accelerating the shift toward clean energy – reshape China’s economy over the long term?
Guests: Gene Fang, Associate Managing Director – Sovereign and Sub-Sovereign, Moody’s Investors Service, and Michael Taylor, Managing Director – Credit Strategy, Moody’s Investors Service.
Host: Jennifer Wong, Vice President – Senior Credit Officer, Sub-Sovereign Group, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
Central banks around the world are studying and in some cases moving ahead with the creation of digital currencies that have the same value as physical cash. How do central bank-backed digital currencies work and how do they differ from other types of electronic financial assets such as cryptocurrencies and stablecoins? Could central bank digital currencies improve access to the financial systemand strengthen financial stability? And what kind of disruption will they bring for banks and other segments of the financial system?
Guests: Colin Ellis, Managing Director – Credit Strategy, Moody’s Investors Service; Farooq Khan, Vice President – Senior Analyst, Financial Institutions Group, Moody’s Investors Service.
Host: William Foster, Vice President – Senior Credit Officer, Sovereign Risk Group, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
The pandemic crisis has revealed how disparities in income, healthcare access and educational opportunity can amplify the damage of an economic shock. As policymakers globally look to address these issues through initiatives such as the Next Generation EU Fund, the proposed Build Back Better plan in the US and China’s Common Prosperity agenda, a key question is whether policies aimed at bridging wealth gaps can mitigate the negative economic consequences of widening inequality. Also, is the squeeze of the middle class in some countries spurring greater demands for change, and could it fuel social unrest? And could rising inflation exacerbate the problem?
Guests: Susan Fitzgerald, Associate Managing Director – US Public Finance, Moody’s Investors Service; Gabriel Torres, Vice President/Senior Credit Officer – Sovereign Risk Group, Moody’s Investors Service.
Host: Sarah Carlson, Senior Vice President – Sovereign Risk Group, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
Reaching net-zero carbon emissions targets will rely to a large extent on replacing fossil fuels with new innovations in areas such as hydrogen power, electric vehicle batteries, biofuels, and carbon capture and storage. Increased development of enabling technologies such as battery charging infrastructure will also play a big role. But do these technologies offer a realistic path toward helping countries meet their emissions targets? How quickly can they be scaled? And how will clean energy technology transform industries from airlines to utilities to automobiles in the coming decades?
Guests: Jennifer Chang, Vice President – Senior Analyst, Public Project ＆ Infrastructure Finance, Moody’s Investors Service; Jonathan Root, Senior Vice President – Corporate Finance Group, Moody’s Investors Service; and Swami Venkataraman, Senior Vice President – Environmental, Social and Governance, Moody’s Investors Service.
Host: Jennifer Wong, Vice President – Senior Credit Officer, Sub-Sovereign Group, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
Government indebtedness has surged as countries have battled COVID-19 and its economic fallout, following a decade of increased borrowing. Total debt across governments around the world soared to $83 trillion in 2020, up from $50 trillion in 2010. And this year, government debt is likely to exceed nonfinancial company debt for the first time in decades. What are the consequences of this borrowing binge for the broader economy? What happens when interest rates start to rise? And why is there such divergence between advanced and emerging market countries in how they are positioned to manage the situation?
Guests: Richard Cantor, Chief Credit Officer, Moody’s Investors Service; and Marie Diron, Managing Director – Sovereign Risk Group, Moody’s Investors Service.
Host: William Foster, Vice President – Sovereign Risk Group, Moody’s Investors Service.
To read more on this topic, visit The Big Picture page on Moodys.com (some content only available to registered users or subscribers).
In our inaugural episode of The Big Picture podcast series, Michael Rowan of the Global Public Project and Infrastructure Finance team, Anne Van Praagh of the Sovereign team and Simon Harris of the Financial Institutions team share their perspectives on the increasing frequency of devastating climate events and how they affect debt issuers around the globe.
Read research related to this episode on The Big Picture topic page.
On Moody’s Talks – The Big Picture, hosts Sarah Carlson, William Foster and Jennifer Wong bring you insights from Moody’s analysts around the world on hot topics across fixed-income markets. Each episode will illuminate Moody’s thinking on the latest credit and economic developments, ranging from the continued impact of the COVID-19 pandemic, to technological disruption, political shifts and climate change. Please join us as we explore what’s on the horizon for the global credit landscape.