Improve liquidity management under a regulation framework. Nicolas Kunghehian
|
|
- Phoebe Tucker
- 6 years ago
- Views:
Transcription
1 Improve liquidity management under a regulation framework Nicolas Kunghehian 24 th May 2011
2 From Basel II to Basel III» Too much leverage» Excessive credit growth» Insufficient liquidity buffers» Weaknesses of risk management systems» Too much systemic risk» Greater capital buffers» Capital of higher quality» Liquidity buffers» More accurate measurement of risks (e.g. market risks)» Addressing systematically important banks Moscow, 24th May 2011
3 What is new in Basel III? Moscow, 24th May 2011
4 Basel III squeezes capital!» More strict rules on capital, lowering it (own funds review)» Higher capital requirements (updated calculation rules increase RWA for some asset classes)» Increased capital ratios (Core Tier 1, Tier 1, Conservation buffer, Countercyclical buffer) Moscow, 24th May
5 Results of the QIS: Capital Ratios Source: Moscow, 24th May
6 Results of the QIS: Liquidity Ratios Source: Moscow, 24th May
7 Liquidity coverage ratio (LCR) example Assets 470 Cash 50 v Stock of high quality liquid assets 150 Gov. Bonds 100 Financial Institution Bonds 50 Loans 270 Liabilities and Equity 470 Run-off factor Outflows* Inflows** Net outflows Stable retail deposits 100 v 7.50% 7.5 Less stable retail deposits 100 x 15% = 15 - Unsecured Wholesale Funding (Non fin. Corporate with no operational relationship) % Equity LCR 115% *Additional requirements are also considered as outflow (e.g. 100% of outstanding liquidity facilities to non fin. Corporate, etc) ** 100% of planned inflows from performing assets Moscow, 24th May
8 Net stable funding ratio (NSFR) example Assets 470 Required stable funding factor Required stable funding Cash 50 0% 0 Gov. Bonds 100 5% 5 Loans (to retail) % Liabilities and Equity 470 Available stable funding factor Available stable funding Stable retail deposits % 85 Less stable retail deposits % 70 Unsecured Wholesale Funding (Non fin. 170 x 50% = Corporate with no operational relationship) 85 Equity % NSFR 123% Moscow, 24th May
9 Higher costs for a better risk control performance Internal reports Specific risk drivers Board of Director Daily summary report Regulatory reports Local reports Group reports Operational reports Limit monitoring P&L reports Budgeting reports Single portfolio reports Risk reports Credit risk Liquidity risk Market risk Operational risk Moscow, 24th May
10 Higher costs and a better allocation Assets 470 Cash Cost of holding these assets: 50 v Stock of high quality liquid assets 150 Gov. Bonds 100 Financial Institution C = X% Bonds per year x Loans 270 Liabilities and Equity 470 Run-off factor Outflows* Inflows** Net outflows C is allocated depending on the outflows generated by the instrument Stable retail deposits 100 v 7.50% 7.5 Less stable retail deposits 100 x 15% = 15 - Unsecured Wholesale Funding (Non fin. Corporate with no operational relationship) % Equity » Short term assets» Long term liabilities» Assets eligible to the Buffer Negative FTP component» Risky assets» Unsecured wholesale funding Positive FTP component LCR 115% Moscow, 24th May
11 Conclusions» More constraints for banks More capital of better quality Liquidity buffers» A great opportunity Shared ownership Better risk management Better performance management Modeling Forecasting Risk Calculation Reporting Limit monitoring Action plans Optimization Strategy Budgeting Planning Moscow, 24th May
12 Contacts Nicolas Kunghehian Associate Director Moody's Analytics 436, Bureaux de la Colline Bâtiment E - 12e étage Saint-Cloud Cedex, France +33 (0) direct +33 (0) mobile nicolas.kunghehian@moodys.com Moscow, 24th May
13 Moody s Analytics provides strategic solutions for measuring and managing risk. We assemble best practices across credit, economics and financial risk management, helping you compete in an evolving marketplace. In addition to distributing the credit ratings and proprietary research of Moody s Investors Service, we offer quantitative models and enterprise risk management software as well as training and professional services that are tuned to your business challenges. Moscow, 24th May
14 moodysanalytics.com 2010 Moody s Analytics, Inc. and/or its licensors and affiliates (collectively, MOODY S ). All rights reserved. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. Under no circumstances shall MOODY S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of MOODY S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY S IN ANY FORM OR MANNER WHATSOEVER. Each rating or other opinion must be weighed solely as one factor in any investment decision made by or on behalf of any user of the information contained herein, and each such user must accordingly make its own study and evaluation of each security and of each issuer and guarantor of, and each provider of credit support for, each security that it may consider purchasing, holding, or selling. Moscow, 24th May
Optimizing performance and profitability in the Basel III environment. Nicolas Kunghehian, Business Development Director
Optimizing performance and profitability in the Basel III environment Nicolas Kunghehian, Business Development Director June 2011 Higher costs for a better risk control performance Risk Operation al reports
More informationMoody s Analytics. Jacek Nowak, Associate Director. Nikola Bakić, Credit Product Specialist. Essential Insight Serving Global Financial Markets
Moody s Analytics Essential Insight Serving Global Financial Markets Jacek Nowak, Associate Director Nikola Bakić, Credit Product Specialist November 2012 Agenda 1. Who are we? 2. Why should you care?
