Emerging Markets LatAm Summit 2022
A blurred credit picture: Crawling growth, tighter funding, social pressures
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Join the inaugural Emerging Markets LatAm Summit 2022!
2023 looks set to be a pivotal year for Latin America as ongoing developments set the stage for a demanding economic and financial environment.
Governments, corporates and financial institutions will face difficult choices operating in an environment that will be characterized by low growth and persistent financial volatility. The need to address social demands will pose major challenges increasing political risk and pressuring credit profiles for issuers in the region.
Hear from Moody's top minds on how the region is tackling with the effects of these challenges, and more at the inaugural Emerging Markets Latam Summit.
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Agenda09.35 - 09.50EDT09.50 - 10.30EDT
Stubbornly high inflation and monetary responses: What are the regional implications to sovereign and financial markets?
- Risks of social discontent as inflation pressures real wages and weighs on consumption in Latin America
- Higher funding costs on public finances
- Implications to banks’ financial fundamentals: how manageable are rising asset risks as economic activity remains weak in the region in 2023 ?
- Refinancing risks and liquidity conditions in financial markets in Latin America
10.30 - 11.00EDTHow can ESG heighten reputational risk and affect funding conditions for commodity producers in Latin America?
- Carbon transition accelerating the need for oil & gas companies to adapt and change business models
- Deforestation increasing scrutiny towards protein and agriculture producers
- Sugar & ethanol producers benefit from carbon-credit revenues, but must comply with deforestation-free certification
- Some mining companies well-positioned to benefit from carbon transition trends, as they produce metals which will see incremental demand growth to support this transition
11.00 - 11.30EDT -
SpeakersMauro Leos Associate Managing Director, Sovereign Risk Moody's Ratings
Felipe Carvallo Vice President - Senior Credit Officer, Financial Institutions Group Moody’s Ratings
Marianna Waltz Managing Director - Head of LatAm Ratings and Research Moody's Ratings
Atsi Sheth Managing Director, Chief Credit Officer and Global Head of Credit Strategy & Standards Moody's Ratings
Nymia Almeida Senior Vice President, Corporate Finance Moody's Investors Service
Barbara Mattos Senior Vice President, Corporate Finance Moody's Ratings
Daniela Cuan Vice President-Senior Analyst, Public Projects and Infrastructure Finance Moody's Ratings
Renzo Merino Vice President - Senior Analyst, Sovereign Risk Moody’s Ratings
Marcos Schmidt Associate Managing Director, Corporate Finance Moody's Investors Service
Adrián Garza Vice President, Senior Credit Officer Moody's Ratings
Alexandre Albuquerque Vice President - Senior Analyst, Financial Institutions Group Moody's Ratings
Erick Rodrigues VP-Senior Analyst Moody's Investors Service
Cristiane Spercel Head of Projects & Infrastructure, Latin America Moody's Ratings
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Marianna Waltz is a Managing Director at Moody’s Investors Service and has joined the company in 2011. She currently runs Moody’s ratings teams in Latin America, including the Corporate Finance, Infrastructure, Banking and Sub-Sovereign groups across more than 15 countries. She is responsible for the development of MIS ratings and research opinions for the region’s fundamental ratings groups, and the delivery of services to issuers and market participants. Prior to assuming this role in January 2021, Marianna was the Managing Director responsible for Moody’s Corporate Finance team in Latin America. Marianna is also a member of the Board of Directors of Moody’s Local, an affiliate of Moody’s in Peru, Panamá, Bolivia, Argentina, Uruguay, and Brazil. Prior to joining Moody’s, Marianna developed a career as an equity sell side analyst covering mostly the Brazilian Consumer and Protein sectors. From 2008 to 2011, she was the head of sell-side equity research in the investment arm of Banco do Brasil in Sao Paulo. Marianna is a CFA charter holder and holds three master’s degrees, including an MBA in Finance from IBMEC Business School and an MBA in Marketing from Fundação Getúlio Vargas - FGV.
