Carbon Transition Briefing

Tuesday, July 10, 2018

July 2018

Briefing

Carbon Transition Briefing

Mapping out credit risks and opportunities

Wednesday, April 25, 2018 | 11AM EDT | 3PM BST | 4PM CEST

Carbon Transition Briefing

Mapping out credit risks and opportunities
Tuesday, July 10, 2018
July 2018
Moody's Paris Office
Paris

Carbon Transition Briefing

Mapping out credit risks and opportunities

Tuesday, July 10, 2018
July 2018
Moody's Paris Office
Paris

Carbon Transition Briefing

Mapping out credit risks and opportunities

Tuesday, July 10, 2018
July 2018
Moody's Paris Office
 
Paris

Carbon Transition Briefing

Mapping out credit risks and opportunities

Tuesday, July 10, 2018
July 2018
Moody's Paris Office
Paris

Carbon Transition Briefing

Mapping out credit risks and opportunities

Tuesday, July 10, 2018
July 2018
Moody's Paris Office
Paris

Agenda

09.00         Registration & Coffee

09.15          Welcome Address

Yasmina Serghini, Associate Managing Director, Corporate Finance Group and chair of Moody's ESG EMEA working group

09.25           Capturing Carbon Transition Risk in Credit Ratings

  • Long time horizon and large number of variables create some uncertainty and can lead to imprecision
  • Interplay among sectors: decarbonization efforts in one industry can materially affect others

John Thieroff, Vice President-Senior Analyst, Corporate Finance Group

09.55          Cross Sector Corporate Overview- CO2 Transition Risk : Immediate Threat or Long-Term Risk?

  • CO2 Transition Risks in the oil & gas, steel, and mining sector
  • Corporate Strategies to deal with CO2 Transition Risk
  • Credit Implications - Winners and Losers

Anke Richter, Associate Managing Director, Corporate Finance Group

10.25         Networking & Coffee Break

10.50           Utilities: The Next Stage of the Carbon Transition

  • Conventional generation in an age of growing renewables
  • Looking ahead to subsidy-free renewables
  • The potential of carbon prices: the UK experience

Graham Taylor, Vice President-Senior Credit Officer, Infrastructure Finance

11.20           Sovereigns – Quantifying the credit challenge for hydrocarbon producers

  • What credit implications of carbon transitions for sovereign hydrocarbon producers?
  • What     adjustment do sovereigns face in different carbon transition scenarios?

Marie Diron, Managing Director, Sovereign Risk Group

11.50            Close of the Conference

Speakers

Yasmina Serghini

Associate Managing Director

Corporate Finance Group

Moody's Investors Service

Moody's Investors Service

Corporate Finance Group

Associate Managing Director

Yasmina Serghini

Yasmina Serghini is an Associate Managing Director in Moody’s Investors Service’s Corporate Finance Group. She is the chair of Moody’s Environmental, Social and Governance (ESG) working group in EMEA. Moody’s is committed to incorporating ESG risks into its analysis and, in this role, Yasmina co-ordinates Moody’s ESG research and outreach initiatives in the region. In addition, Yasmina manages the teams in Paris and in Milan that are responsible for investment grade and high yield companies primarily in the retail, pharmaceutical, railway, ferry, beverage and postal services industries.

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John Thieroff

Vice President - Senior Analyst

Corporate Finance Group

Moody's Investors Service

Moody's Investors Service

Corporate Finance Group

Vice President - Senior Analyst

John Thieroff

John Thieroff is a Vice President – Senior Analyst in Moody’s Oil and Gas Team, currently assigned to Moody’s ESG initiative.

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Anke Richter

Associate Managing Director

Head of European Oil & Gas, Chemical and Metals & Mining companies

Moody's Investors Service

Moody's Investors Service

Head of European Oil & Gas, Chemical and Metals & Mining companies

Associate Managing Director

Anke Richter

Anke Richter is an Associate Managing Director in the Corporate Finance Group at Moody’s Investors Service in London. She’s in charge of a team of analysts covering European Oil & Gas, Chemical and Metals & Mining companies. Anke joined Moody’s in 2015, bringing 20 years of credit experience with her. Prior to Moody’s, Anke worked at Conning Asset Management, where she was European Head of Credit Research. Anke started her career in management consultancy before working as a sell-side credit analyst and strategist for JP Morgan, Deutsche Bank and Calyon/Credit Agricole where she managed globally the Capital Market Research team. In her previous roles Anke has worked in London, Germany, and Peru. Anke holds a degree in Business Administration from the University of Cologne, Germany and is a CFA charterholder. She has also lectured at university on a variety of finance and economics courses.

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Graham Taylor

Vice President – Senior Credit Officer

UK regulated and unregulated utilities

Moody's Investors Service

Moody's Investors Service

UK regulated and unregulated utilities

Vice President – Senior Credit Officer

Graham Taylor

Graham Taylor is a senior analyst in Moody’s EMEA Infrastructure Finance team, based in London. He is responsible for a portfolio of regulated and unregulated utilities in the United Kingdom. As a senior member of the analytical team, Graham has contributed to and/or coordinated a number of publications, in particular on energy market issues, and is a frequent speaker at investor events. Prior to joining Moody’s in 2015, Graham was City Advisor to Ofwat, the English and Welsh water regulator, through the 2014 Price Review. He was previously an equity portfolio manager at Legal & General, where he managed long-only and long/short funds and was responsible for coverage of UK utilities, transport and leisure, and health care. Graham started his career in the investment banking division of Credit Suisse in New York. He is a graduate of Queen’s University, Canada, and is a CFA charterholder.

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Marie Diron

Managing Director

Sovereign Risk Group

Moody's Investors Service

Moody's Investors Service

Sovereign Risk Group

Managing Director

Marie Diron

Marie Diron heads the Sovereign Risk Group for Asia Pacific, the Middle East and Africa, responsible for analytical teams covering sovereigns and multilateral development banks in these regions. Marie has worked as Moody’s lead sovereign analyst for a number of Asia Pacific credits, including China, Hong Kong, Taiwan, India, Sri Lanka and Australia. Marie has also worked in Moody’s Credit Policy, leading a number of macroeconomic analyses, including our regular Global Macro Outlook and other credit research work. Marie was previously Director at Oxford Economics, leading the company’s forecasting and scenario analysis service to financial sector and corporate clients, after a number of years at the European Central Bank and Brevan Howard LLP. Marie received a MPhil in Economics from the University of Cambridge and graduated from the Ecole Centrale Paris.

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Event Information

Moody's Global Events

Christopher de Ridder

Marketing Manager – Events & Outreach

Christopher.deRidder@moodys.com

+44 (0) 20 7772 1445