Central Asia and Caucasus
Pandemic Resilience and Institutional Reforms Supporting Credit Quality Into 2022
Join Moody’s analysts at this webinar as they discuss sovereign, banking and corporate developments in the region. Discover how the pandemic has affected economic and credit growth, and the impact that domestic demand and swift commodity price recovery are having on fiscal standing of the sovereigns and credit profiles of banking and corporate issuers. The webinar’s main focus will be on the region’s largest countries – Uzbekistan and Kazakhstan, but other countries (Azerbaijan, Armenia, Kyrgyzstan and Tajikistan) will also be covered.
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Agenda14.05 - 14.25MSK
Outlook for growth, reform progress and demographic prospects
- Domestic demand, commodity price recovery support economic and credit growth
- Fiscal buffers and increased policy effectiveness drive credit resilience
- Favourable demographics improve economic potential
- Banking sector reforms and bank privatisation improve financial stability
14.25 - 14.45MSKRatings of largest corporates driven by sovereign credit quality and support
- Moody’s presence in the region and the role of state support in corporate ratings
- Kazakh corporates and commodities/infrastructure sectors are leading in domestic and Eurobond public debt markets
- Covid impact on rated universe; sources of resilience
- Positive outlook for integrated oil and gas on recovering demand and oil prices
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Yaroslav Sovgyra is an Associate Managing Director in the Financial Institutions team, responsible for coverage of financial institutions in the CIS region. Yaroslav also coordinates a number of Emerging Market and ESG initiatives in the FIG franchise. Previously, Yaroslav has been the lead analyst on largest Russian and Ukrainian banks (since August 2007), the lead analyst on a number of banks in Poland, Hungary and Czech Republic (since 2005) and Senior Accounting Analyst (since2003).Before joining Moody’s, Yaroslav worked in PricewaterhouseCoopers (UK)Accounting Consulting Services since 2001, where he was a member of the team which advised on complex accounting matters to internal and external clients. Yaroslav also worked in PWC (Ukraine) as Audit Manager on banking audits since1996.Yaroslav holds Master’s degree from the National University of Economics in Kyiv. He is also US Certified Public Accountant (CPA), Chartered Financial Analyst (CFA),and a holder of CFA Certificate in ESG Investing
Olga Ulyanova is a Vice President-Senior Credit Officer at Moody’s Financial Institution Group. She is based in Moscow and is responsible for ratings of financial institutions in Russia and CIS. She acts as Moody’s lead analyst for Russian banking system, her portfolio comprises Russia’s largest and systemically important banks. She is also a backup analyst for a number of banks in CEE region and in Mongolia. Olga joined Moody’s in 2007, after 8 years spent with KPMG working latterly there as manager in the Risk Advisory Services department where she had been involved in a large number of financial risk management and strategic consulting projects for large local and global financial institutions operating in Russia, as well as for treasury departments of non-financial companies. Prior to KPMG, she had worked for 5 years in various positions for a large Russian bank. Olga holds Master degree from the Moscow State Academy of Management and is a UK-Certified Chartered Accountant (ACCA).
Nishad Majmudar is an Assistant Vice President and Analyst within Moody’s Sovereign Risk Group. Based in Singapore, Nishad covers a portfolio of sovereign credits across Asia-Pacific and writes thematic research on environmental, social and governance (ESG) issues in the region.
Before joining Moody’s in 2020, Nishad was a risk officer in Wells Fargo Bank in Singapore, responsible for setting internal credit ratings for countries in APAC. Prior to that, Nishad was an economist for the U.S. Department of the Treasury, where he specialized in South Asian economies.
Nishad graduated from Syracuse University with degrees in journalism and economics, and holds a Master’s in International Affairs from Columbia University and a Master’s in International Political Economy from the London School of Economics.
Artem Frolov is a Vice President – Senior Analyst in the Dubai office, covering a portfolio of mining companies in South Africa and the Commonwealth of Independent States (CIS) and real estate companies in Saudi Arabia.
Artem joined Moody’s in 2011 in Moscow where he at different times covered several portfolios of Russian and CIS corporates in different sectors, primarily steel and mining, and oil and gas.
Prior to joining Moody’s, he had worked for Fitch Ratings and several large banks in Moscow. Artem holds a PhD in Economics from the Finance Academy in Moscow.
Victoria Maisuradze is an Associate Managing Director for the Moscowbased CFG team. Victoria leads a team of analysts covering a portfolio of Russian and CIS issuers. Prior to her current position Victoria was Vice President-Senior Credit Officer and Lead Analyst for the Russian and CIS Oil & Gas portfolio. Victoria joined Moody’s in February 2007 after working for the European Bank for Reconstruction and Development (EBRD) for over 10 years, in London and in Moscow. At the EBRD, in the capacity of a Principal banker she was responsible for leading, structuring and execution of debt and equity transactions across a variety of general industry sectors in Russia. Prior to joining the EBRD, Victoria spent two years at the Banking division of Deloitte&Touche audit firm in Moscow. Victoria holds two Master degrees in Finance from the State Academy of Finance in Moscow and the London Business School.
