Credit Trends - United States
New administration, new agenda: Policies with the greatest likely impact
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Explore with us the aftermath of the pandemic.
Find out what market experts expect, which sectors have bounced back, which sectors will be transformed, and which will carry the deepest scars from the downturn.
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Agenda
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09:00
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09:05
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09:30
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10:05
Panel on credit: Key trends we are watching in 2021
- Comparing the damage the recession unleashed across sectors, and where it brought opportunity
- How varying paths to recovery reveal policy, macro, and firm level dynamics
- Identifying which changes to credit metrics and business strategy will persist beyond the near term
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11:00
Close of the event
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SpeakersMichelle Seitz Chairman & CEO Russell Investments
Anne Van Praagh Managing Director - Global Strategy & Research Moody's Investors Service
Atsi Sheth Managing Director, Credit Strategy and Research Moody's Investors Service
Robard Williams Senior Vice President/CSR, Credit Strategy & Standards Moody's Investors Service
Ana Arsov Managing Director, Financial Institutions Moody's Investors Service
Glenn Eckert Associate Managing Director, Corporate Finance Moody's Investors Service
William Foster Vice President - Senior Credit Officer, Sovereign Risk Moody's Investors Service
Marc Pinto Managing Director, Financial Institutions Moody's Investors Service
Navneet Agarwal Managing Director, Structured Finance Moody's Investors Service
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AGENDA (EST)
09:00 Welcome Remarks
09:05 2021 Outlook: What COVID-19 and the election changed, and didn't
09:30 Keynote interview with Michelle Seitz
10:05 Panel on credit: Key trends we are watching in 2021
11:00 Close of the event
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Anne Van Praagh is Managing Director and Head of Moody’s Credit Strategy &Research. In this capacity Anne leads a team that defines and develops macroeconomic views and provides strategic insights on emerging risk trends and credit developments. The team produces a quarterly macro forecast report as well as regional and global cross sector and thematic research on key credit themes such as growth and productivity, monetary and fiscal policy, political risks, trade, climate change, technology, and infrastructure.
Prior to her current role, Anne was Managing Director in Moody’s Sovereign Risk Group from August 2014 to July 2016, leading teams in the Americas, Asia Pacific and Middle East regions, with responsibility for ratings on roughly 90 countries and multilateral development banks.
Until August 2014, Anne was Chief Credit Officer for Public Sector Ratings, responsible for the ratings performance and consistency of Moody’s credit standards and methodologies across the global sovereign, sub-sovereign and US public finance franchises.
Anne re-joined Moody’s in June 2009 following three years at Morgan Stanley. There she worked as an investment banker on 30 senior managed financings in transportation and infrastructure. During the preceding eight years, Anne worked on a variety of Moody’s rating teams within the US Public Finance Group, including in the US states and infrastructure ratings team.
Anne has also worked for the US Federal Government, both at the Office of Management and Budget and at the Department of Defense. She has a Master’s degree from Columbia University’s School of International and Public Affairs and a Bachelor’s degree from George Washington University’s Elliott School of International Affairs.
Atsi Sheth is a Managing Director in Moody’s Credit Strategy and Research team. She serves as the Chief Credit Officer for the Americas. Prior to this, she was Managing Director in Moody’s Sovereign Risk Group, responsible for the teams covering the Americas, Asia Pacific and Middle East. Before rejoining Moody’s in 2011, she was Chief Economist at Reliance Capital. During Atsi’s previous tenure at Moody’s from 1997 to 2007, she worked in the Credit Policy and Sovereign Risk groups, covering countries in Asia, Africa and Europe.
Atsi has taught International Political Economy and Emerging Markets at Columbia University in New York, and has been associated with non-profit agencies in micro finance and housing. Atsi has a PhD from Northwestern University and a B.A. from Bombay University.
As chairman and CEO of Russell Investments, Michelle Seitz leads a global investment solutions firm with $300 billion in assets under management and $2.5 trillion in assets under advisement for clients in 32 countries around the world. Russell Investments is the world's fifth largest investment adviser.
In 2017, Seitz was recruited to Russell Investments to be Chairman and CEO. Since then, she has reset the vision and strategic direction of the firm, restructured the management team, strengthened the corporate culture, elevated diversity and inclusion programs, and upgraded and personalized client offerings, including enhanced private markets offerings and leading ESG portfolio management capabilities. Seitz continues to improve and fortify Russell Investments while focusing associates and clients around its core purpose.
