Credit Trends

Thursday, February 14, 2019

February 2019

Conference

Credit Trends

thursday, November 08, 2018
merchant taylors' hall, london

Credit Trends

Thursday, February 14, 2019
February 2019
Westin Palace
Milan

Credit Trends

Thursday, February 14, 2019
February 2019
Westin Palace
Milan

Credit Trends

Thursday, February 14, 2019
February 2019
Westin Palace
Milan

Credit Trends

Thursday, February 14, 2019
February 2019
Westin Palace
Milan

Credit Trends

Thursday, February 14, 2019
February 2019
Westin Palace
Milan

Look beyond the short-term shocks into long term risks

Moody’s Credit Trends provides forward looking views that focus on the key credit outlook shifts for the year ahead and long-term market trends and vulnerabilities.

We will take a closer look at what comes next in the credit cycle; what rising trade and protectionism tensions mean to credit; what are the key regional trends across sectors and other topical questions.  

Credit Trends is a unique platform to engage with key market participants -  senior investors, issuers, intermediaries and credit analysts - and gain a deeper understanding of the impact of global, regional and local credit trends across sectors.

What are your expectations for 2019? Share your views on market trends

Why Attend?

<div class="custom-container w-container"><div class="custom-item-holder alt"><img class="custom-item-icon alt" src="https://global-uploads.webflow.com/59faed4401b9500001e97e74/5ae342314cc19f6883e3c11f_discover2-white.png"><div class="custom-item-text-holder"><h1 class="custom-item-heading alt white">Keep track of market risks</h1><p class="custom-item-para alt white">Stay informed about global, regional and local market risks and key rating trends</p></div></div><div class="custom-item-holder alt"><img class="custom-item-icon" src="https://global-uploads.webflow.com/59faed4401b9500001e97e74/5ae342ff8cb7533468114601_Analyze%202.png"><div class="custom-item-text-holder"><h1 class="custom-item-heading alt white">Analyze the credit impact</h1><p class="custom-item-para alt white">Analyze credit outlooks and discover how long-term trends will shape the market in 2019</p></div></div><div class="custom-item-holder alt"><img class="custom-item-icon" src="https://global-uploads.webflow.com/59faed4401b9500001e97e74/5ae3432d0d74803949144d7f_network2.png"><div class="custom-item-text-holder"><h1 class="custom-item-heading alt white">Engage with your peers</h1><p class="custom-item-para alt white">Engage with the global investor and issuer community and get your questions answered by senior credit analysts</p></div></div></div>

Agenda

Event will be held in Italian and English

08.30          Pre-Conference Workshop - 55 min

Strengthen your credit analysis with thematic and sector insights using Moody’s CreditView

Learn how Moody’s CreditView includes deep insight on sector dynamics and themes that can inform your credit analysis. 

Led by Moody’s Analytics

09.00          Registration & Coffee

09.30          Opening Remarks

Mauro Crisafulli, Associate Managing Director, Country Manager Italy

09.40          Big Picture Presentation

Fading cycle, reform fatigue and political risks: European sovereigns are entering choppy waters

  • A fading cycle and risks from global trade tensions weigh
  • Progress on structural economic reforms will determine those best able to cope with the slowdown in growth
  • Structural fiscal weaknesses as cyclical tail winds weaken and interest rates normalize
  • Politics continue to dominate the credit story for some: Brexit, Italy

Kathrin Muehlbronner, Senior Vice President, Sovereign Risk Group

10.10           Spotlight Conversation

Preparing for the next downturn, focus on Italy

Fabrizio Pagani, Global Head of Economics and Capital Markets Strategy, Muzinich & Co

Led by Mauro Crisafulli, Associate Managing Director, Country Manager Italy

10.45          Default and Rating Trends

Recent developments and risks to the outlook

  • Default and rating performance review
  • Credit outlook and risks: Which sectors are more exposed?
  • Recovery rates - Moody's approach and potential risks

Marco Szego, Associate Managing Director, Credit Strategy

11.05              Networking & Coffee Break

11.30            Banking Plenary Session

Banks’ resiliency to market and credit shocks

  • How banks are prepared for the next downturn?
  • New risks: Competition driven by fintech, cybercrime, Brexit and trade wars

Fabio Ianno, Vice President, Senior Credit Officer, Banking

Guy Combot, Vice President, Senior Analyst,Banking

Michelangelo Margaria, Senior Vice President, Structured Finance

12.15            Corporate Plenary Session

Corporate credit quality at the peak of the credit cycle

  • Corporate credit vulnerabilities for the next downturn
  • Which corporate segments are more vulnerable to the next credit cycle?
  • How increasing interest rates, trade wars and Brexit could impact corporate credit quality

