Find out how Moody’s proposed updates to its Government-Related Issuers (GRI) methodology would affect companies and financial institutions.
Discussion topics:
- What additional types of companies would be rated using the updated GRI methodology?
- Which financial institutions would remain within scope of the framework?
- What are the proposed changes to enhance clarity, guidance and transparency?
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SpeakersNing Loh Managing Director, Head of Credit Strategy, Credit Strategy and Guidance Moody's Ratings
Franco Leung Associate Managing Director, Corporate Finance Moody's Investors Service
Rehan Akbar Associate Managing Director, Corporate Finance Moody's Ratings
Mark Remshardt Vice President – Senior Credit Officer, Project & Infrastructure Finance Moody's Ratings
Sean Hung Vice President – Senior Credit Officer, Financial Institutions Moody's Ratings
Tomas O’Loughlin Senior Vice President, Ratings & Process Oversight Moody's Ratings
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Ning Loh is Managing Director and Head of Credit Strategy at Moody’s Ratings, based in Hong Kong. In this role, he is responsible for defining, articulating and promoting Moody’s global house views on credit drivers, macroeconomic forecasts, financial markets and emerging markets dynamics. Concurrently, he is also Chief Credit Officer for APAC and works with rating groups throughout the region to develop Moody’s perspectives and research regarding macroeconomic, policy, and thematic trends that affect credit risk.
Since joining Moody’s in London in 2005, Ning has held roles across various markets and rating groups in Europe, Asia, and the US. In 2015, he moved to Hong Kong to lead the structured finance new ratings franchise for South and Southeast Asia. In 2018, Ning led the U.S. Corporate Asset-Backed Securities (ABS) team. He later returned to Hong Kong to head the North Asia (excluding Japan) team in the Project & Infrastructure Finance Group before taking on his current position.
Before joining Moody’s, Ning practiced law in London, specialising in structured finance and debt capital markets. Ning holds a Master's in Civil Engineering from Imperial College London and is a Solicitor of the Senior Courts of England and Wales.
Franco Leung is an Associate Managing Director and Team Leader in Moody’s Corporate Finance Group. Based in Hong Kong, he covers mainly Chinese corporate entities in the property sector.
He was previously a lead analyst for a portfolio of Chinese corporates with a focus on property companies, while other coverage includes companies in the chemicals, metals & mining, consumer products and construction materials sectors, local government financing vehicles (LGFVs), and state-owned conglomerates.
Prior to joining Moody’s in 2012, Franco worked in various positions at Standard Chartered Bank for about 10 years, including credit risk management, treasury and global markets in Hong Kong and London.
Franco holds an MBA from the London Business School and a BSc (Quantitative Finance) from the Chinese University of Hong Kong, and is a CFA and FRM Charterholder.
Rehan Akbar is an Associate Managing Director in Moody’s EMEA Corporate Finance Group, based in Dubai. He currently manages the corporate team responsible for rating coverage of companies in the Middle East, Africa, Turkiye, and the CIS region. Prior to joining Moody’s in 2011, Rehan worked as a credit analyst at Mashreq Capital, focusing on emerging market corporates. He began his career as a software engineer and technology consultant.
Rehan holds a Master’s degree in Management Sciences and Engineering from Stanford University and a Bachelor’s degree in Computer Science from Lahore University of Management Sciences. He is also a CFA charterholder.
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.
Sean Hung is a Vice President – Senior Credit Officer with the Financial Institutions Group at Moody’s Investors Service Hong Kong Limited. Sean is covering a portfolio of banks and non-bank financial institutions in China.
Before joining Moody’s, Sean worked in Hong Kong as an equity research analyst for Barclays Capital Asia Limited, specializing in Chinese banks and payment companies. He had also worked in credit analysis and risk management in Visa Hong Kong, specializing in settlement risk of the financial institutions in North Asia.
Sean has a BA in Financial Services from Hong Kong Polytechnic University and an MSc in Financial Engineering from City University of Hong Kong. He is also a CFA and FRM.
Tomás O’Loughlin is a Vice President and Senior Credit Officer in the Methodology Development Group (MDG), where he specializes in developing the analytical frameworks used by MIS in assigning ratings to corporate finance and project and infrastructure finance issuers and obligations.
MDG works with rating groups, Ratings and Process Oversight and the Rating Models Group to create methodologies that promote ratings accuracy and consistency, burnish Moody’s reputation for credit expertise and sector knowledge, and meet rigorous internal requirements as well as regulatory requirements.
Tomás has used Agile principles to lead a broad range of projects. Among these are the Minority Holding Companies cross-sector methodology, the Privately Managed Toll Roads methodology, the Privately Managed Ports methodology and the Regulated Electric and Gas Networks methodologies.
Before joining MDG, Tomás was a senior lead analyst in PPIF where he had analytical responsibility for a broad range of project-financed issuers in EMEA, including oil and gas projects, PPPs, toll roads, project holding companies and renewable energy projects. He was also the lead analyst for rolling-stock leasing companies. Tomás has extensive experience in the analysis of complex transactions involving essential energy infrastructure across a range of jurisdictions.
Prior to joining Moody’s in 2013, Tomás worked at National Australia Bank and Allied Irish Banks in London, where he originated and managed PPP and corporate infrastructure credits over a 10-year period, with significant experience in the airports, healthcare and street lighting sectors. Prior to that Tomás qualified as an accountant at PwC in Dublin, and he is a fellow of the Irish Institute of Chartered Accountants.
Tomás graduated in Business Studies from the University of Limerick.