Update to Moody’s Methodology for Unregulated Utilities and Power Companies
EMEA/Americas edition
Moody's Ratings has released an updated methodology for evaluating unregulated utilities and power companies. This methodology applies to all utilities and power companies globally that operate in deregulated or liberalized markets, where pricing is primarily set by market mechanisms, although some regulated elements may still be present.
Topics include
- A more detailed description of the methodology’s scope
- Key changes and updates in the methodology
- An overview of the updated Business Profile subfactor
- Introduction of the new Notching factor
Please refer to the updated methodology here.
This webinar is also being held for the APAC audience on 10 September. Details can be found here.
Speakers
Daniela Cuan
Vice President-Senior Credit Officer, Public Projects and Infrastructure Finance
Moody's Ratings
Natividad Martel
Vice President – Senior Analyst
Moody's Ratings
Benjamin Leyre
Vice President - Senior Credit Officer, Project & Infrastructure Finance
Moody's Ratings
Daniel Marty
Senior Vice President/MDG, Credit Strategy and Standards Group
Moody's Ratings
Bill Hunter
Associate Managing Director, Credit Strategy & Standard
Moody's Ratings
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Daniela Cuan is a VP/Senior Credit Officer in the Global Infrastructure Finance Group.
Based in Buenos Aires, Argentina, Daniela is lead analyst for debt issuers in the utility sector in Argentina and other countries in the region. Daniela works in the Americas team, providing her local and regional perspective to the analysis of Argentinean and regional issuers.
Daniela has more than 20 years in the financial services industry. Prior to joining Moody’s in 2000, Daniela worked for a local rating agency in Argentina, covering a variety of local industries. She began her career in corporate and commercial banking. She had worked for BCI between 1991 and 1994, taking responsibility for a portfolio of more than 20 Argentinean corporations. She continued her banking career at BBVA during 1994.
Daniela holds a Bachelor’s degree in Economics from Universidad de Buenos Aires/UBA and a Master’s Degree in Finance and Capital Markets also from the Universidad de Buenos Aires.
Natividad (Nati) Martel serves as a Vice President – Senior Analyst in the Global Infrastructure Finance Group. She currently is responsible for a portfolio consisting of utilities as well as wholesale power generators in Latin America and the U.S. Nati joined Moody’s in 2004.
Prior to joining Moody’s, Nati worked for five years as a credit analyst in the Project Finance/Corporate Finance area at Landesbank HessenThuringen, in Frankfurt, Germany.
Nati was awarded a Bachelor’s and Master’s degree in business with a concentration in finance by the Complutense University of Madrid, Spain. She was also awarded an advanced degree in banking studies by the Business School of Finance and Management in Frankfurt. She received her CFA designation in 2008.
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.
Daniel Marty is in charge of the development of fundamental methodologies, including for sovereigns, banks, asset managers and non-financial corporates. Prior to assuming that position, Daniel was a lead analyst in charge of a portfolio of regional and local governments as well as government-related issuers in France and Belgium. Daniel also worked in Moody’s sovereign team covering a range of European countries. He has been based in London, New York and more recently Paris. Daniel holds a Master in Management from ESCP Europe in Paris and speaks French, English and Spanish.