Credit Trends - Italy

Mauro Crisafulli Managing Director, Sub-Sovereigns Moody's Investors Service

Mauro Crisafulli is the Managing Director for Moody’s Sub-Sovereigns 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.

Prior to assuming these positions, Mauro served as Group Credit Officer for the sub-sovereign group with the responsibility of ensuring the consistency of global ratings and implementing analytical initiatives worldwide. He was also a member of Moody's Public Sector Credit Committee, in charge of reviewing public sector rating methodologies. He joined Moody’s in 2004.

Mauro has a wide knowledge in credit risk analysis, with more than 20 years of experience in the public sector rating business, including 8 years in Fitch Ratings where he served as director of the public sector team. Prior to that he worked as a Financial Analyst for the City of Milan and for various industrial and service companies. Mauro holds an Economics and Business Degree from the University of Bocconi in Milan.

Sarah Carlson Senior Vice President, Sovereign Risk Moody's Investors Service

Sarah is responsible for a portfolio of credits that includes the United Kingdom, Ireland, Portugal, and Cyprus. She is also one of the Sovereign Risk Group’s global spokespeople. She joined Moody’s in 2009 after completing a Sloan Fellowship at the London Business School.

Prior to this academic sabbatical, she spent seven years at the Financial Services Authority in London where she headed the regulator’s Risk Analysis area and acted as its chief macroeconomist. Before joining the FSA, she worked in Dun & Bradstreet’s Economic Analysis Group for six years, where she was the organisation’s Deputy Chief Economist.

She holds an MA in European Studies (with a concentration in Economics and Finance) from the Elliott School of International Affairs at the George Washington University and an AB with a double major in Government and History from Dartmouth College. She is a CFA Charterholder.

Riccardo Barbieri Chief Economist Italian Treasury

Riccardo joined the Italian Treasury as its Chief Economist and Director of Research in August2015,following a twenty-five-year career in the financial markets. At the Treasury, Riccardo is in charge of the the official macroeconomic forecast and coordinates the key economic policy documents of the Italian government. He is Italy’s principal delegate for the Economic Policy Committees of the EU and OECD. He advises the Director General of the Treasury and the Minister of Economy and Finance on key analytical and policy issues.  

Riccardo started his career as an academic economist at Bocconi University in Milan, where he previously graduated with honors in Economics and Social Sciences. He subsequently studied and worked at New York University, earning a Ph. D. in Economics. He specialized in international economics and finance, industrial organization and game theory.

In 1990, he joined JPMorgan as a senior economist and later worked for Morgan Stanley, Bank of America and Mizuho. He was a top-ranked economist and strategist in investor surveys, both for developed and emerging markets, covering a wide range of institutional investors and publishing cutting-edge economic research and investment strategy papers. 

Among the positions he held in the financial markets, Riccardo was Senior European Economist and then Chief Emerging Markets Economist of Morgan Stanley and Chief International Economist and Head of Currency and Interest Rate Research of Bank of America Merrill Lynch. He also had an extensive presence in the financial media, frequently appearing on CNBC, Bloomberg TV and CNN. 

Mauro Crisafulli Managing Director, Sub-Sovereigns Moody's Investors Service

Mauro Crisafulli is the Managing Director for Moody’s Sub-Sovereigns 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.

Prior to assuming these positions, Mauro served as Group Credit Officer for the sub-sovereign group with the responsibility of ensuring the consistency of global ratings and implementing analytical initiatives worldwide. He was also a member of Moody's Public Sector Credit Committee, in charge of reviewing public sector rating methodologies. He joined Moody’s in 2004.

Mauro has a wide knowledge in credit risk analysis, with more than 20 years of experience in the public sector rating business, including 8 years in Fitch Ratings where he served as director of the public sector team. Prior to that he worked as a Financial Analyst for the City of Milan and for various industrial and service companies. Mauro holds an Economics and Business Degree from the University of Bocconi in Milan.

Sarah Carlson Senior Vice President, Sovereign Risk Moody's Investors Service

Sarah is responsible for a portfolio of credits that includes the United Kingdom, Ireland, Portugal, and Cyprus. She is also one of the Sovereign Risk Group’s global spokespeople. She joined Moody’s in 2009 after completing a Sloan Fellowship at the London Business School.

Prior to this academic sabbatical, she spent seven years at the Financial Services Authority in London where she headed the regulator’s Risk Analysis area and acted as its chief macroeconomist. Before joining the FSA, she worked in Dun & Bradstreet’s Economic Analysis Group for six years, where she was the organisation’s Deputy Chief Economist.

She holds an MA in European Studies (with a concentration in Economics and Finance) from the Elliott School of International Affairs at the George Washington University and an AB with a double major in Government and History from Dartmouth College. She is a CFA Charterholder.

Fabio Iannò Vice President - Senior Credit Officer, EMEA Banking Moody's Investors Service

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. Before Fitch Ratings he worked for Deloitte & Touche in New York (2008 - 2009) as Senior Consultant in the Capital Markets division and in Milan (2004 - 2008) in the audit department.

