Moody’s Talks – The Big Picture

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 2025Banks – Africa – Evolving fundraising sources and high yields will help banks navigate cost of foreign currency 17 Sept 2025Sovereigns – Sub-Saharan Africa – Low revenue and domestic savings underlie high debt cost in Sub-Saharan Africa 02 May 2025   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 2025Data Centers – Asia-Pacific — APAC data center growth to spark power demand, with divergent impact on utilities 31 July 2025Data Centers – China — AI and geopolitics deepen China's domestic data center buildout 04 Aug 2025 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 RatingsGuest: Christina Padgett, Associate Managing Director, Corporate Finance Group, Moody’s RatingsRelated 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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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      Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 RatingsHost: Colin Ellis, Head of Center for Credit Research, Moody’s Ratings Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 RatingsHost: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 RatingsHost: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 RatingsHost: Sarah Carlson, Senior Vice President at Moody's Ratings Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 RatingsHost: Sarah Carlson, Senior Vice President at Moody's Ratings  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 RatingsHost: Colin Ellis, MD-Global Credit Strategist at Moody's RatingsRelated Research:Auto and Auto Parts Manufacturers – China: Chinese EV makers will broaden expansion into emerging markets amid US, EU tariffs Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 LondonHost:  Colin Ellis, MD-Global Credit Strategist at Moody's Ratings Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 RatingsHost: Colin Ellis, MD-Global Credit Strategist at Moody's RatingsRelated Research:Data Centers – Global: Rapid capacity growth to serve surging computing demand poses long-term risks  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 RatingsHost: William Foster, Senior Vice President at Moody's RatingsRelated Research:Government of France: FAQ on hung parliament following National Assembly elections Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 RatingsHost: William Foster, Senior Vice President at Moody's Ratings Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 RatingsHost: Colin Ellis, MD-Global Credit Strategist at Moody's RatingsRelated Research:Government Policy – UK: New government could boost growth, but faces fiscal and institutional hurdles  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.