In this session, senior analysts will review the approach to the new ESG Issuer Profile and Credit Impact Scores. They will provide key highlights from the analysis about the impact of ESG on credit for Latin American corporates, utilities and banks in the region.
- How do the scores enhance integration of ESG considerations into credit ratings?
- How do issuers in Latin America compare to global peers?
- Discussion of selected case studies in the region
Important Details about the New Scores:
Issuer Profile Scores (IPS) are separate environmental, social and governance scores that assess an entity’s exposure to the categories of ESG that MIS regards as the most material to credit. The assessment of the exposure to E, S and G risks or benefits is based on the general ESG principles described in the methodology, and the scores provide a consistent way to express this assessment.
ESG Credit Impact Scores (CIS) reflect the impact of ESG considerations on the rating of an issuer or transaction. Whereas the E, S and G profile scores are based on an issuer’s or transaction’s outright exposure to ESG risks or benefits and ESG specific mitigants, the CIS places ESG considerations in the context of the issuer’s other credit drivers that are material to a given rating.
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SpeakersMarianna Waltz Managing Director - Head of LatAm Ratings and Research Moody's Ratings
Nymia Almeida Senior Vice President, Corporate Finance Moody's Investors Service
Barbara Mattos Senior Vice President, Corporate Finance Group Moody's Ratings
Adrián Garza Vice President-Sr Credit Officer Moody's Investors Service
Ana Rayes Vice President – Senior Analyst, ESG Moody’s Investors Service
Rodrigo Marimón Assistant Vice President - Analyst, Financial Institutions Group Moody´s Investors Service
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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.
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
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.
Ana Rayes is a Vice President – Senior Analyst in Moody's Investors Service Environmental, Social and Governance (ESG) group. In this role, Ms. Rayes is a pivotal contributor to the rating agency's strategy to systematically and transparently integrate ESG factors into credit ratings. This includes the development of carbon transition frameworks and assessments, the rollout of the ESG scores, and the publication of ESG credit thematic research, which received three awards in 2020 and 2021. She has broad ESG expertise and serves as a spokesperson at various internal and external events.
Ms. Rayes has more than ten years of experience in the financial sector. Prior to joining Moody's, Ms. Rayes was responsible for the investor relations team at CSN, one of the world's largest steel and mining companies. Ana also held various positions as an Equity Research Analyst.
Ms. Rayes actively engages in Moody's diversity and inclusion initiatives and CSR activities. She holds a Masters degree in Economics from IBMEC Business School and a Certificate in Climate Investing from the CFA Society of the UK.
Rodrigo Marimón Bernales started working at Moody’s Investor Services in November 2015 joining the Financial Institutions Group – Latin American Banking Team as an Associate Analyst, responsible for assisting the analysis and rating of a portfolio of banks in Argentina, Peru, Uruguay, Bolivia and Paraguay.
Before coming to Moody’s, he was a Client Financial Manager with Accenture for 2 years.
Rodrigo holds Business Administration degree from the Universidad Católica Argentina in Buenos Aires.