Paul Marty Associate Managing Director, Infrastructure Finance Moody's Ratings

Paul Marty is a Associate Managing Director in Moody’s EMEA Infrastructure Finance team, based in Paris. He oversees a team of analysts covering regulated and unregulated utilities across EMEA and is also responsible for a portfolio of utilities in Portugal. Over the course of a long career at Moody’s, Paul has covered a broad range of sectors including oil & gas and real estate and is experienced in rating both conventional and complex structured financing arrangements. Paul is an authority on the European utility sector and the lead author of Moody’srating methodology for regulated electric and gas networks. He has published extensively on the utility sector, authored well-received reports on environmental risks and developments, and frequently presents Moody’s views at investor roundtables and other events. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. 180 analytical sector staff cover more than 1,700 infrastructure issuers globally. Moody’s EMEA team of 46 specialists is responsible for rating around 430 issuers. The rating agency covers more than39,000 issuers and transactions. Paul’s prior work experience includes 3 years in an independent credit research boutique, covering high-yield corporate issuers. Paul started his career in Mergers& Acquisitions at BNP Paribas where he worked on a number of transactions in the oil & gas sector. Paul graduated from the ESSEC Business School in Paris, France. He is fluent in English and French.

Benjamin Leyre Vice President – Senior Credit Officer, Infrastructure Finance Moody's Ratings

Benjamin Leyre is a senior analyst in the EMEA Infrastructure Finance Group, based in Paris. He has responsibility for a portfolio of Southern European utilities, including unregulated electric and gas utilities, and regulated electric and gas networks. Benjamin has a wide range of utility experience acquired through a number of roles which he uses to comment on sector credit themes. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2trillion of corporate and project finance securities, representing more than 90% of all public bonds globally in the sector. 140 analytical staff cover more than 1,000infrastructure issuers globally. Moody’s EMEA team of 50 specialists is responsible for rating 416 issuers. The rating agency covers more than 11,000 corporate issuers and 135 sovereign nations. Before joining Moody’s, Benjamin worked for Norway’s sovereign wealth fund, where he was heading the global energy team, and managing the fund’s European utilities equity portfolio. Prior to this, he worked as an equity analyst for ExaneBNP Paribas, as the head of its European utilities team, with direct coverage of large European corporates. Benjamin also worked as a senior consultant with IHS CERA, where he provided strategic advice to utilities, banks and governmental institutions in the US and in Europe, and where he kick-started the consultancy European environmental practice. Benjamin holds an M.Sc in Technology and Policy from M.I.T. and a M.Eng in mechanical Engineering and Energy Economics from Ecole des Mines de Paris. He is fluent in English and French.

Celine Chérubin Vice President – Senior Credit Officer, Infrastructure Finance Moody's Ratings

Céline Chérubin is a senior credit officer in the EMEA Infrastructure Finance Group, based in Paris. She has responsibility for a portfolio of unregulated utilities in France, Belgium, Italy and the Czech Republic as well as water and waste management companies in France.

Céline has considerable experience of assessing utilities and infrastructure in Europe, with an in-depth knowledge of business models, strategies and stakeholders. She has a particular focus on the French market but also benefits from experience of a broad range of other jurisdictions.

Moody’s has a leading global Infrastructure Finance franchise, rating some US$2.8trillion of corporate and project finance securities. Our team of 148 analytical staff covers more than 2,700 public and private sector infrastructure issuers globally. Moody’s EMEA team of 48 infrastructure specialists is responsible for rating around 330 issuers with approximately US$756 billion in debt outstanding. Moody’s Investors Service covers a total of more than 35,000 issuers and structured finance transactions worldwide, representing more than US$73 trillion in rated debt.

Before joining Moody’s in April 2019, Céline worked for Infravia, a French infrastructure investment company, where she was responsible for investor relations and the fundraising of the fourth infrastructure fund. Prior to this, she had an extended career as a sell side equity analyst covering European utilities for more than 12 years. She has also taught classes in accounting, P&L diagnostics and cashflow analysis for the Société Française des Analystes Financiers.

Céline holds a degree in business administration (DESCAFF) from the Bordeaux Business School. She is fluent in English and French.

Knut Slatten Vice President – Senior Credit Officer, Infrastructure Finance Moody's Ratings

Knut Slatten is a Vice President – Senior Credit Officer at Moody’s working in the Moody's EMEA Project and Infrastructure Finance team. He currently covers a portfolio of companies that essentially comprises unregulated European utilities names. In his capacity as lead analyst, Knut has written numerous research publications and has spoken at several conferences. Prior to joining the Infrastructure Finance team, Knut spent 13 years in corporate finance at Moody's has covered a wide range of different industries, including pharmaceuticals. 