Atsi Sheth is Managing Director and Global Head, Credit Strategy and Research.
Moody’s Credit Strategy & Research group includes global teams focused on Macroeconomic Research, Default & Ratings Analytics and Global Emerging Markets as well as regional credit strategy teams each focused on Asia-Pacific, the Americas, and EMEA.
Together these teams establish and articulate Moody’s house views on the trends that drive risk across countries, sectors and asset classes. They undertake in depth data driven analysis and leverage the expertise of ratings and research analysts across Moody’s to generate global, regional and sector insights on macro-economic, political, policy, technology and environmental, social and governance (ESG) risks.
In her capacity leading the group, Atsi also serves as a spokesperson on Moody’s analytic views, engaging with investors, the media and a wide range of public and private sector stakeholders.
Atsi is a long-time champion of Moody’s Diversity, Equity & Inclusion (DE&I) as well as our Corporate Social Responsibility (CSR) initiatives. She serves as co-chair of the CSR Thought Leadership & Solutions working group and the Senior Advisor to Moody’s Asian Leadership Initiative - a Multicultural Business Resource Group.
Prior to her current role, Atsi was Moody’s Chief Credit Officer for the Americas and before that Managing Director in Moody’s Sovereign Risk Group. She has also served as Chief Economist at Reliance Capital and taught courses on International Political Economy and Emerging Markets at Columbia University and Northwestern University. Atsi has a PhD from Northwestern University and a B.A. from Bombay University.
Felipe is a Vice President-Senior Credit Officer in the Financial Institutions Group for Moody's. Based in Mexico City, he leads the credit analysis of various financial institutions, including banks, securities firms and finance companies in Mexico, Chile and Peru. Prior to this position, he had similar responsibilities for financial institutions throughout Latin America. Felipe joined Moody's in 2000. He holds an MBA from New York University and received a B.S. in Business Administration from the University of Boston. He speaks fluent Spanish, English and Portuguese
Renzo Merino es vicepresidente y analista sénior del grupo de riesgo soberano de Moody's Ratings. Se incorporó a Moody's en 2011 y ha sido analista líder de calificaciones soberanas y supranacionales en América Latina desde 2014. Su cartera incluye México, Colombia, Panamá y Uruguay. También es el analista principal del Banco Interamericano de Desarrollo. Renzo ha publicado investigaciones sobre temas relevantes para el crédito soberano que afectan a la región de América Latina. Se graduó de la Universidad de Nueva York con una Maestría en Economía y también tiene un BA en Economía de la Universidad de Pennsylvania.
Mauro has been with Moody’s Sovereign Risk Group since 1996. He is currently Associate Managing Director for the Americas responsible for sovereign ratings in Latin America, the Caribbean, US and Canada. Mauro is also responsible for ratings of multilateral banks in the region. Prior to joining Moody’s, he was Managing Director for Latin America at Wharton Econometrics (WEFA) in Philadelphia. Mauro completed graduate studies at the University of Wisconsin in the areas of International Finance and Econometrics. He did his undergraduate studies -- major in Economics -- at the Instituto Tecnológico y de Estudios Superiores de Monterrey (I.T.E.S.M.) in Mexico.
Alexandre Albuquerque is a Vice President – Senior Analyst on the Latin American Banking Team, covering a portfolio of financial institutions in Brazil and Uruguay. He is also a backup analyst for Peruvian banks. Alexandre joined Moody’s in 2004 as an Associate Analyst. Prior to joining Moody’s, Alexandre spent four years in the Corporate Finance division of a Brazilian investment bank and, for over two years, was involved in strategy and management consulting with a Brazilian firm. Alexandre holds an MBA from the University of Rochester Simon Graduate School and a Bachelor of Science degree in Economics from Universidade Federal do Rio de Janeiro, Brazil.