Before joining Russell Investments, Seitz spent 22 years at William Blair, serving 16 years on the firm's board and as CEO of William Blair Investment Management. By driving continuous innovation, she dramatically expanded William Blair's institutional, mutual fund, and private wealth management businesses.
Seitz is a frequent keynote speaker at leadership conferences and industry events, notably on financial security, leadership, innovation, and diversity and inclusion.
She is a member of Challenge Seattle, a group of senior executives of the state’s major private sector employers, and is on the boards of Sana Biotechnology and the Washington Roundtable, a prominent alliance of CEOs. Seitz is also on the Dean’s Council at the Indiana University Kelley School of Business, where she graduated in 1987 with a B.S. in Accounting. She became a Chartered Financial Analyst in 1990.
Marc is responsible for a global team which assigns credit ratings to insurers, asset managers, and investment and pension funds. He was previously a Credit Policy Officer and developed stress tests for banks globally during the financial crisis. Marc regularly speaks at industry conferences on trends and developments in the financial services sector. Marc is a sponsor of the Moody’s Network of CFA Charterholders, an active contributor to Moody’s employee professional development initiatives, and a coach in the Women’s Mentoring Program. Marc is also a member of the Asset Management Committee responsible for overseeing Moody’s retirement savings plans. Having worked as a sell-side, buy-side and credit rating agency analyst, Marc has developed a unique perspective of the fixed income markets. A top-ranked analyst and manager at Merrill Lynch, Marc headed up several research groups, including Credit Research for Europe, Middle East and Africa, Credit Research for the Americas and Global Emerging Markets Fixed Income and Economics Research. He was also Head of Corporate Bond Strategy at broker/dealer Susquehanna International and a portfolio manager of the KBW Credit Opportunity Fund at a Keefe, Bruyette, & Woods affiliate, now part of Stifel Financial. Marc received his MBA from Columbia Business School and a BA from Trinity College (CT).
| Robard Williams is a Senior Vice President in Moody’s Credit Strategy and Standards Group, where he conducts research on a variety of areas – ranging from technology &innovation to demographics & financial services – that have the potential to influence creditworthiness across sectors and geographies. Robard joined Moody’s in 2012 as a Vice President in the Global Financial Institutions Group Research Team, with responsibility for monitoring and analyzing financial market developments that impact the creditworthiness of Moody’s-rated banks and securities firms. Prior to joining Moody’s, Robard spent 12 years at the Federal Reserve Bank of New York, where he worked in the Bank Supervision Group, managing a team with responsibility for identifying emergent risks to financial system stability. Robard holds a Master’s Degree in Law and Diplomacy from the Fletcher School at Tufts University and bachelor’s degree from Haverford College, Pennsylvania. |
| William (Bill) Foster is a Vice President-Senior Credit Officer in Moody’s Sovereign Risk Group in New York, where he serves as lead analyst on the United States, Canada, India, and World Bank Group credits. Bill joined Moody’s in August 2016, following 10 years at the U.S. Department of the Treasury. He most recently served as Senior Advisor for International Financial Markets based in New York, where he was the Office of International Affairs’ first dedicated liaison to New York’s international financial community. From August 2012 to March 2015, he served as the U.S. Financial Attaché to India at the U.S. Embassy in New Delhi, where he represented the U.S. Government as its primary economic expert and financial diplomat in India. Bill joined Treasury’s Office of International Affairs as an international economist in 2006, and covered a wide range of geographies during his tenure, including Latin America, South and East Asia. Prior to joining Treasury, he worked as a management consultant at Accenture. Bill holds a Master of International Affairs degree in International Financial and Economic Policy from Columbia University’s School of International and Public Affairs (SIPA) and a BA from Wesleyan University. He is a member of The Economic Club of New York and an Industry Advisory Board Member for Columbia Business School’s India Business Initiative. |
Ana Arsov is a Managing Director in the North American banking team responsible for the ratings portfolio and teams covering the global investment banks, non-bank finance companies, and securities firms and market infrastructure entities. Ana also led the development of finance companies, securities firms and clearing houses rating methodologies, and developed the Moody's counterparty risk rating.
Ana joined Moody’s in 2013 with an extensive experience in analyzing financial institutions and managing credit professionals. Prior to joining Moody’s, Ana’s most recent role was at UBS, where she spent the last several years as Executive Director in Credit Risk, responsible for financial institutions including North American banks,broker dealers, exchanges and clearinghouses. Prior to UBS, she was Head of Global Portfolio Management-Credit Risk Management at Morgan Stanley, focusing on comprehensive coverage, identification and analysis of risks across the firm’s trading and lending businesses as well as leading key risk management initiatives for Morgan Stanley Bank N.A.