Moody’s has a leading global Infrastructure Finance franchise, rating some US$2 trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. 180 analytical sector staff cover more than 1,700 infrastructure issuers globally. Moody’s EMEA team of 46 specialists is responsible for rating around 430 issuers. The rating agency covers more than39,000 issuers and transactions. He joined Moody’s in 2007. Prior to joining Moody’s, Knut worked as a credit analyst for Société Générale in Paris, covering oil and gas companies. Knut holds an MSc. (Econ.) degree from the Norwegian School of Economics and business Administration.

Mark Remshardt Vice President – Senior Credit Officer, Project & Infrastructure Finance Moody's Ratings

Mark Remshardt is a senior credit officer in the EMEA Infrastructure Finance Group, based in Frankfurt. He holds the responsibility for a portfolio of regulated networks and unregulated utilities in Germany and The Netherlands.

Moody’s has a leading global Infrastructure Finance franchise, rating some US$2.8 trillion of corporate and project finance securities. Our team of 148 analytical staff covers more than 2,700 public and private sector infrastructure issuers globally. Moody’s EMEA team of 48 infrastructure specialists is responsible for rating around 330 issuers with approximately US$756 billion in debt outstanding. Moody’s Investors Service covers a total of more than 35,000 issuers and structured finance transactions worldwide, representing more than US$73 trillion in rated debt.

Mark has considerable experience of assessing credit risk across a wide range of sectors, including utilities, oil & gas companies and large global industrial corporates, acquired in more than twenty years in the banking and financial services industry.

Before joining Moody’s, Mark worked for Australia and New Zealand Banking Group where he was the responsible senior analyst for a portfolio of German and Swiss corporates. Prior to that he worked for Crédit Agricole CIB as senior risk analyst, covering first the bank’s German automotive portfolio before being responsible for German and Central European utilities and oil & gas companies. Mark also worked in various analyst and relationship management positions for Zurich Financial Services, ING-BHF Bank (today ODDO-BHF Bank) and KfW Kreditanstalt für Wiederaufbau (today KFW-IPEX Bank).

Mark holds a degree in economics (Diplom-Ökonom) from Hohenheim University in Stuttgart. He is fluent in German and English.

Phil Cope Vice President-Senior Analyst, Infrastructure Finance Moody's Ratings

Phil Cope is a VP-Senior Analyst in Moody’s EMEA Infrastructure Finance team, based in London. Phil’s current analytical focus is on UK and Irish utilities, both regulated and unregulated and spanning both energy networks and water. He has previously covered regulated utilities operating in a range of European jurisdictions, including the Netherlands, Germany and the Nordic region. Phil benefits from a deep understanding of energy network regulation across Europe and has contributed to a number of Moody’s reports on the topic, including being the lead author of Moody’s European regulated electric and gas networks sector outlook in recent years. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2.8 trillion of corporate and project finance securities. Our team of 148 analytical staff covers more than 2,700 public and private sector infrastructure issuers globally. Moody’s EMEA team of 48 infrastructure specialists is responsible for rating around 330 issuers with approximately US$756 billion in debt outstanding. Moody’s Investors Service covers a total of more than 35,000 issuers and structured finance transactions worldwide, representing more than US$73 trillion in rated debt. Prior to joining Moody’s in 2013, Phil worked at the GB energy regulator, Ofgem, for three years primarily on the various regulatory regimes for electricity transmission.

Phil read Economics at the University of Bath and spent a year at the Bank of England during his studies.

Federica Carollo AVP-Analyst Moody’s Investors Service

Federica Carollo is an AVP-Analyst in Moody’s EMEA Infrastructure Finance team, based in Milan. She is responsible for a portfolio of Italian and Southern European utilities across different sectors including regulated energy and water networks, multi-utilities and unregulated electric and gas utilities.

Moody’s has a leading global Infrastructure Finance franchise, rating some US$2.8 trillion of corporate and project finance securities. Our team of 148 analytical staff covers more than 2,700 public and private sector infrastructure issuers globally. Moody’s EMEA team of 48 infrastructure specialists is responsible for rating around 330 issuers with approximately US$756 billion in debt outstanding. Moody’s Investors Service covers a total of more than 35,000 issuers and structured finance transactions worldwide, representing more than US$73 trillion in rated debt.

Federica has gained experience as a credit analyst, across a wide range of sectors, over more than 10 years in the banking and financial services industry. Prior to joining Moody’s Infrastructure Finance team in Milan in September 2022, Federica was a director in the debt and ratings advisory team of Intesa Sanpaolo. She started her career at Moody’s, where she was part of the Corporate Finance Group, covering a portfolio of transportation companies in EMEA.

Federica holds a MSc in International Economics and Finance from Università degli Studi di Milano. She is fluent in English and Italian.