Nymia Almeida is a Senior Vice President at Moody’s Corporate Finance Group in Mexico City, leading the credit analysis and rating process for debt issuers in the Oil & Gas industry in Latin America. Prior to this position she had similar responsibilities for the Latam Media & Telecom as well as Metals & Mining sectors. Nymia joined Moody’s in 2005. Up until then, she spent most part of her professional career in financial institutions such as The Chase Manhattan Bank, BankBoston and Bank of America, in Rio de Janeiro, Sao Paulo, Mexico City and New York, in various functions including account manager for corporate clients as well as credit and mergers & acquisitions analyst. Nymia has a MBA from IPADE and received a B.S. degree in Economics from Gama Filho University, in Rio de Janeiro, Brazil. She is fluent in Portuguese, Spanish and English.
Barbara Mattos is a Senior Vice President in Moody’s Corporate Finance Group in São Paulo, Brazil, leading the credit analysis and rating process for a diversified portfolio of Basic Industries companies, including mining, steel, pulp & paper and a few industrials in South America.
Prior to joining Moody’s in 2011, Barbara worked at FRAM Capital as an equity research analyst and at ABN Amro Bank in the strategic planning/investor relations team. She also worked for Wintershall AG and Cambridge Energy Research Associates in Cambridge, MA.
Barbara received both her bachelor’s degree in business administration and a master’s degree in accounting from Fundação Getulio Vargas in Brazill. She holds an MBA from the Yale Graduate School of Management in New Haven, CT. Barbara is a CFA Charterholder
Marcos Schmidt is a Vice President – Senior Credit Officer in Moody’s Corporate Finance Group in São Paulo, Brazil, leading the credit analysis and rating process for a diversified portfolio of media & telecommunication, airlines, and building materials companies in South America. Prior to joining Moody’s in 2014, Marcos worked at Morgan Stanley, Citibank and Deutsche Bank. Marcos received his bachelor’s degree in industrial engineering from Escola de Engenharia Maua in Brazil. He also holds an MBA from FIA - Fundacao Instituto de Administracao.
Daniela Cuan is a VP/Senior Analyst in the Global Infrastructure Finance Group.
Based in Buenos Aires, Argentina, Daniela is lead analyst for debt issuers in the utility sector in Argentina and other countries in the region. Daniela works in the Americas team, providing her local and regional perspective to the analysis of Argentinean and regional issuers.
Daniela has more than 20 years in the financial services industry. Prior to joining Moody’s in 2000, Daniela worked for a local rating agency in Argentina, covering a variety of local industries. She began her career in corporate and commercial banking. She had worked for BCI between 1991 and 1994, taking responsibility for a portfolio of more than 20 Argentinean corporations. She continued her banking career at BBVA during 1994.
Daniela holds a Bachelor’s degree in Economics from Universidad de Buenos Aires/UBA and a Master’s Degree in Finance and Capital Markets also from the Universidad de Buenos Aires.
Adrian holds lead analytical responsibility for a portfolio of infrastructure companies and projects in Latin America and the Caribbean. The portfolio covers toll-roads, energy utilities, natural gas pipelines, airports, PPPs, and other infrastructure assets.In his role, Adrian develops and conducts research on sector trends and industry-related topics. He is a regular participant at high-profile market briefings, external conferences and media engagements. Adrian is also a spokesperson for Moody’s in Latin America for environmental, social and governance (ESG) topics. Adrian’s experience in financial analysis spans for 15 years. Before joining Moody’s in2010, he gained experience in investment banking where he executed transactions in the housing and publishing industries. Prior to that, he worked at a credit rating agency in the structured finance, project finance and sub-sovereign teams.Adrian holds a MSc in Economics and Philosophy from London School of Economicsand Political Science (LSE), and a BA in Economics from Instituto Tecnológico y deEstudios Superiores de Monterrey (ITESM). Adrian is also a CFA charter holder.
