Credit Currents - Moody's Ratings

In this episode of Moody’s Talks – Emerging Markets Decoded, Steve Wood from the Corporates team joins host Ariane Ortiz-Bollin to discuss how the Russia-Ukraine conflict is affecting the global oil and gas sector, and what this means for carbon transition. Plus, Adrian Garza from the Project and Infrastructure Finance team discusses how a major policy shift in Mexico’s energy sector will delay th...

In this episode of Emerging Markets Decoded, Mickael Gondrand of the Sovereign team joins host Shirin Mohammadi to discuss the credit implications of rising food prices for emerging and frontier markets. Plus, Thaddeus Best of the Global Emerging Markets team discusses the reasons why emerging markets are more likely to be able to withstand tightening global financial conditions than in the past....

In this episode of Emerging Markets Decoded, Olivier Chemla of the Sovereign team joins host Thaddeus Best to discuss the potential credit implications of central bank digital currencies. Plus, Jaime Reusche of the Sovereign team discusses the risks associated with El Salvador's adoption of Bitcoin as legal tender, and its upcoming Bitcoin bond issuance. Related Reports Government of El Salvador:...

In this episode of Emerging Markets Decoded, Madhavi Bokil of the Credit Strategy team joins host Ariane Ortiz-Bollin to discuss new risks to the global macroeconomic outlook from the Russia-Ukraine conflict. Plus, David Rogovic of the Sovereign team discusses the credit implications of less economic scarring from the pandemic. Related content on Moodys.com (some content only available to register...

In this episode of Moody’s Talks – Emerging Markets Decoded, Evan Wohlmann and Petter Bryman of the Sovereign team, and Olga Ulyanova of the Financial Institutions team join host Thaddeus Best to discuss the credit implications of rising tensions between Western countries and Russia over the latter’s military buildup on its border with Ukraine.  Related content on Moodys.com (some content only ava...

In this episode of Emerging Markets Decoded, Thaddeus Best from the Credit Strategy and Research team and Alexander Perjessy of the Sovereign team join host Ariane Ortiz-Bollin to discuss the credit implications of the decline in foreign direct investment flows across emerging markets. Plus, they discuss how growing global commitments to carbon transition will increase credit risks for hydrocarbon...

In this episode of Moody’s Talks – Emerging Markets Decoded, Ruosha Li from the Credit Strategy & Research team, Barbara Mattos from the Corporates team and Ana Rayes from the ESG team join host Thaddeus Best to discuss the gap in emerging markets’ climate financing needs and sources, as well as the rising social and environmental risks that deforestation poses to businesses in Brazil. Related con...

In this episode of Moody’s Talks – Emerging Markets Decoded, Lillian Li from the Credit Strategy & Research team and Lina Choi from the Corporates team join host Shirin Mohammadi to discuss how China’s common prosperity framework and new antitrust regulations will shape the credit outlook for the sovereign and businesses.  Related content on Moodys.com (some content only available to registered us...

Aurelien Mali of the Sovereign team and Jorge Rodriguez-Valez of the Credit Strategy team discuss the outlook for Sub-Saharan African sovereigns and African banks as they grapple with the pandemic’s lasting effect on the region’s economies.  Related content on Moodys.com (some content only available to registered users or subscribers):  Sovereigns – Sub-Saharan Africa - 2022 outlook negative amid...

Atsi Sheth of the Credit Strategy & Research team discusses the outlook for global emerging markets, noting that while credit conditions will stabilize in 2022, high leverage, inflation and deteriorating financial conditions will increase risks for weaker countries and sectors.  Related content on Moodys.com (some content only available to registered users or subscribers):  Emerging Markets – Glob...

Barbara Mattos of the Corporate Finance team and Farooq Khan of the Financial Institutions team discuss the mixed credit implications of rising commodity prices, rising inflation and political risk for companies and banks across Latin America. Related content on Moodys.com (some content only available to registered users or subscribers):  Credit Conditions – Latin America & Caribbean: Credit quali...

Gary Lau of the Corporate Finance team and Michael Taylor of the Credit Strategy and Research team discuss China Evergrande’s financial troubles and the credit implications for China’s property market, banks, government and potential spillovers to the global economy. Inside this episode: Gary Lau on the impact of the Evergrande situation on the broader property market in China (begins at 3:42) Mic...

Samar Maziad of the Sovereign team discusses the cost effectiveness and advantages of social safety nets when responding to shocks. Plus, Jennifer Wong of the Sub-Sovereign team explains why emerging market regional and local governments face particularly high social risks. Inside this episode: Samar Maziad of the Sovereign team discusses the cost effectiveness and advantages of social safety nets...