Ana began her career in Credit Risk Management at Lehman Brothers in various credit risk roles, ultimately heading up the North American Financial Institutions and Structured Finance team, and subsequently worked on Lehman’s bankruptcy resolution.
Ana holds a master’s degree in Management (with a specialization in Financial Services and Banking) from Boston University, and a bachelor’s degree in Business from Pace University, New York.
| Glenn Eckert, CFA is an Associate Managing Director with Moody’s Investors Service, currently heading the Chemicals, Coal, and Packaging ratings team, and the Global Covenant Research team. Glenn has managed teams for Moody’s since 2013 including the Homebuilding, Materials, and Products team, as well as Accounting Specialists. He has served as a Ratings Chairperson across a broad spectrum of industries since 2004. Glenn began his career with Moody’s in 2000 as a Senior Analyst for the media industry. Glenn has led a myriad company-wide initiatives in collaboration with other senior leaders across the globe and business function, most recently including: Culture of Excellence Champions Coordinator for North America, Diversity and Inclusion Ambassador to CFG Americas, Multicultural ERG Senior Adviser to the Recruitment and Retention Subcommittee. Previous organization-wide contributions include: hybrid securities analysis for the New Instruments Committee, CFG BES evaluation and improvement, design, development and delivery of regulatorily required capstone analytical training to all North American ratings staff, initiation of a suite of Private Monitored Ratings products in the Americas, and a global strategic analysis and monitoring of CFG competition and opportunities. Glenn has presented Moody’s views before investor audiences from venues exceeding several hundred to series of round-tables and one-on-one meetings. Glenn has appeared on Bloomberg Television, CNBC, and has been broadly quoted in the financial press including the Wall Street Journal, Bloomberg, Financial Times, and CFO Magazine among others. |
Navneet Agarwal is a Managing Director who heads Moody’s Structured Finance Primary Ratings for the Americas and Other Permissible Services for structured finance globally. Navneet also serves as a member of the Board of Directors for ICRA Limited.
Navneet’s previous roles at Moody’s include leading the company’s US RMBS New Ratings, the surveillance function for Moody’s US Asset Finance Group and a CLO surveillance team. He has also served on the Global Structured Finance Credit Committee and acted as a Group Credit Officer. Navneet has published and spoken extensively on Moody’s behalf and has served in various analytic capacities in the RMBS, ABS and Structured Credit Ratings teams.
Prior to joining Moody’s, Navneet spent seven years as the Head of Debt Syndication with a boutique investment bank in India, where he also managed a proprietary book. And, he has worked with Unit Trust of India as an Investment Manager, as well as with Banc of America Securities.
Navneet received an M.B.A. with Honors from The University of Chicago, Booth School of Business. He also holds an M.M.S. from the University of Mumbai and a B.B.S. from the University of Delhi. Navneet is also a CFA charter holder.
As chairman and CEO of Russell Investments, Michelle Seitz leads a global investment solutions firm with $300 billion in assets under management and $2.5 trillion in assets under advisement for clients in 32 countries around the world. Russell Investments is the world's fifth largest investment adviser.
In 2017, Seitz was recruited to Russell Investments to be Chairman and CEO. Since then, she has reset the vision and strategic direction of the firm, restructured the management team, strengthened the corporate culture, elevated diversity and inclusion programs, and upgraded and personalized client offerings, including enhanced private markets offerings and leading ESG portfolio management capabilities. Seitz continues to improve and fortify Russell Investments while focusing associates and clients around its core purpose.
Before joining Russell Investments, Seitz spent 22 years at William Blair, serving 16 years on the firm's board and as CEO of William Blair Investment Management. By driving continuous innovation, she dramatically expanded William Blair's institutional, mutual fund, and private wealth management businesses.
Seitz is a frequent keynote speaker at leadership conferences and industry events, notably on financial security, leadership, innovation, and diversity and inclusion.
She is a member of Challenge Seattle, a group of senior executives of the state’s major private sector employers, and is on the boards of Sana Biotechnology and the Washington Roundtable, a prominent alliance of CEOs. Seitz is also on the Dean’s Council at the Indiana University Kelley School of Business, where she graduated in 1987 with a B.S. in Accounting. She became a Chartered Financial Analyst in 1990.
