Moody’s Talks – The Big Picture

AI is fueling a boom in data centers, and the world’s biggest hyperscalers are pouring billions into building up their capacity.  But risks of an AI bubble and circular deals involving companies like OpenAI and Microsoft are worrying investors. Learn more about data center growth in 2026 and other sector outlooks: moodys.com/outlooks Host: Paloma San Valentin, Managing Director, North America Corporate Finance, Moody’s Ratings  Guests: John Medina, Senior Vice President, Moody's Ratings; Raj Joshi, Senior Vice President, Moody’s Ratings Related Research: Artificial Intelligence – Global - 2026 Outlook - Risks are rising in a shifting AI landscape 08 Dec 2025Artificial Intelligence - Global - OpenAI's huge footprint is a risk for the AI value chain 05 Dec 2025Data Centers – US - Broadening array of financing approaches attract new capital as data centers scale up 03 Dec 2025  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Differing views on politics and the economy are making it harder for lawmakers to agree on issues like trade, immigration, regulation and fiscal policy. In this episode, Moody’s Ratings experts unpack the risk to credit in 2026 and repercussions for businesses and consumers.  Learn more and watch the full episode at moodys.com/outlooks  Host: Paloma San Valentin, Managing Director, North America Corporate Finance, Moody’s Ratings  Guest: Atsi Sheth, Chief Credit Officer, Moody’s Ratings  Related Research: Credit Conditions – Global – 2026 Outlook – Politics, innovation and extreme weather will drive credit conditions 10 Nov 2025Sovereigns - Global - 2026 Outlook - Negative as policy, political risks outweigh pockets of resilience 13 Nov 2025Government Policy – US – How credit effects of tax and spending shifts vary across sectors 31 Jul 2025 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Extreme weather is intensifying, and funding for adaptation measures remains a challenge. Emerging markets face growing economic and credit risks given limited resilience and insurance protection.  In this new video podcast ahead of the COP30 meeting in Belém, Brazil, our Moody’s experts discuss whether innovative private and multilateral finance are the answers to bridging the gap.Watch the full episode at: moodys.com/sustainable-finance Host: Colin Ellis, Head of Centre for Credit Research, Moody’s Ratings Guests: Rahul Ghosh, Global Head of Sustainable Finance, Moody’s Ratings; Marie Diron, Global Head of Sovereign and Sub-Sovereign Risk, Moody's Ratings Related Research:Data Story -- Emerging economies are most exposed to the credit effects of severe weather -- 30 Oct 2025Environmental Risk – Global – Strong water management increases economic resilience to physical climate risk 27 Oct 2025Environmental Risk – Global – Adaptation can support credit strength, but faces race to keep up with climate risks 22 Sep 2025 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

As artificial intelligence reshapes workplaces and business strategies, firms increasingly depend on AI providers, making AI a tool of geopolitical influence. We'll discuss the impact across industries, as digital currencies affect monetary control and cyber threats challenge operational resilience. Host: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings Guests: Vincent Gusdorf, Associate Managing Director, Digital Finance and AI Analytics, Moody’s Ratings; Leroy Terrelonge, Vice President-Analyst, Cyber Credit Risk, Moody’s Ratings  Related research:Artificial Intelligence – Global – Nations push for AI sovereignty to capture economic, geopolitical gains 30 September 2025 Sovereigns - Global – Digital currency growth, inconsistent regulation amplify countries' financial risks 25 September 2025Artificial Intelligence – Corporates – Pace of AI advances, regional disparities will steer credit trends across industries 23 September 2025 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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.