Madhavi Bokil of the Credit Strategy & Research team discusses inflation and financial stability risks in emerging markets. Plus, Nitish Bhojnagarwala and Ashraf Madani of the Financial Institutions team talk about the outlook for Islamic finance. Inside this episode: Madhavi Bokil of the Credit Strategy & Research team discusses inflation and financial stability risks in emerging markets. (begins...

James Leaton of the ESG team discusses carbon transition risks for emerging markets. Plus, Nishad Majmudar of the Sovereign and Credit Strategy teams and Jack Yuan of the Sub-Sovereign team discuss China’s bold plans to reach carbon neutrality by 2060.  Related content: ESG – Global: Prevalence of ESG factors in public-sector rating actions rose in 2020 - We reviewed nearly 5,600 credit rating act...

Inside this episode Alka Anbarasu and Mik Kabeya of the Financial Institutions team discuss the mostly negative outlook for emerging market banking systems, while Rodrigo Marimon, also of the Financial Institutions team, explains how sticky deposit bases in Mexico will enable banks there to benefit from monetary tightening. Related Content Moody's Emerging Markets Hub Bringing clarity to ever-shif...

Inside this episode Marie Diron of the Sovereign group discusses the outlook for non-investment-grade sovereign ratings and how they fared during the pandemic. Plus, Anushka Shah, also of the Sovereign group, examines the credit implications of lagging vaccination rates in the Asia-Pacific region.  Related Content Moody's Emerging Markets Hub Bringing clarity to ever-shifting credit dynamics acros...

Inside this episode Elisa Parisi-Capone from the Sovereigns team and Peter Mushangwe from the Financial Institutions team join host Thaddeus Best to discuss how liquidity risks have risen for Sub-Saharan sovereigns with less-developed domestic capital markets, and the pandemic-induced asset quality deterioration of some of the largest regional banks. Also, Lisa Jaeger discusses one sector in the r...

Inside this Episode Erick Rodriguez of the Corporates team discusses how most companies and public finance projects in Latin America managed to maintain adequate liquidity levels despite the depth of their recessions. Meanwhile, Samar Maziad of the Sovereign group dives deeper into Brazil, the region’s largest economy, to answer the most frequently asked investor questions. Related Content Moody's...

Inside this episode Deborah Tan of the Credit Strategy & Research team explains the effectiveness and risks of quantitative easing in emerging markets, while Matt Robinson of the Sovereign group discusses the uneven economic recovery ahead for emerging markets, common factors affecting lower-rated sovereigns and key metrics and trends to follow in 2022 and beyond. Related Content Moody's Emerging...

Welcome to Emerging Markets Decoded! Co-hosted by Ariane Ortiz-Bollin and Thaddeus Best of the Global Emerging Markets team, Emerging Markets Decoded delves into the latest developments impacting the credit environment for emerging market issuers across asset classes. In each episode, Moody’s analysts join Ariane and Thaddeus to explore the ramifications of global macroeconomic and financial marke...

Inside this episode Alexander Perjessy and Thaddeus Best of the Sovereign team discuss our forecasts for a protracted recovery of Gulf Cooperation Council economies this year, and the unique availability of these governments to tap into sovereign wealth fund assets to plug their fiscal deficits. Related Content Moody's Emerging Markets Hub Bringing clarity to ever-shifting credit dynamics across e...

Inside this episode Marie Diron and Daniela Re Fraschini from the Sovereign team discuss our new environmental, social and governance (ESG) sovereign scores and how sustainability issues contribute to credit risks for emerging market countries. Related Content Moody's Emerging Markets Hub Bringing clarity to ever-shifting credit dynamics across emerging economies. Sovereigns – Global Explanatory C...

Inside this episode Jaime Reusche and Gabriel Torres of the Sovereign team discuss our negative credit outlook on Latin American sovereigns. Although we expect the region to broadly return to GDP growth in 2021, economic revival will take time and pressure on governments to boost spending on social programs will build in the wake of the coronavirus crisis. Related Content Moody's Emerging Markets...

Inside this episode Aurelien Mali and David Rogovic of the Sovereign team discuss the economic and credit implications for Sub-Saharan Africa of weaker global demand and constrained access to financing, as well as how a more diverse creditor base complicates debt negotiations and liquidity relief for countries in the region with lower credit quality. Related Content Moody's Emerging Markets Hub Br...