More informationLearn the Fundamentals of Managing Liquidity Under U.S. Basel III
Learn the Fundamentals of Managing Liquidity Under U.S. Basel III Originally presented as a part of a Moody s Analytics recorded webinar on May 1, 2014 Agenda» Key Aspects of the Planned U.S. Basel III
More informationRetail Risk Modeling Framework in the Current Environment. BRAD BRADLEY, SunTrust JUAN M. LICARI, Moody s Analytics
Retail Risk Modeling Framework in the Current Environment BRAD BRADLEY, SunTrust JUAN M. LICARI, Moody s Analytics OCTOBER 2015 Retail Risk Modeling Framework in the Current Environment Brad Bradley, SunTrust
More informationStress Testing Challenges:
Stress Testing Challenges: Forecasting Consistent Credit & Market Risk Losses JOSE CANALS-CERDA, Federal Reserve Bank of Philadelphia JUAN M. LICARI, Senior Director, Moody s Analytics OCTOBER 2015 Agenda
More informationThe Next Challenge in Portfolio Management: Accounting for Liquidity in Pricing and Risk. Amnon Levy, Managing Director, Head of Portfolio Research
The Next Challenge in Portfolio Management: Accounting for Liquidity in Pricing and Risk Amnon Levy, Managing Director, Head of Portfolio Research November 2010 2 Bank Funding Costs Continue to be a Maor
More informationStrategic Risk Management and Balance Sheet Management under the new regulatory environment
Strategic Risk Management and Balance Sheet Management under the new regulatory environment Vishal Kapoor Regional Practice Lead (APAC) Balance Sheet Management, Moody s Analytics 1 Introduction to Moody
More informationU.S. Macroeconomic Outlook DAN WHITE, ECONOMIST
U.S. Macroeconomic Outlook DAN WHITE, ECONOMIST FTA Annual Conference June 10, 2013 Businesses Have Never Been as Profitable After-tax corporate profit margin, % 18 16 14 12 10 8 6 45 50 55 60 65 70 75
More informationProperty / Casualty State of the Market. Greg Williams Vice President
IASA Fall Meeting Property / Casualty State of the Market Greg Williams Vice President Agenda State of the Market Market Forces Financial Indicators & Underwriting Details Outlooks In the News Cyber Security
More informationMoody s Approach to Assessing Credit Risk for Oil & Gas Companies. Gretchen French Vice President and Senior Credit Officer Moody s Investors Service
Moody s Approach to Assessing Credit Risk for Oil & Gas Companies Gretchen French Vice President and Senior Credit Officer Moody s Investors Service Agenda 1. Overview of Moody s Ratings 2. Rating Methodologies
More informationThe ABCP Market. For the IMF Conference on Operationalizing Systemic Risk Monitoring, May 27, 2010
The ABCP Market For the IMF Conference on Operationalizing Systemic Risk Monitoring, May 27, 2010 Contents ABCP Market Background August 2007 and September 2008 ABCP Market Today 2 ABCP Market Overview
More informationChallenging Issues and Alternative Approaches to CRE Credit Risk Modeling. RPC Conference, Scottsdale
Challenging Issues and Alternative Approaches to CRE Credit Risk Modeling RPC Conference, Scottsdale October 27, 2015 CRE Research Panel Discussion» Panelists Ron Vulgris (PNC) Kiran Yalavarthy (Wells
More informationRating Action: Moody's assigns Baa3 issuer rating to Eutelsat SA Global Credit Research - 28 Jan 2010
Rating Action: Moody's assigns Baa3 issuer rating to Eutelsat SA Global Credit Research - 28 Jan 2010 New York, January 28, 2010 -- Moody's Investors Service today assigned a long-term senior unsecured
More informationThe Development of Microinsurance and the Role of Credit Rating Agencies
ADB FSD CoP The Development of Microinsurance and the Role of Credit Rating Agencies Andrea E. Keenan Vice President Research & Ratings Criteria A.M. Best - Oldwick, NJ Disclaimer AM Best Company (AMB)
More informationPolicy for Designating and Assigning Unsolicited Credit Ratings
Policy for Designating and Assigning Unsolicited Credit Ratings Issued by: MIS Compliance Department Applicable to: All MIS Employees and relevant Moody's Shared Services Employees supporting the MIS ratings
More informationCCAR Stress Testing Basics. By: Michael Fadil October 17, 2012 Chicago