Cristiane is a Senior Vice President/Manager, based in Sao Paulo with management responsibility for the rating agency coverage of project finance, infrastructure and sub sovereign credits across Latin America. In her role, she oversees a team of analysts covering those sectors, developing research on sector trends and conducting outreach activities with key market participants. Cristiane has over fifteen years of experience in the financial services industry. Since she joined the firm in January 2007, Cristiane covered several infrastructure credits in the transportation, sanitation and electricity sectors and project finance transactions. Cristiane has also worked as a senior analyst with Moody's corporate finance team covering high yield and financially distressed issuers in the real estate, construction and transportation sectors until 2016.Before joining Moody's, Cristiane developed credit analysis at West lB and fixed income portfolio management activities at Bank Boston. Cristiane holds a Master's degree in Finance from the Zicklin School of Business at Baruch College, a Bachelor's degree in Business Administration and a MBA in Real Estate from the University of Sao Paulo.
Marianna Waltz is a Managing Director at Moody’s Investors Service and has joined the company in 2011. She currently runs Moody’s ratings teams in Latin America, including the Corporate Finance, Infrastructure, Banking and Sub-Sovereign groups across more than 15 countries. She is responsible for the development of MIS ratings and research opinions for the region’s fundamental ratings groups, and the delivery of services to issuers and market participants. Prior to assuming this role in January 2021, Marianna was the Managing Director responsible for Moody’s Corporate Finance team in Latin America. Marianna is also a member of the Board of Directors of Moody’s Local, an affiliate of Moody’s in Peru, Panamá, Bolivia, Argentina, Uruguay, and Brazil. Prior to joining Moody’s, Marianna developed a career as an equity sell side analyst covering mostly the Brazilian Consumer and Protein sectors. From 2008 to 2011, she was the head of sell-side equity research in the investment arm of Banco do Brasil in Sao Paulo. Marianna is a CFA charter holder and holds three master’s degrees, including an MBA in Finance from IBMEC Business School and an MBA in Marketing from Fundação Getúlio Vargas - FGV.
Mauro has been with Moody’s Sovereign Risk Group since 1996. He is currentlyAssociate Managing Director for the Americas responsible for sovereign ratings inLatin America, the Caribbean, US and Canada. Mauro is also responsible for ratings of multilateral banks in the region.
Prior to joining Moody’s, he was Managing Director for Latin America at WhartonEconometrics (WEFA) in Philadelphia. Mauro completed graduate studies at theUniversity of Wisconsin in the areas of International Finance and Econometrics.
He did his undergraduate studies -- major in Economics -- at the Instituto Tecnológico y de Estudios Superiores de Monterrey (I.T.E.S.M.) in Mexico.
Felipe is a Vice President-Senior Credit Officer in the Financial Institutions Group for Moody's. Based in Mexico City, he leads the credit analysis of various financial institutions, including banks, securities firms and finance companies in Mexico, Chile and Peru. Prior to this position, he had similar responsibilities for financial institutions throughout Latin America. Felipe joined Moody's in 2000. He holds an MBA from New York University and received a B.S. in Business Administration from the University of Boston. He speaks fluent Spanish, English and Portuguese
Marianna Waltz is a Managing Director at Moody’s Investors Service and has joined the company in 2011. She currently runs Moody’s ratings teams in Latin America, including the Corporate Finance, Infrastructure, Banking and Sub-Sovereign groups across more than 15 countries. She is responsible for the development of MIS ratings and research opinions for the region’s fundamental ratings groups, and the delivery of services to issuers and market participants. Prior to assuming this role in January 2021, Marianna was the Managing Director responsible for Moody’s Corporate Finance team in Latin America. Marianna is also a member of the Board of Directors of Moody’s Local, an affiliate of Moody’s in Peru, Panamá, Bolivia, Argentina, Uruguay, and Brazil. Prior to joining Moody’s, Marianna developed a career as an equity sell side analyst covering mostly the Brazilian Consumer and Protein sectors. From 2008 to 2011, she was the head of sell-side equity research in the investment arm of Banco do Brasil in Sao Paulo. Marianna is a CFA charter holder and holds three master’s degrees, including an MBA in Finance from IBMEC Business School and an MBA in Marketing from Fundação Getúlio Vargas - FGV.
