Select 'on-demand' to watch a webinar where analysts from Moody's Ratings review a number of changes to the SME Asset-backed Securitizations rating methodology published on 18 July 2024. This methodology applies globally to securitizations backed mainly by loans granted to small and medium-sized enterprises (SMEs) and microenterprises. Topics included:
- Overview of the Request for Comment SME ABS methodology
- Overview of the proposed analytical framework
- The proposed Asset Modeling Components
- The indicative rating impact
Speakers
Thorsten Klotz
Managing Director, Structured Finance
Moody's Ratings
Elisa Scalco
VP-Senior Credit Officer/MDG
Moody’s Ratings
Monica Curti
Vice President - Senior Credit Officer, Structured Finance
Moody's Ratings
Silvia Baumann
VP-Senior Analyst
Moody’s Ratings
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Thorsten Klotz heads a team of Moody’s primary analysts in the EMEA region mainly reviewing Collateralised Debt Obligations (CDOs)(including Balance Sheet CLOs), granular ABS SME transactions and Asset Backed Commercial Paper(ABCP).Thorsten Klotz has been lead analyst on various transactions, including CDOs of ABS, Leveraged Loan CLOs and German SME loan securitisations.Before joining Moody’s in 2002, Thorsten Klotz was a Senior Derivatives Structurer at CDC IXIS Capital Markets where he was responsible for the development and pricing of interest rate and inflation linked structures. Prior to this role, he was working as a trader for callable bonds and equity linked structures at DZ BANK(former DG BANK).Thorsten Klotz holds a degree in managerial economics (University of Passau) withmain options in insurance & risk theory, finance and statistics.
Elisa Scalco is a Vice President – Senior Credit Officer in Moody’s Methodology Development Group in London, where she is responsible for developing structured finance rating methodologies. Since joining Moody’s in 2015, Elisa spent over three years on the EMEA Consumer Primary team, serving as lead analyst for RMBS, ABS, and NPL transactions across various jurisdictions. Prior to Moody’s, Elisa worked as a surveillance analyst for DBRS Ratings Limited in London and as a structured finance analyst for Securitisation Services Spa in Conegliano Veneto.
Elisa holds a PhD in Mathematics for Economic Decisions from the University of Trieste and a degree in Economics and Finance from Ca’ Foscari University of Venice. Elisa is also a certified Financial Risk Manager from the Global Association of Risk Professionals (GARP)
| Monica Curti is a Vice President – Senior Credit Officer in Moody’s Structured Finance Group in Milan. Since joining Moody’s in March 2006 Monica has been lead analyst for structured finance transactions covering mainly ABS SME transactions in various EMEA jurisdictions. She has developed Moody’s Global Approach to Rating SME Balance Sheet Securitizations and she is also the author of various Moody’s Special Comments. Prior to joining Moody’s, Monica has been a senior statistical and credit analyst at UBS for four years (Zurich/Corporate Center), where she mainly focused on development and validation of credit scoring systems and Basel II. Before that, Monica worked as economist and Research Manager in the Swiss Economic and Labour Ministry (Bern) and at the European Commission (DGV). Monica holds a PhD degree in Economics from the University of Fribourg (Switzerland), completed at the UCL (London), and she is a certified Financial Risk Manager from the Global Association of Risk Professionals (GARP). |
Silvia Baumann rejoined Moody's in January 2009 as a Structured Finance Analyst in Frankfurt, focusing on corporate credit risk transactions like leveraged loan securitisations (CLOs) and SME loan-backed securitisations (ABS SME). She has extensive experience in analyzing European ABS transactions backed by consumer loans. Currently, she monitors the performance of these transactions post-issuance. Previously, Silvia spent over 15 years analyzing new transactions for capital markets. She is also involved in outreach activities and writing research reports.
From May 2005 to March 2008, Silvia was part of Moody’s Frankfurt ABS team. She then worked at Raiffeisen Zentralbank Österreich AG, structuring transactions backed by eastern European assets. During her university studies, she worked for 5 years in Deutsche Bank AG's Credit Risk Management division in Frankfurt. Silvia holds a Master's degree in Banking & Finance from Frankfurt School of Finance & Management.