Update to Moody’s Methodology for Unregulated Utilities and Power Companies
APAC 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.
Join our upcoming webinar to discover:
- 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
This webinar will also be held on 9 September at a time convenient for EMEA and US audiences. Details can be found here.
Speakers
Benjamin Leyre
Vice President - Senior Credit Officer, Project & Infrastructure Finance
Moody's Ratings
Ivy Poon
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
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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.
Ivy Poon is a Vice President – Senior Credit Officer with Moody’s in Hong Kong. She covers corporate ratings in a portfolio of power and gas utilities companies and conglomerates in Asia Pacific.
Prior to joining Moody’s, Ivy worked for KBC Bank N.V., as a credit assistant manager and a senior marketing officer.
Ivy holds a Bachelor of Commerce from McMaster University and a Postgraduate Diploma in Professional Accounting from the Chinese University of Hong Kong. She is also an affiliate member of CPA.
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.