CCAR Stress Testing Basics By: Michael Fadil October 17, 2012 Chicago Risk Practitioner Conference - 2012 Stress Testing What is It?? Stress testing is a useful method for determining how a portfolio will
More informationRating Action: Moody's upgrades SURA Asset Management to Baa1; outlook stable
Rating Action: Moody's upgrades SURA Asset Management to Baa1; outlook stable Global Credit Research - 06 Aug 2014 Also upgrades guaranteed senior notes of SUAM Finance B.V. to Baa1 New York, August 06,
More informationState Outlook: Debt Affordability. NCSL Conference Gail Sussman, Managing Director
State Outlook: Debt Affordability NCSL Conference Gail Sussman, Managing Director NOVEMBER 18, 2016 State debt is stable and manageable Debt is flat and debt ratios are declining for US states 600 500
More informationThe Regional Outlook MARISA DI NATALE, DIRECTOR
The Regional Outlook MARISA DI NATALE, DIRECTOR Expansion Is Spreading Total employment, % of previous business cycle peak, 2013Q2 U.S.=98% Sources: BLS, Moody s Analytics New peaks: 25% by count 35% by
More informationRating Action: Moody's affirms Aa1 issuer and bond ratings of the International Finance Facility for Immunisation (IFFIm) with a stable outlook
Rating Action: Moody's affirms Aa1 issuer and bond ratings of the International Finance Facility for Immunisation (IFFIm) with a stable outlook Global Credit Research - 17 Jan 2018 New York, January 17,
More informationCredit Opinion: Federal Home Loan Banks
Credit Opinion: Federal Home Loan Banks Global Credit Research - 25 Jul 2013 Reston, Virginia, United States Ratings Category Moody's Rating Outlook Stable Senior Unsecured Aaa ST Issuer Rating P-1 Contacts
More informationCanadian Life Insurance Industry
Canadian Life Insurance Industry Edward Kohlberg, CPA, FLMI, CLU Associate Director Anthony McSwieney Senior Financial Analyst A.M. Best Annual Insurance Market Briefing Canada September 5, 2018 Canadian
More informationRating Action: Moody's upgrades Swedbank and Swedbank Mortgage to A1; P-1 ratings affirmed Global Credit Research - 04 Jun 2013
Rating Action: Moody's upgrades Swedbank and Swedbank Mortgage to A1; P-1 ratings affirmed Global Credit Research - 04 Jun 2013 London, 04 June 2013 -- Moody's Investors Service has today upgraded Swedbank
More informationMain Street Report Q1 2018
Q1 2018 1 About the report The Experian/Moody s Analytics Main Street Report brings deep insight into the overall financial well-being of the small-business landscape, as well as providing commentary around
More informationToll Road Funding Models more than one way from A to B
Toll Road Funding Models more than one way from A to B ANDREW BLEASE, ASSOCIATE MANAGING DIRECTOR Dublin, September 2015 Economic Prospects Economic Growth Moody s August 2015 Central Scenario Annual GDP
More informationMain Street Report Q3 2017
Q3 2017 1 About the report The Experian/Moody s Analytics Main Street Report brings deep insight into the overall financial well-being of the small-business landscape, as well as providing commentary around
More informationAnnouncement: Moody's reviews five J-REITs ratings for downgrade
Announcement: Moody's reviews five J-REITs ratings for downgrade Global Credit Research - 20 Dec 2011 Tokyo, December 20, 2011 -- Moody's Japan K.K. has placed the ratings of five J-REITs on review for
More informationOECD Workshop on Data Collection
OECD Workshop on Data Collection Moody's Infrastructure-relevant Data Sets ANDREW DAVISON, SENIOR VICE PRESIDENT 10 MAY, 2017 Marginal Default Rate Moody s PF Bank Loan Default and Recovery Study» Moody's
More informationPolicy for Designating and Assigning Unsolicited Credit Ratings in the European Union
Policy for Designating and Assigning Unsolicited Credit Ratings in the European Union Issued by: MIS Compliance Department Applicable to: All MIS Employee and relevant Moody s Shared Services Employees
More informationChanging Risk Environments: Governance vs. Management
Changing Risk Environments: Governance vs. Management 24th ICMIF/Americas Annual Conference Panelists The Co-operators Group Limited Canada John Harvie, Chairman of the Board Paul Hanna, Executive Vice