Anne Van Praagh is Managing Director and Head of Moody’s Credit Strategy &Research. In this capacity Anne leads a team that defines and develops macroeconomic views and provides strategic insights on emerging risk trends and credit developments. The team produces a quarterly macro forecast report as well as regional and global cross sector and thematic research on key credit themes such as growth and productivity, monetary and fiscal policy, political risks, trade, climate change, technology, and infrastructure.
Prior to her current role, Anne was Managing Director in Moody’s Sovereign Risk Group from August 2014 to July 2016, leading teams in the Americas, Asia Pacific and Middle East regions, with responsibility for ratings on roughly 90 countries and multilateral development banks.
Until August 2014, Anne was Chief Credit Officer for Public Sector Ratings, responsible for the ratings performance and consistency of Moody’s credit standards and methodologies across the global sovereign, sub-sovereign and US public finance franchises.
Anne re-joined Moody’s in June 2009 following three years at Morgan Stanley. There she worked as an investment banker on 30 senior managed financings in transportation and infrastructure. During the preceding eight years, Anne worked on a variety of Moody’s rating teams within the US Public Finance Group, including in the US states and infrastructure ratings team.
Anne has also worked for the US Federal Government, both at the Office of Management and Budget and at the Department of Defense. She has a Master’s degree from Columbia University’s School of International and Public Affairs and a Bachelor’s degree from George Washington University’s Elliott School of International Affairs.
Atsi Sheth is a Managing Director in Moody’s Credit Strategy and Research team. She serves as the Chief Credit Officer for the Americas. Prior to this, she was Managing Director in Moody’s Sovereign Risk Group, responsible for the teams covering the Americas, Asia Pacific and Middle East. Before rejoining Moody’s in 2011, she was Chief Economist at Reliance Capital. During Atsi’s previous tenure at Moody’s from 1997 to 2007, she worked in the Credit Policy and Sovereign Risk groups, covering countries in Asia, Africa and Europe.
Atsi has taught International Political Economy and Emerging Markets at Columbia University in New York, and has been associated with non-profit agencies in micro-finance and housing. Atsi has a PhD from Northwestern University and a B.A. from Bombay University.
| Robard Williams is a Senior Vice President in Moody’s Credit Strategy and Standards Group, where he conducts research on a variety of areas – ranging from technology &innovation to demographics & financial services – that have the potential to influence creditworthiness across sectors and geographies. Robard joined Moody’s in 2012 as a Vice President in the Global Financial Institutions Group Research Team, with responsibility for monitoring and analyzing financial market developments that impact the creditworthiness of Moody’s-rated banks and securities firms. Prior to joining Moody’s, Robard spent 12 years at the Federal Reserve Bank of New York, where he worked in the Bank Supervision Group, managing a team with responsibility for identifying emergent risks to financial system stability. Robard holds a Master’s Degree in Law and Diplomacy from the Fletcher School at Tufts University and bachelor’s degree from Haverford College, Pennsylvania. |
Ana Arsov is a Managing Director in the North American banking team responsible for the ratings portfolio and teams covering the global investment banks, non-bank finance companies, and securities firms and market infrastructure entities. Ana also led the development of finance companies, securities firms and clearing houses rating methodologies, and developed the Moody's counterparty risk rating. Ana joined Moody’s in 2013 with an extensive experience in analyzing financial institutions and managing credit professionals. Prior to joining Moody’s, Ana’s most recent role was at UBS, where she spent the last several years as Executive Director in Credit Risk, responsible for financial institutions including North American banks, broker dealers, exchanges and clearinghouses. Prior to UBS, she was Head of Global Portfolio Management-Credit Risk Management at Morgan Stanley, focusing on comprehensive coverage, identification and analysis of risks across the firm’s trading and lending businesses as well as leading key risk management initiatives for Morgan Stanley Bank N.A. Ana began her career in Credit Risk Management at Lehman Brothers in various credit risk roles, ultimately heading up the North American Financial Institutions and Structured Finance team, and subsequently worked on Lehman’s bankruptcy resolution. Ana holds a master’s degree in Management (with a specialization in Financial Services and Banking) from Boston University, and a bachelor’s degree in Business from Pace University, New York.
