Global Corporates Exposure to Tariffs
A review study of nearly 3,500 of our rated non-financial corporates globally
In a global study, we analysed nearly 3,500 of our rated non-financial issuers to understand their exposure to escalating trade tensions. Using a set of simplifying assumptions - including a scenario where the US imposes tariffs on all other countries and receives reciprocal measures in return - we evaluated each issuer across three key transmission channels. These are: Trade, macroeconomic impact, and financial market risk. The result? A comprehensive scoring framework that reveals how materially disruptive such a scenario could be to an issuer's operations or their financing ability.
Discussion Topics
- What are the most and least exposed sectors worldwide?
- What regional differences do we see?
- How are sectors such as autos, retail, and consumer products faring?
- How could the tariff-driven financial market volatility impact corporate sectors?
Speakers
Peter Abdill
Managing Director, Corporate Finance
Moody's Ratings
Christina Padgett
Head of US Leveraged Finance
Moody's Ratings
John Puchalla
Associate Managing Director, Corporate Finance
Moody's Ratings
Christian Hendker
Associate Managing Director, Corporate Finance
Moody's Ratings
Margaret Taylor
Associate Managing Director, Corporate Finance Group
Moody's Ratings
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Peter Abdill, a Managing Director, oversees five rating teams in Moody's Corporate Finance Group. These include Healthcare & Pharmaceuticals; Transportation & Logistics; Manufacturing, Aerospace, and Defense; REITs and Gaming; and Moody's CFG team in Canada. In years prior to moving into his current role, Peter also ran Moody's Consumer Products Team and the Retail, Apparel, Gaming, Lodging and Restaurants Team. He has also served as a Senior Analyst covering portfolios of large food, consumer products, and agriculture companies. Peter has also served on Moody's New Instruments Committee. Peter received an M.B.A. in money and financial markets from Columbia University, an Advanced Certificate in Business (concentration in finance) from Seton Hall University, and a B.S. degree in finance from Rider University. Peter also served as a Captain and Company Commander in the U.S. Army Reserves.
Christina Padgett leads the Leveraged Finance Research and Analytics Team and Private Credit Research. Her remit includes facilitating in-depth, cross-disciplinary research on credit trends in the US leveraged finance, US private equity and global private markets. Ms. Padgett brings multi-cycle expertise in the credit markets to her role, which is informed by frequent meetings with issuers, investors, regulators, alternative asset managers, and bankers. She presents often at industry conferences and is regularly quoted in the financial media.
Before joining Moody’s, Ms. Padgett was an M&A investment banker at JPMorgan Chase. At the bank, she also worked in Europe Corporate Finance and Credit Audit following the completion of the bank’s credit training program.
Ms. Padgett received a M.A. in International Political Economy from Columbia University, School of International and Public Affairs, and a B.A. in History from William Smith College.
John Puchalla is an Associate Managing Director in the New York office of Moody’s Ratings. He is responsible for the Consumer Products & Gaming team within Moody's US Corporate Finance Group. Prior to his current assignment, John managed Moody’s High Yield Team. Previously, John was as a full-time Rating Committee Chair, managed the Credit Estimates team and led research on defaults and liquidity. John has covered a variety of corporate sectors at Moody’s including consumer products, media and entertainment, broadcasting and cable, publishers and amusement parks. John originally joined Moody’s in 1997 as a member of the Economics Analysis group evaluating trends in global corporate credit quality and credit markets until transferring to the Corporate Finance Group in 2002. Prior to joining Moody’s, John held various positions at Nasdaq and MNC Financial. John holds a M.B.A. in finance, economics and international business from New York University, a B.S. in finance from Penn State University, and is a CFA charter holder
Christian Hendker rejoined Moody’s European Corporate Finance Group beginning of November 2018 as Associate Managing Director. Christian will be responsible for a team of Manufacturing Analysts based in Frankfurt, reporting to Matthias Hellstern. Over the last 7 years, Christian Hendker managed a team of credit analysts as Head of Credit Research at Talanx Asset Management in Cologne, the Asset Management arm of the insurance group Talanx AG. Prior to that, Christian Hendker was VP-Senior Analyst at Moody’s in Frankfurt, which he initially joined in 2004, responsible for the European Pulp & Paper industry. Christian Hendker started his career as a consultant at PriceWaterhouse Coopers Corporate Finance Beratung GmbH in Frankfurt. Christian has a Diploma degree in Business Administration from the University of Muenster and is a CFA Charterholder.
Maggie Taylor is the Associate Managing Director of the Retail, Restaurants, Apparel, Lodging and Cruise team within the US Corporate Finance Group. Prior to her current role, Maggie was a Senior Vice President within the US High Yield team where she served as a Rating Committee Chair. Maggie has also acted as a lead analyst covering a wide range of investment grade and speculative grade companies across a variety of sectors including retail, lodging, cruise and business and consumer services. Before joining Moody’s in January 2004, Maggie was a Vice President in the Corporate Banking Group at JPMorgan Chase where she focused on the retail, apparel, and restaurant industries. Maggie received a B.S. in accounting from the University of Delaware and holds her CPA.