Behind the A3 rating of Hitachi’s first digital green bond
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Join our analysts as they discuss the key factors underpinning digital bond ratings, most recently the senior unsecured A3 that Moody’s has assigned to Hitachi’s first blockchain-based green bond issuance.
Discussion topics:
- What are the key factors driving the A3 rating on Hitachi’s digital green bond?
- What are the main differences between digital versus traditional bonds?
- What are the key considerations assessing credit risk of digital bonds?
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SpeakersMariko Semetko Associate Managing Director, Corporate Finance Moody's Ratings
Vincent Gusdorf Senior Vice President - Decentralized Finance and Digital Assets Moody's Ratings
Roman Schorr VP-Senior Analyst, Corporate Finance Moody's Investors Service
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Mariko Semetko is an associate managing director at Moody’s Ratings. Currently based in Tokyo, she is responsible as the lead analyst covering Japanese corporate finance companies, including the shipping, automotive and
telecommunications sectors. Throughout her career at Moody’s, she has covered a wide range of sectors including power and gas utilities, rails, oil and gas, retail, apparel, beverage, tobacco, packaged goods, durables and manufacturing, among others, both in the
U.S. and Japan. She has extensive experience both in the investment grade and high yield spaces. Mariko transferred to the Tokyo office in 2013 after working in the New York office for seven years. Mariko held several credit positions prior to joining Moody’s. She holds a B.A. from the College of William and Mary.
Vincent Gusdorf is a Senior Vice President in the DeFi and Digital Assets team (DFDA), leading Moody’s blockchain technology research. Before joining the DFDA team, Vincent worked for the Innovation and Data Science team, managing several machine learning projects and defining the innovation roadmap.
Vincent worked as a credit analyst for 16 years and covered investment grade and high-yield corporates. He also contributed to developing Moody’s cyber risk expertise in Europe. Before joining Moody’s, Vincent worked at Standard & Poor’s, Exane BNP Paribas, and Ernst and Young.
Vincent is a CFA charter holder and holds a Master of Finance from Sciences Po Paris and a Master of Law from Université Paris II Panthéon-Assas. He is a self-trained programmer and developed his blockchain and machine learning expertise by completing multiple online data science and cloud certifications. Vincent is also a Certified ScrumMaster and a PMI Agile Certified Practitioner (PMI-ACP).
Roman Schorr is a Vice President – Senior Analyst in Moody’s Corporate Finance Group. Based in Tokyo, Roman is responsible for a diverse portfolio of major Japanese corporates in the diversified manufacturing, technology, shipping, oil and gas and steel sectors.
Prior to joining Moody’s, Roman was a Director at Fitch Ratings in Tokyo, covering Japanese corporate credits, following his transfer from Fitch’s Frankfurt office. Previously, he was in corporate credit with Mizuho Bank in Dusseldorf.
Roman holds Masters degrees in Japanese Studies and Business Studies from the University of Duisburg-Essen, and in English Philology, Linguistics and Literature from Freie Universitaet Berlin. A native German speaker, Roman is fluent in English and Japanese.