| Glenn Eckert, CFA is an Associate Managing Director with Moody’s Investors Service, currently heading the Chemicals, Coal, and Packaging ratings team, and the Global Covenant Research team. Glenn has managed teams for Moody’s since 2013 including the Homebuilding, Materials, and Products team, as well as Accounting Specialists. He has served as a Ratings Chairperson across a broad spectrum of industries since 2004. Glenn began his career with Moody’s in 2000 as a Senior Analyst for the media industry. Glenn has led a myriad company-wide initiatives in collaboration with other senior leaders across the globe and business function, most recently including: Culture of Excellence Champions Coordinator for North America, Diversity and Inclusion Ambassador to CFG Americas, Multicultural ERG Senior Adviser to the Recruitment and Retention Subcommittee. Previous organization-wide contributions include: hybrid securities analysis for the New Instruments Committee, CFG BES evaluation and improvement, design, development and delivery of regulatorily required capstone analytical training to all North American ratings staff, initiation of a suite of Private Monitored Ratings products in the Americas, and a global strategic analysis and monitoring of CFG competition and opportunities. Glenn has presented Moody’s views before investor audiences from venues exceeding several hundred to series of round-tables and one-on-one meetings. Glenn has appeared on Bloomberg Television, CNBC, and has been broadly quoted in the financial press including the Wall Street Journal, Bloomberg, Financial Times, and CFO Magazine among others. |
| William (Bill) Foster is a Vice President-Senior Credit Officer in Moody’s Sovereign Risk Group in New York, where he serves as lead analyst on the United States, Canada, India, and World Bank Group credits. Bill joined Moody’s in August 2016, following 10 years at the U.S. Department of the Treasury. He most recently served as Senior Advisor for International Financial Markets based in New York, where he was the Office of International Affairs’ first dedicated liaison to New York’s international financial community. From August 2012 to March 2015, he served as the U.S. Financial Attaché to India at the U.S. Embassy in New Delhi, where he represented the U.S. Government as its primary economic expert and financial diplomat in India. Bill joined Treasury’s Office of International Affairs as an international economist in 2006, and covered a wide range of geographies during his tenure, including Latin America, South and East Asia. Prior to joining Treasury, he worked as a management consultant at Accenture. Bill holds a Master of International Affairs degree in International Financial and Economic Policy from Columbia University’s School of International and Public Affairs (SIPA) and a BA from Wesleyan University. He is a member of The Economic Club of New York and an Industry Advisory Board Member for Columbia Business School’s India Business Initiative. |
Marc is responsible for a global team which assigns credit ratings to insurers, asset managers, and investment and pension funds. He was previously a Credit Policy Officer and developed stress tests for banks globally during the financial crisis. Marc regularly speaks at industry conferences on trends and developments in the financial services sector. Marc is a sponsor of the Moody’s Network of CFA Charterholders, an active contributor to Moody’s employee professional development initiatives, and a coach in the Women’s Mentoring Program. Marc is also a member of the Asset Management Committee responsible for overseeing Moody’s retirement savings plans. Having worked as a sell-side, buy-side and credit rating agency analyst, Marc has developed a unique perspective of the fixed income markets. A top-ranked analyst and manager at Merrill Lynch, Marc headed up several research groups, including Credit Research for Europe, Middle East and Africa, Credit Research for the Americas and Global Emerging Markets Fixed Income and Economics Research. He was also Head of Corporate Bond Strategy at broker/dealer Susquehanna International and a portfolio manager of the KBW Credit Opportunity Fund at a Keefe, Bruyette, & Woods affiliate, now part of Stifel Financial. Marc received his MBA from Columbia Business School and a BA from Trinity College (CT).
Navneet Agarwal is a Managing Director who heads Moody’s Structured Finance Primary Ratings for the Americas and Other Permissible Services for structured finance globally. Navneet also serves as a member of the Board of Directors for ICRA Limited.
Navneet’s previous roles at Moody’s include leading the company’s US RMBS New Ratings, the surveillance function for Moody’s US Asset Finance Group and a CLO surveillance team. He has also served on the Global Structured Finance Credit Committee and acted as a Group Credit Officer. Navneet has published and spoken extensively on Moody’s behalf and has served in various analytic capacities in the RMBS, ABS and Structured Credit Ratings teams.
Prior to joining Moody’s, Navneet spent seven years as the Head of Debt Syndication with a boutique investment bank in India, where he also managed a proprietary book. And, he has worked with Unit Trust of India as an Investment Manager, as well as with Banc of America Securities.
Navneet received an M.B.A. with Honors from The University of Chicago, Booth School of Business. He also holds an M.M.S. from the University of Mumbai and a B.B.S. from the University of Delhi. Navneet is also a CFA charter holder.