Yaroslav Sovgyra is an Associate Managing Director in the Financial Institutions team, responsible for coverage of financial institutions in the CIS region. Yaroslav also coordinates a number of Emerging Market and ESG initiatives in the FIG franchise. Previously, Yaroslav has been the lead analyst on largest Russian and Ukrainian banks (since August 2007), the lead analyst on a number of banks in Poland, Hungary and Czech Republic (since 2005) and Senior Accounting Analyst (since2003).Before joining Moody’s, Yaroslav worked in PricewaterhouseCoopers (UK)Accounting Consulting Services since 2001, where he was a member of the team which advised on complex accounting matters to internal and external clients. Yaroslav also worked in PWC (Ukraine) as Audit Manager on banking audits since1996.Yaroslav holds Master’s degree from the National University of Economics in Kyiv. He is also US Certified Public Accountant (CPA), Chartered Financial Analyst (CFA),and a holder of CFA Certificate in ESG Investing
Victoria Maisuradze is an Associate Managing Director for the Moscowbased CFG team. Victoria leads a team of analysts covering a portfolio of Russian and CIS issuers. Prior to her current position Victoria was Vice President-Senior Credit Officer and Lead Analyst for the Russian and CIS Oil & Gas portfolio. Victoria joined Moody’s in February 2007 after working for the European Bank for Reconstruction and Development (EBRD) for over 10 years, in London and in Moscow. At the EBRD, in the capacity of a Principal banker she was responsible for leading, structuring and execution of debt and equity transactions across a variety of general industry sectors in Russia. Prior to joining the EBRD, Victoria spent two years at the Banking division of Deloitte&Touche audit firm in Moscow. Victoria holds two Master degrees in Finance from the State Academy of Finance in Moscow and the London Business School.
Artem Frolov is a Vice President – Senior Analyst in the Dubai office, covering a portfolio of mining companies in South Africa and the Commonwealth of Independent States (CIS) and real estate companies in Saudi Arabia.
Artem joined Moody’s in 2011 in Moscow where he at different times covered several portfolios of Russian and CIS corporates in different sectors, primarily steel and mining, and oil and gas.
Prior to joining Moody’s, he had worked for Fitch Ratings and several large banks in Moscow. Artem holds a PhD in Economics from the Finance Academy in Moscow.
Olga Ulyanova is a Vice President-Senior Credit Officer at Moody’s Financial Institution Group. She is based in Moscow and is responsible for ratings of financial institutions in Russia and CIS. She acts as Moody’s lead analyst for Russian banking system, her portfolio comprises Russia’s largest and systemically important banks. She is also a backup analyst for a number of banks in CEE region and in Mongolia. Olga joined Moody’s in 2007, after 8 years spent with KPMG working latterly there as manager in the Risk Advisory Services department where she had been involved in a large number of financial risk management and strategic consulting projects for large local and global financial institutions operating in Russia, as well as for treasury departments of non-financial companies. Prior to KPMG, she had worked for 5 years in various positions for a large Russian bank. Olga holds Master degree from the Moscow State Academy of Management and is a UK-Certified Chartered Accountant (ACCA).
Semyon Isakov is a Vice President – Senior Analyst at Moody’s Investors Service Ltd, Russian branch, based in Moscow. He is responsible for ratings of banks and financial institutions in Russia and CIS. Semyon joined Moody’s in 2007 after working for Renaissance Capital for more than 2 years, specializing in the credit analysis of Russian and International financial institutions. Prior to joining Renaissance Capital, he worked as a credit analyst for a number of Russian banks. Semyon holds Master degree from the Finance Academy under the Government of the Russian Federation in Moscow.
Yaroslav Sovgyra is an Associate Managing Director in the Financial Institutions team, responsible for coverage of financial institutions in the CIS region. Yaroslav also coordinates a number of Emerging Market and ESG initiatives in the FIG franchise. Previously, Yaroslav has been the lead analyst on largest Russian and Ukrainian banks (since August 2007), the lead analyst on a number of banks in Poland, Hungary and Czech Republic (since 2005) and Senior Accounting Analyst (since2003).Before joining Moody’s, Yaroslav worked in PricewaterhouseCoopers (UK)Accounting Consulting Services since 2001, where he was a member of the team which advised on complex accounting matters to internal and external clients. Yaroslav also worked in PWC (Ukraine) as Audit Manager on banking audits since1996.Yaroslav holds Master’s degree from the National University of Economics in Kyiv. He is also US Certified Public Accountant (CPA), Chartered Financial Analyst (CFA),and a holder of CFA Certificate in ESG Investing