More informationEurope 2020 Project Bond Initiative
Europe 2020 Project Bond Initiative Roundtable 3: Expected impact of the project bond initiative on the capital markets funding of projects Moody s, 2011. All rights reserved JOHAN VERHAEGHE, VP - SENIOR
More informationPotential Bumps Ahead for U.S. Financial Markets RYAN SWEET, DIRECTOR OF REAL-TIME ECONOMICS SOHINI CHOWDHURY, DIRECTOR
Potential Bumps Ahead for U.S. Financial Markets RYAN SWEET, DIRECTOR OF REAL-TIME ECONOMICS SOHINI CHOWDHURY, DIRECTOR May 2017 Financial Drag Can Be Significant Real GDP response to one std deviation
More informationMongolian Banking System
Mongolian Banking System Graeme Knowd, Managing Director - Financial Institutions Group Sept 2017 Agenda 1. Executive summary 2. Operating environment 3. Key credit metrics 4. Key takeaways MONGOLIAN BANKING
More informationA Unified Approach to Accounting for Regulatory and Economic Capital
AUGUST 2013 WHITEPAPER A Unified Approach to Accounting for Regulatory and Economic Capital About This whitepaper was derived from a Moody s Analytics Modeling Methodology Whitepaper entitled, A Unified
More informationRating Action: Moody's upgrades Dell's CFR to Ba2; outlook stable
Rating Action: Moody's upgrades Dell's CFR to Ba2; outlook stable Global Credit Research - 04 Feb 2015 Over $11.5 billion of rated debt affected New York, February 04, 2015 -- Moody's Investors Service
More informationCredit Opinion: Bank Nederlandse Gemeenten N.V.
Credit Opinion: Bank Nederlandse Gemeenten N.V. Global Credit Research - 09 May 2014 The Hague, Netherlands Ratings Category Moody's Rating Outlook Stable Bank Deposits Aaa/P-1 Bank Financial Strength
More informationU.S. Municipal Market The View From the Markets Presentation to the Federal Reserve Banks of Chicago, New York and Philadelphia
U.S. Municipal Market The View From the Markets Presentation to the Federal Reserve Banks of Chicago, New York and Philadelphia GAIL SUSSMAN, MANAGING DIRECTOR, US PUBLIC FINANCE June 24, 2011 Unprecedented
More informationMOODY'S AFFIRMS Aa3 RATING ON THE CITY OF LIVONIA'S (MI) OUTSTANDING GENERAL OBLIGATION DEBT
MOODY'S AFFIRMS Aa3 RATING ON THE CITY OF LIVONIA'S (MI) OUTSTANDING GENERAL OBLIGATION DEBT Aa3 RATING APPLIES TO $56 MILLION IN OUTSTANDING GO DEBT Livonia (City of) MI Municipality Michigan NEW YORK,
More informationMoody s Revised Rating Methodology: US Local Government General Obligation Debt
Moody s Revised Rating Methodology: US Local Government General Obligation Debt US Public Finance April 2014 Agenda Summary of Developments Local Government General Obligation Sector Overview GO Scorecard
More informationGlobal Credit Research - 24 Feb 2012 ASSIGNS A2 RATING TO $24.6 MILLION G.O. BONDS, 2012 SERIES A & B
Rating Action: MOODY'S DOWNGRADES THE CITY OF CRANSTON'S (RI) G.O. RATING TO A2 FROM A1 AND COPS RATING TO A3 FROM A2; SERIES 2011A RIHEBC UNDERLYING RATING DOWNGRADED TO Aa3 FROM Aa2; OUTLOOK REMAINS
More informationMain Street Report Q4 2017
Q4 2017 1 About the report The Experian/Moody s Analytics Main Street Report brings deep insight into the overall financial well-being of the small-business landscape, as well as providing commentary around
More informationMoody s Methodologies & Florida Update
Moody s Methodologies & Florida Update 1 Agenda Lease Methodology Special Tax Methodology Florida Economic Outlook 2 Moody s New Lease Methodology Published July 26, 2016 469 Ratings Put on Review No Florida
More informationMoody s RiskCalc External Model Specification:
Moody's Moody s RiskCalc External Model Specification: Last Updated: May 23, 2003 Contact Phone South Bend Robert Weiss 574.472.5764 Copyright 2002 by Moody s Investors Service, Inc., 99 Church Street,
More informationRegional Economic Outlook
Regional Economic Outlook Dan White, Director September, 2017 U.S. Macroeconomic Outlook, August, 2017 1 Remarkably Steady Growth 5 4 3 2 1 0-1 -2-3 -4 Real GDP growth, %, 4-qtr MA (L) Avg monthly change
More informationCredit Opinion: Federal Home Loan Bank of San Francisco