Paolo Leschiutta, Senior Vice President, Corporate Finance

Raffaella Altamura, Vice President, Senior Analyst, Infrastructure Finance

13.00              Close of the Conference

Moody's Speakers

Mauro Crisafulli

Associate Managing Director

Country Manager

Moody's Investors Service

Moody's Investors Service

Country Manager

Associate Managing Director

Mauro Crisafulli

Mauro Crisafulli is the Country Manager for Moody’s in Italy. In his role Mauro oversees Moody’s Italia operations with responsibility for directing and coordinating the company’s activities. Mauro is an Associate Managing Director responsible for sub-sovereign credits in the EMEA region. In this capacity he coordinates a group of 25 analysts and has overall responsibilities for ratings and research on regional and local governments and related entities, including transit, water, infrastructure companies, and housing associations. In his role he chairs rating committees, helps maintain the quality of ratings, and assures analytical leadership on publications.

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Kathrin Muehlbronner

Senior Vice President

Sovereign Risk Group

Moody's Investors Service

Moody's Investors Service

Sovereign Risk Group

Senior Vice President

Kathrin Muehlbronner

Kathrin joined Moody’s Investors Service in April 2010 as a member of the Sovereign Risk Group. She is the lead analyst for several European Sovereigns, including the UK, Ireland, Greece, Denmark as well as European Multilateral Development Banks such as ESM, EFSF and the EIB.

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Fabio Ianno

Vice President, Senior Credit Officer

Financial Institutions Group

Moody's Investors Service

Moody's Investors Service

Financial Institutions Group

Vice President, Senior Credit Officer

Fabio Ianno

Fabio Iannò is in charge of a portfolio of Italian and Irish banks. Prior to joining Moody’s in March 2018, Fabio was a Director at Fitch Ratings in London for 7 years covering Italian banks.

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Michelangelo Margaria

Senior Vice President/Manager

Structured Finance Group

Moody's Investors Service

Moody's Investors Service

Structured Finance Group

Senior Vice President/Manager

Michelangelo Margaria

Michelangelo Margaria is a Senior Vice President/Manager with Moody’s Structured Finance Group and is based in the Milan office

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Paolo Leschiutta

Paolo Leschiutta, Senior Vice President, Corporate Finance

Moody's Investors Service

Moody's Investors Service

Paolo Leschiutta, Senior Vice President, Corporate Finance

Paolo Leschiutta

Paolo Leschiutta is a Vice President � Senior Credit Officer with Moody�s European Corporate Finance Team in the Milan office.

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Raffaella Altamura

Vice President - Senior Analyst

EMEA Infrastructure Finance

Moody's Investors Service

Moody's Investors Service

EMEA Infrastructure Finance

Vice President - Senior Analyst

Raffaella Altamura

Raffaella Altamura is a senior analyst in the EMEA Infrastructure Finance team based in London. She is responsible for a portfolio of transport infrastructure issuers in Europe, including toll road operators, airports and ports. Raffaella is one of the most experienced analysts within the infrastructure team with a wealth of experience across a range of sectors, having previously covered utilities and also project finance transactions. She has particularly focused on the Italian market but also benefits from experience over a broad range of other jurisdictions. Raffaella has authored a series of publications on transport trends across Europe. Prior to joining Moody’s, Raffaella worked in the internal credit department of Mediobanca in Milan. She holds a degree in law and business administration from Bocconi University in Milan and is fluent in English and Italian.

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Marco Szego

Marco Szego, Associate Managing Director, Credit Strategy

Moody's Investors Service

Moody's Investors Service

Marco Szego, Associate Managing Director, Credit Strategy

Marco Szego

Marco Szego joined Moody’s Investors Service in 2001 and currently works as a Vice President - Senior Analyst in the CDO group in London. He has been rating a number of transactions, including CRE CDOs, CDOs of ABS and CLOs.

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Guy Combot

Vice President - Senior Analyst, EMEA Banking

Moody's Investors Service

Moody's Investors Service

Vice President - Senior Analyst, EMEA Banking

Guy Combot

Guy Combot joined Moody’s as Vice President – Senior Analyst with the Financial Institutions Group in September 2018 and is based in our Paris office. He covers a portfolio of Italian banks. Prior to joining Moody’s, Guy worked at CNP Assurances, a leading provider of life insurance in France. After joining CNP Assurances in 1998, he worked in a number of positions including the compliance unit and investment division, before starting his last role as a senior buy-side credit analyst of financial institutions in 2012.

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Further information

Any questions please contact:

Jasmine Endres

Assistant Director - Events & Outreach

jasmine.endres@moodys.com