Atsi Sheth is Managing Director and Global Head, Credit Strategy and Research.
Moody’s Credit Strategy & Research group includes global teams focused on Macroeconomic Research, Default & Ratings Analytics and Global Emerging Markets as well as regional credit strategy teams each focused on Asia-Pacific, the Americas, and EMEA.
Together these teams establish and articulate Moody’s house views on the trends that drive risk across countries, sectors and asset classes. They undertake in depth data driven analysis and leverage the expertise of ratings and research analysts across Moody’s to generate global, regional and sector insights on macro-economic, political, policy, technology and environmental, social and governance (ESG) risks.
In her capacity leading the group, Atsi also serves as a spokesperson on Moody’s analytic views, engaging with investors, the media and a wide range of public and private sector stakeholders.
Atsi is a long-time champion of Moody’s Diversity, Equity & Inclusion (DE&I) as well as our Corporate Social Responsibility (CSR) initiatives. She serves as co-chair of the CSR Thought Leadership & Solutions working group and the Senior Advisor to Moody’s Asian Leadership Initiative - a Multicultural Business Resource Group.
Prior to her current role, Atsi was Moody’s Chief Credit Officer for the Americas and before that Managing Director in Moody’s Sovereign Risk Group. She has also served as Chief Economist at Reliance Capital and taught courses on International Political Economy and Emerging Markets at Columbia University and Northwestern University. Atsi has a PhD from Northwestern University and a B.A. from Bombay University.
Nymia Almeida is a Senior Vice President at Moody’s Corporate Finance Group in Mexico City, leading the credit analysis and rating process for debt issuers in the Oil & Gas industry in Latin America. Prior to this position she had similar responsibilities for the Latam Media & Telecom as well as Metals & Mining sectors. Nymia joined Moody’s in 2005. Up until then, she spent most part of her professional career in financial institutions such as The Chase Manhattan Bank, BankBoston and Bank of America, in Rio de Janeiro, Sao Paulo, Mexico City and New York, in various functions including account manager for corporate clients as well as credit and mergers & acquisitions analyst. Nymia has a MBA from IPADE and received a B.S. degree in Economics from Gama Filho University, in Rio de Janeiro, Brazil. She is fluent in Portuguese, Spanish and English.
Barbara Mattos is a Senior Vice President in Moody’s Corporate Finance Group in São Paulo, Brazil, leading the credit analysis and rating process for a diversified portfolio of Basic Industries companies, including mining, steel, pulp & paper and a few industrials in South America.
Prior to joining Moody’s in 2011, Barbara worked at FRAM Capital as an equity research analyst and at ABN Amro Bank in the strategic planning/investor relations team. She also worked for Wintershall AG and Cambridge Energy Research Associates in Cambridge, MA.
Barbara received both her bachelor’s degree in business administration and a master’s degree in accounting from Fundação Getulio Vargas in Brazill. She holds an MBA from the Yale Graduate School of Management in New Haven, CT. Barbara is a CFA Charterholder
Daniela Cuan is a VP/Senior Analyst in the Global Infrastructure Finance Group.
Based in Buenos Aires, Argentina, Daniela is lead analyst for debt issuers in the utility sector in Argentina and other countries in the region. Daniela works in the Americas team, providing her local and regional perspective to the analysis of Argentinean and regional issuers.
Daniela has more than 20 years in the financial services industry. Prior to joining Moody’s in 2000, Daniela worked for a local rating agency in Argentina, covering a variety of local industries. She began her career in corporate and commercial banking. She had worked for BCI between 1991 and 1994, taking responsibility for a portfolio of more than 20 Argentinean corporations. She continued her banking career at BBVA during 1994.