Credit Opinion: Federal Home Loan Bank of San Francisco Global Credit Research - 23 Jul 2013 San Francisco, California, United States Ratings Category Moody's Rating Outlook Stable Bank Deposits Aaa/P-1
More informationCredit Rating Analytics and Strategic Positioning
Credit Rating Analytics and Strategic Positioning Pam Clayton, Director Wells Fargo Securities Susan Fitzgerald, Sr. Vice President Moody s Investors Service How are Ratings Used? Ratings impact the pricing
More informationRating Action: Moody's downgrades Lowe's unsecured ratings to Baa1; P-2 commercial paper rating affirmed 12 Dec 2018
Rating Action: Moody's downgrades Lowe's unsecured ratings to Baa1; P-2 commercial paper rating affirmed 12 Dec 2018 New York, December 12, 2018 -- Moody's Investors Service ("Moody's") today downgraded
More informationNew Issue: Moody's assigns MIG 1 to Oakland City's (CA) TRAN
New Issue: Moody's assigns MIG 1 to Oakland City's (CA) TRAN Global Credit Research - 23 Jun 2014 $55.0M in short-term debt affected OAKLAND (CITY OF) CA Cities (including Towns, Villages and Townships)
More informationKicking Into a Higher Gear MARISA DI NATALE, SENIOR DIRECTOR
Kicking Into a Higher Gear MARISA DI NATALE, SENIOR DIRECTOR Getting Better in the Job Market Rate, % 4.5 4.0 3.5 Openings Quits Hiring Layoffs 3.0 2.5 2.0 1.5 1.0 00 02 04 06 08 10 12 14 Sources: BLS,
More informationMooDY's. Regulatory Disclosures. Page 1 of5 INVESTORS SERVICE. Identifier: MDY:
Page 1 of5 MooDY's INVESTORS SERVICE Regulatory Disclosures Identifier: MDY: 820956995 Description: SUCCESSOR AGENCY TO THE LOS ANGELES COMMUNITY REDEVELOPMENT AGENCY, CA; Hollywood Redevelopment Project
More informationU.S. Economic Outlook STEVE COCHRANE, MANAGING DIRECTOR
U.S. Economic Outlook STEVE COCHRANE, MANAGING DIRECTOR Recessions Are Few and Far Between Business cycle status, January 2017 Source: Moody s Analytics Recession At Risk Recovery Expansion Wage Growth
More informationAnnouncement: Moody's confirms Aaa ratings assigned to Erste Group Bank mortgage and public-sector covered bonds
Announcement: Moody's confirms Aaa ratings assigned to Erste Group Bank mortgage and public-sector covered bonds Global Credit Research - 24 Jul 2012 Frankfurt am Main, July 24, 2012 -- Moody's Investors
More informationRating Action: Moody's assigns A2 ratings to SAP SE; stable outlook
Rating Action: Moody's assigns A2 ratings to SAP SE; stable outlook Global Credit Research - 19 Sep 2014 First-time rating Frankfurt am Main, September 19, 2014 -- Moody's Investors Service, ("Moody's")
More informationRating Action: Moody's downgrades Bharti's senior unsecured notes to Ba1 and assigns a Ba1 CFR; outlook negative 05 Feb 2019
Rating Action: Moody's downgrades Bharti's senior unsecured notes to Ba1 and assigns a Ba1 CFR; outlook negative 05 Feb 2019 Hong Kong, February 05, 2019 -- Moody's Investors Service ("Moody's") has downgraded
More informationCredit Opinion: Denizbank A.S.
Credit Opinion: Denizbank A.S. Global Credit Research - 04 Dec 2014 Istanbul, Turkey Ratings Category Moody's Rating Outlook Stable Bank Deposits Ba1/NP Bank Financial Strength D- Baseline Credit Assessment
More informationRating Action: Moody's changes outlook of Central Bank of India and Indian Overseas Bank to positive from stable
Rating Action: Moody's changes outlook of Central Bank of India and Indian Overseas Bank to positive from stable Global Credit Research - 09 Feb 2018 Singapore, February 09, 2018 -- Moody's Investors Service
More informationAg Lending Experience of Living Through the Cycles
Ag Lending Experience of Living Through the Cycles Doug Johnson, Director, Sales April 26, 2018 2018 Ag Lending Experiences of Living Through the Cycles As the farming industry continues to consolidate,
More informationBest s Credit Rating Methodology (BCRM) & MPL Insurer Ratings
Special Presentation at the PIAA CEO/COO Meeting Best s Credit Rating Methodology (BCRM) & MPL Insurer Ratings Stefan Holzberger Chief Rating Officer Scottsdale, Arizona 16 March 2017 Disclaimer (1) AM
More informationThe Early Warning Toolkit in practice: Babcock & Wilcox Enterprises, Inc.