Fabio holds an MBA - Master in Business Administration (SDA Bocconi) and an MSc in International Business (Bocconi University).

Donatella Maso Vice President, Corporate Finance Group Moody's Investors Service

Donatella Maso is a Vice President – Senior Analyst at Moody’s in the EMEA Corporate Finance Group based in London. Her portfolio covers a diverse range of European high-yield and leveraged finance credits.

Donatella joined Moody’s in December 2013. Donatella has more than 11 years of leveraged finance and credit analysis experience. Before joining Moody’s, she spent seven years at GE Capital structuring and executing Pan European mid market LBOs and investing in secondary and distressed loans. Prior to that, she worked for over four years as senior credit analyst in the Acquisition Finance team at the former Banca Nazionale del Lavoro (BNP Paribas Group), based in London. Donatella holds a degree in Economics from the University of Trieste.

Mauro Crisafulli Managing Director, Sub-Sovereigns Moody's Investors Service

Mauro Crisafulli is the Managing Director for Moody’s Sub-Sovereigns 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.

Prior to assuming these positions, Mauro served as Group Credit Officer for the sub-sovereign group with the responsibility of ensuring the consistency of global ratings and implementing analytical initiatives worldwide. He was also a member of Moody's Public Sector Credit Committee, in charge of reviewing public sector rating methodologies. He joined Moody’s in 2004.

Mauro has a wide knowledge in credit risk analysis, with more than 20 years of experience in the public sector rating business, including 8 years in Fitch Ratings where he served as director of the public sector team. Prior to that he worked as a Financial Analyst for the City of Milan and for various industrial and service companies. Mauro holds an Economics and Business Degree from the University of Bocconi in Milan.

Sarah Carlson Senior Vice President, Sovereign Risk Moody's Investors Service

Sarah is responsible for a portfolio of credits that includes the United Kingdom, Ireland, Portugal, and Cyprus. She is also one of the Sovereign Risk Group’s global spokespeople. She joined Moody’s in 2009 after completing a Sloan Fellowship at the London Business School.

Prior to this academic sabbatical, she spent seven years at the Financial Services Authority in London where she headed the regulator’s Risk Analysis area and acted as its chief macroeconomist. Before joining the FSA, she worked in Dun & Bradstreet’s Economic Analysis Group for six years, where she was the organisation’s Deputy Chief Economist.

She holds an MA in European Studies (with a concentration in Economics and Finance) from the Elliott School of International Affairs at the George Washington University and an AB with a double major in Government and History from Dartmouth College. She is a CFA Charterholder.

Riccardo Barbieri Chief Economist Italian Treasury

Riccardo joined the Italian Treasury as its Chief Economist and Director of Research in August2015,following a twenty-five-year career in the financial markets. At the Treasury, Riccardo is in charge of the the official macroeconomic forecast and coordinates the key economic policy documents of the Italian government. He is Italy’s principal delegate for the Economic Policy Committees of the EU and OECD. He advises the Director General of the Treasury and the Minister of Economy and Finance on key analytical and policy issues.  

Riccardo started his career as an academic economist at Bocconi University in Milan, where he previously graduated with honors in Economics and Social Sciences. He subsequently studied and worked at New York University, earning a Ph. D. in Economics. He specialized in international economics and finance, industrial organization and game theory.

In 1990, he joined JPMorgan as a senior economist and later worked for Morgan Stanley, Bank of America and Mizuho. He was a top-ranked economist and strategist in investor surveys, both for developed and emerging markets, covering a wide range of institutional investors and publishing cutting-edge economic research and investment strategy papers. 

Among the positions he held in the financial markets, Riccardo was Senior European Economist and then Chief Emerging Markets Economist of Morgan Stanley and Chief International Economist and Head of Currency and Interest Rate Research of Bank of America Merrill Lynch. He also had an extensive presence in the financial media, frequently appearing on CNBC, Bloomberg TV and CNN. 

Fabio Iannò Vice President - Senior Credit Officer, EMEA Banking Moody's Investors Service

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. Before Fitch Ratings he worked for Deloitte & Touche in New York (2008 - 2009) as Senior Consultant in the Capital Markets division and in Milan (2004 - 2008) in the audit department.

Fabio holds an MBA - Master in Business Administration (SDA Bocconi) and an MSc in International Business (Bocconi University).

Donatella Maso Vice President, Corporate Finance Group Moody's Investors Service

Donatella Maso is a Vice President – Senior Analyst at Moody’s in the EMEA Corporate Finance Group based in London. Her portfolio covers a diverse range of European high-yield and leveraged finance credits.

Donatella joined Moody’s in December 2013. Donatella has more than 11 years of leveraged finance and credit analysis experience. Before joining Moody’s, she spent seven years at GE Capital structuring and executing Pan European mid market LBOs and investing in secondary and distressed loans. Prior to that, she worked for over four years as senior credit analyst in the Acquisition Finance team at the former Banca Nazionale del Lavoro (BNP Paribas Group), based in London. Donatella holds a degree in Economics from the University of Trieste.