Daniela holds a Bachelor’s degree in Economics from Universidad de Buenos Aires/UBA and a Master’s Degree in Finance and Capital Markets also from the Universidad de Buenos Aires.
Renzo Merino es vicepresidente y analista sénior del grupo de riesgo soberano de Moody's Ratings. Se incorporó a Moody's en 2011 y ha sido analista líder de calificaciones soberanas y supranacionales en América Latina desde 2014. Su cartera incluye México, Colombia, Panamá y Uruguay. También es el analista principal del Banco Interamericano de Desarrollo. Renzo ha publicado investigaciones sobre temas relevantes para el crédito soberano que afectan a la región de América Latina. Se graduó de la Universidad de Nueva York con una Maestría en Economía y también tiene un BA en Economía de la Universidad de Pennsylvania.
Marcos Schmidt is a Vice President – Senior Credit Officer in Moody’s Corporate Finance Group in São Paulo, Brazil, leading the credit analysis and rating process for a diversified portfolio of media & telecommunication, airlines, and building materials companies in South America. Prior to joining Moody’s in 2014, Marcos worked at Morgan Stanley, Citibank and Deutsche Bank. Marcos received his bachelor’s degree in industrial engineering from Escola de Engenharia Maua in Brazil. He also holds an MBA from FIA - Fundacao Instituto de Administracao.
Adrian holds lead analytical responsibility for a portfolio of infrastructure companies and projects in Latin America and the Caribbean. The portfolio covers toll-roads, energy utilities, natural gas pipelines, airports, PPPs, and other infrastructure assets.In his role, Adrian develops and conducts research on sector trends and industry-related topics. He is a regular participant at high-profile market briefings, external conferences and media engagements. Adrian is also a spokesperson for Moody’s in Latin America for environmental, social and governance (ESG) topics. Adrian’s experience in financial analysis spans for 15 years. Before joining Moody’s in2010, he gained experience in investment banking where he executed transactions in the housing and publishing industries. Prior to that, he worked at a credit rating agency in the structured finance, project finance and sub-sovereign teams.Adrian holds a MSc in Economics and Philosophy from London School of Economicsand Political Science (LSE), and a BA in Economics from Instituto Tecnológico y deEstudios Superiores de Monterrey (ITESM). Adrian is also a CFA charter holder.
Alexandre Albuquerque is a Vice President – Senior Analyst on the Latin American Banking Team, covering a portfolio of financial institutions in Brazil and Uruguay. He is also a backup analyst for Peruvian banks. Alexandre joined Moody’s in 2004 as an Associate Analyst. Prior to joining Moody’s, Alexandre spent four years in the Corporate Finance division of a Brazilian investment bank and, for over two years, was involved in strategy and management consulting with a Brazilian firm. Alexandre holds an MBA from the University of Rochester Simon Graduate School and a Bachelor of Science degree in Economics from Universidade Federal do Rio de Janeiro, Brazil.
Cristiane is a Senior Vice President/Manager, based in Sao Paulo with management responsibility for the rating agency coverage of project finance, infrastructure and sub sovereign credits across Latin America. In her role, she oversees a team of analysts covering those sectors, developing research on sector trends and conducting outreach activities with key market participants. Cristiane has over fifteen years of experience in the financial services industry. Since she joined the firm in January 2007, Cristiane covered several infrastructure credits in the transportation, sanitation and electricity sectors and project finance transactions. Cristiane has also worked as a senior analyst with Moody's corporate finance team covering high yield and financially distressed issuers in the real estate, construction and transportation sectors until 2016.Before joining Moody's, Cristiane developed credit analysis at West lB and fixed income portfolio management activities at Bank Boston. Cristiane holds a Master's degree in Finance from the Zicklin School of Business at Baruch College, a Bachelor's degree in Business Administration and a MBA in Real Estate from the University of Sao Paulo.