The Early Warning Toolkit in practice: Babcock & Wilcox Enterprises, Inc. Moody s Analytics, CreditEdge Team April 2018 Babcock & Wilcox demonstrates High Risk for all 5 Early Warning factors Level Level
More informationCredit Suisse Group AG
ISSUER COMMENT Earning its cost of capital and sustaining a modest distribution policy would be credit positive Contacts Michael Rohr +49.69.7073.0901 VP-Sr Credit Officer michael.rohr@moodys.com Mark
More informationABN AMRO Bank N.V. Q1 2018: Higher impairment offset revenue growth. ISSUER COMMENT 16 May Summary opinion
ISSUER COMMENT ABN AMRO Bank N.V. Q1 2018: Higher impairment offset revenue growth All figures in this report relate to Q1 2018 and are compared to Q1 2017 figures, unless otherwise indicated Summary opinion
More informationModern Techniques for Analyzing CLOs. A Workshop
Modern Techniques for Analyzing CLOs A Workshop June 2013 Agenda» Introduction» Basic Fundamental and Market Valuation Techniques» Data-driven Valuation Enhancements» Comparables» Manager Style» Single
More informationFebruary Request for Comment:
www.moodys.com Special Comment Moody s Global Credit Policy February 2008 Table of Contents: Summary of Proposed Rating Scale Options 2 Background 2 Details on the Options for Consideration 3 Moody s Related
More informationFinancial Guarantors. Special Comment
www.moodys.com Special Comment Moody s Global December 2007 Table of Contents: Introduction 1 Analysis of Mortgage Risk and Impact on Current Ratings 2 Stress-Test Outcomes 2 Rating Actions 3 Business
More informationGood (But Risky) Times
Good (But Risky) Times Mark Zandi, Chief Economist, Moody s Analytics January, 2018 The Job Market Is Tight U6 underemployed per open job position 12 9 6 3 0 00 02 04 06 08 10 12 14 16 Sources: BLS, Moody
More informationMunicipal Guarantee Board Finland
FEBRUARY 6, 2013 SUB-SOVEREIGN CREDIT ANALYSIS Municipal Guarantee Board Finland Table of Contents: SUMMARY RATING RATIONALE 1 RATING OUTLOOK 1 WHAT COULD CHANGE THE RATING -- DOWN 1 COMPANY OVERVIEW 2
More informationMunicipal Utilities OVERVIEW & METHODOLOGY UPDATE. Ted Damutz, VP-Senior Credit Officer
Municipal Utilities OVERVIEW & METHODOLOGY UPDATE Ted Damutz, VP-Senior Credit Officer GFOAA Tuscaloosa February 4, 2016 Municipal Utility Sector is Relatively Stable..» Monopolistic service» Highly essential
More informationCredit Opinion: Deutsche Bank Mexico, S.A.
Credit Opinion: Deutsche Bank Mexico, S.A. Global Credit Research - 11 Jul 2013 Mexico, Mexico Ratings Category Moody's Rating Outlook Stable Bank Deposits Baa2/P-2 NSR Bank Deposits -Dom Curr Aa1.mx/MX-1
More informationFigure 1: Groupon s One-Year EDF Measure
17 AUGUST 2012 CAPITAL MARKETS RESEARCH EDF CASE STUDY Groupon Inc. Moody s Capital Markets Research, Inc. Authors Sai Mao +1 (212) 553-1035 sai.mao@moodys.com Irina Makarova +1 (212) 553-4307 irina.makarova@moodys.com
More informationSiauliu Bankas, AB. Siauliu Bankas capital metrics will strengthen with EBRD s debt-to-equity conversion. ISSUER COMMENT 13 August 2018
ISSUER COMMENT Siauliu Bankas, AB Siauliu Bankas capital metrics will strengthen with EBRD s debt-to-equity conversion Contacts Savina R Joseph +357.2569.3045 Associate Analyst savina.joseph@moodys.com
More informationThe Economic Outlook DAN WHITE, SENIOR ECONOMIST
The Economic Outlook DAN WHITE, SENIOR ECONOMIST NCSL Fiscal Analysts Seminar, October 2016 Full Employment Is Fast Approaching 160 159 158 Unemployment rate, % (R) Labor force, mil (L) 7.0 6.5 6.0 157
More informationNew Issue: Moody's assigns Aa2 rating to Tustin Unified School District (USD) School Facilities Improvement District's (SFID) (CA) GO Bonds
New Issue: Moody's assigns Aa2 rating to Tustin Unified School District (USD) School Facilities Improvement District's (SFID) 2008-1 (CA) GO Bonds Global Credit Research - 12 Mar 2013 $25.0 million of
More informationDisruption in Higher Education: What Does It Mean For Credit Ratings
Disruption in Higher Education: What Does It Mean For Credit Ratings Wednesday, January 31, 2018 Susan Fitzgerald, Moody s Jessica Matsumori, S&P Global Ratings Mary Peloquin-Dodd, NC State University
More informationCanadian Life Insurance Industry
A.M. Best Company s 11 th Annual Insurance Market Briefing Canada Canadian Life Insurance Industry Edward Kohlberg, CPA, FLMI, CLU Associate Director Anthony McSwieney Senior Financial Analyst Toronto,
More informationIntroducing The Deterioration Probability Metric. A New Metric for Downgrade Risk
Introducing The Deterioration Probability Metric A New Metric for Downgrade Risk Credit Risk Analytics Group May 2018 Agenda 1. Introducing the Deterioration Probability 2. Deterioration Probability Model
More informationBest s Credit Rating Methodology (BCRM) & Market Segment Outlooks
Special Presentation at the Gen Re Winter Forum Best s Credit Rating Methodology (BCRM) & Market Segment Outlooks Stefan Holzberger Chief Rating Officer St. Petersburg, Florida 19 January 2017 Disclaimer
More informationRating Action: Moody's upgrades ratings of 15 European covered bonds following methodology update
Rating Action: Moody's upgrades ratings of 15 European covered bonds following methodology update Global Credit Research - 12 Mar 2014 Places nine ratings on review for upgrade and confirms three ratings
More informationBank Failure Case Study: Bank of Cyprus PLC
NOVEMBER 2013 QUANTITATIVE RESEARCH GROUP CASE STUDY Bank Failure Case Study: Bank of Cyprus PLC Authors Yanruo Wang Associate Director 1.415.874.6232 Yanruo.wang@moodys.com Clara Bernard Research Data
More informationRating Action: Moody's downgrades Australian bank subordinated debt on increasing bail-in risk Global Credit Research - 05 Sep 2013
Rating Action: Moody's downgrades Australian bank subordinated debt on increasing bail-in risk Global Credit Research - 05 Sep 2013 Sydney, September 05, 2013 -- Sydney, September 04, 2013 -- Moody's Investors
More informationRating Action: Moody's affirms Aaa IFS rating of New York Life; stable outlook Global Credit Research - 27 Jul 2017
Rating Action: Moody's affirms Aaa IFS rating of New York Life; stable outlook Global Credit Research - 27 Jul 2017 New York, July 27, 2017 -- Moody's Investors Service has affirmed the Aaa insurance financial
More informationPolicy for Analyst Rotation
Policy for Analyst Rotation Issued by: MIS Compliance Department Applicable to: All Key Analysts Scope: All Covered EU Ratings Effective Date: May 1, 2017 I. SCOPE MIS has adopted this Policy to implement
More informationRating Action: Moody's affirms Baa3 senior unsecured debt ratings of ICICI Bank's Bahrain branch Global Credit Research - 17 Aug 2017
Rating Action: Moody's affirms Baa3 senior unsecured debt ratings of ICICI Bank's Bahrain branch Global Credit Research - 17 Aug 2017 Singapore, August 17, 2017 -- Moody's Investors Service has affirmed
More informationbusiness cultures. LIQUIDITY PROFILE Moody's considers Lafarge's liquidity profile on a stand-alone basis to be good for the next 12 months, largely
Rating Action: Moody's upgrades Lafarge to Baa2, outlook stable Global Credit Research - 10 Aug 2015 Moody's upgrades Lafarge to Baa2, outlook stable 10 Aug 2015 Frankfurt am Main, August 10, 2015 -- Moody's
More informationImportance of compulsory insurance for market growth The Middle East experience
Insurance in Azerbaijan: New perspectives Importance of compulsory insurance for market growth The Middle East experience Vasilis Katsipis General Manager, Market Development A.M. Best MENA, South & Central
More informationRating Methodology Stephen Irwin, Vice President, A.M. Best Doniella Pliss, Managing Senior Financial Analyst, A.M. Best
Rating Methodology 2017 Stephen Irwin, Vice President, A.M. Best Doniella Pliss, Managing Senior Financial Analyst, A.M. Best Impetus for Change Timeline Building Block Approach Rating Implications Questions
More informationRating Action: Moody's upgrades AES Chivor's ratings to Baa3 from Ba1; outlook stable Global Credit Research - 30 May 2014
Rating Action: Moody's upgrades AES Chivor's ratings to Baa3 from Ba1; outlook stable Global Credit Research - 30 May 2014 New York, May 30, 2014 -- Moody's Investors Service upgraded today the senior
More informationRating Action: Moody's downgrades Suriname's issuer rating to B2 negative; concluding rating review Global Credit Research - 20 Feb 2018
Rating Action: Moody's downgrades Suriname's issuer rating to B2 negative; concluding rating review Global Credit Research - 20 Feb 2018 New York, February 20, 2018 -- Moody's Investors Service ("Moody's")
More informationStruggling to Escape the Fallout of the Great Recession MARISA Di NATALE, MANAGING DIRECTOR
Struggling to Escape the Fallout of the Great Recession MARISA Di NATALE, MANAGING DIRECTOR FROM MOODY S ECONOMY.COM Broad-Based Slowing Across the Nation Total employment excluding federal government,
More informationRating Action: Moody's changes Hella's outlook to positive; affirms ratings Global Credit Research - 31 Aug 2017
Rating Action: Moody's changes Hella's outlook to positive; affirms ratings Global Credit Research - 31 Aug 2017 Frankfurt am Main, August 31, 2017 -- Moody's Investors Service, ("Moody's") has today affirmed
More informationAnnouncement: Moody's Disclosures on Credit Ratings of Barbados, Government of Global Credit Research - 26 Mar 2012
Announcement: Moody's Disclosures on Credit Ratings of Barbados, Government of Global Credit Research - 26 Mar 2012 New York, March 26, 2012 -- The following release represents Moody's Investors Service's
More informationRating Action: Moody's assigns definitive Aa2 rating to BAWAG P.S.K. Mortgage Covered Bonds
Rating Action: Moody's assigns definitive Aa2 rating to BAWAG P.S.K. Mortgage Covered Bonds Global Credit Research - 28 Feb 2012 Frankfurt am Main, February 28, 2012 -- Moody's Investors Service has today
More informationLooking Through the Noise ADAM KAMINS, SENIOR ECONOMIST
Looking Through the Noise ADAM KAMINS, SENIOR ECONOMIST Full Employment Is in View U-6 underemployed per open job position 12 9 6 3 0 02 04 06 08 10 12 14 16 Sources: BLS, Moody s Analytics 2 More Jobs,
More informationAnnouncement: Moody's places GDF SUEZ's A1 ratings on review for downgrade
Announcement: Moody's places GDF SUEZ's A1 ratings on review for downgrade Global Credit Research - 03 Apr 2012 Approximately EUR19 billion rated debt securities affected London, 03 April 2012 -- Moody's
More informationSnohomish County Public Utility District 1
ISSUER COMMENT Annual Comment on Snohomish County PUD 1 RATING Revenue 1 Aa2 Snohomish County Public Utility District 1 No Outlook Contacts Nathan Carley 312-706-9958 Associate Analyst nathan.carley@moodys.com
More informationCredit Opinion: Elisa Corporation
Credit Opinion: Elisa Corporation Global Credit Research - 19 Feb 2013 Helsinki, Finland Ratings Category Outlook Issuer Rating Senior Unsecured -Dom Curr Moody's Rating Stable Baa2 Baa2 Contacts Analyst
More informationWebinar Navigating Choppy Markets: Safety-First Equity Strategies Based on Credit Risk Signals
Topics@CreditEdge Webinar Navigating Choppy Markets: Safety-First Equity Strategies Based on Credit Risk Signals Samuel Malone, Ph.D, Director Research Yukyung Choi, Associate Director Senior Research
More informationRating Action: Moody's confirms RWE's Baa3/Ba2 ratings, stable outlook 17 May 2018
Rating Action: Moody's confirms RWE's Baa3/Ba2 ratings, stable outlook 17 May 2018 London, 17 May 2018 -- Moody's Investors Service (Moody's) has today confirmed the Baa3 issuer rating of RWE AG (RWE),
More informationNew Issue: Moody's assigns A1 to Grays Harbor County Public Utility District 1 (WA) electric revenue bonds
New Issue: Moody's assigns A1 to Grays Harbor County Public Utility District 1 (WA) electric revenue bonds Global Credit Research - 28 Oct 2013 Approximately $136 million of debt affected GRAYS HARBOR
More informationOctober 11 Rating Actions Related to 2006 Subprime First-Lien RMBS
STRUCTURED FINANCE Special Report October 11 Rating Actions Related to 2006 Subprime First-Lien RMBS AUTHOR: Amy Tobey VP-Senior Analyst (212) 553-7922 Amelia.Tobey@moodys.com CONTACTS: Joseph Rocco Associate
More informationRating Action: Moody's assigns an A1 insurance financial strength rating to CNP Assurances with a stable outlook 06 Jun 2018
Rating Action: Moody's assigns an A1 insurance financial strength rating to CNP Assurances with a stable outlook 06 Jun 2018 London, 06 June 2018 -- Moody's Investors Service has today assigned an A1 insurance
More information