Credit Trends Spain 2026
Global perspective. Local relevance. Real impact.
Agenda
Registration and networking
Europe in the crosshairs of geopolitical and geoeconomic shifts
- What is the outlook for European economic growth given ongoing trade policy uncertainty?
- How are governments likely to balance competing demands on public expenditure?
- How is heightened political risk in Europe affecting sovereigns’ credit profiles
Spain and Europe at a turning point
KEYNOTE INTERVIEW
- How are U.S. geopolitical and trade tensions shaping Europe’s and Spain’s economic outlook?
- AI opportunities and risks: how could a potential correction of AI equities impact financing and macro conditions?
- How could financial markets react to potential concerns on US institutions, including the Fed, amid weakening debt trends?
Networking and coffee break
Networking lunch
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| Juan Pablo Soriano joined Moody’s Investors Service in London in 1994. He is currently based in Madrid as Managing Director of EMEA Covered Bonds and global Covered Bond coordinator. He is also the country manager for Spain and Portugal. Prior to joining Moody’s, Mr Soriano had various responsibilities first at a Stock Broker Agency and then in the New York branch of the Banco Central Hispanoamericano back in 1988, holding diverse positions as Money Market Manager, Assistant Vice President in the Loan & Investment Department and Vice President in the Trade Finance Department. In 1993 he was transferred to Madrid as Vice-President of the Fixed Income Department. Mr Soriano is a graduate in Law by the Universidad Complutense of Madrid, Spain, and holds an MBA in Finance by the Leonard Stern School of Business (NYU). |
Sarah has been the lead analyst for most countries in the European Union, and is also a former lead analyst for the United States. She is currently the lead analyst for France and Italy, among other European countries. She is also one of the Sovereign Risk Group’s global spokespeople.
She joined Moody’s in 2009 after completing a Sloan Fellowship at the London Business School. Prior to this academic sabbatical, she spent seven years at the Financial Services Authority in London where she headed the regulator’s Risk Analysis area and acted as its chief macroeconomist. Before joining the FSA, she worked in Dun & Bradstreet’s Economic Analysis Group for six years, where she was the organisation’s Deputy Chief Economist.
She holds an MA in European Studies (with a concentration in Economics and Finance) from the Elliott School of International Affairs at the George Washington University in Washington, DC and an AB with a double major in Government and History from Dartmouth College in Hanover, New Hampshire in the United States. She is a CFA Charterholder and is co-chair of the Macroeconomic Committee of the CFA Society France. She is a dual citizen of the United Kingdom and the United States and is based in Paris.
Jesús Sánchez Quiñones has a degree in Business Administration and Management from ICADE and a Master's in Tax and Economic Studies from CECO (Madrid Chamber of Commerce).
He joined Renta 4 in 1989, and since 2006 he has held the position of Consejero Director General . In addition, he is a founding partner and administrator of Aula Financiera & Fiscal, SL, a member of the Spanish Institute of Financial Analysts (IEAF). He has been part of various work teams at BME and the CNMV. He collaborates continuously with the media and is a regular speaker at courses and seminars organized by different institutions on financial and tax issues, as well as at various universities and study centers.
| Juan Pablo Soriano joined Moody’s Investors Service in London in 1994. He is currently based in Madrid as Managing Director of EMEA Covered Bonds and global Covered Bond coordinator. He is also the country manager for Spain and Portugal. Prior to joining Moody’s, Mr Soriano had various responsibilities first at a Stock Broker Agency and then in the New York branch of the Banco Central Hispanoamericano back in 1988, holding diverse positions as Money Market Manager, Assistant Vice President in the Loan & Investment Department and Vice President in the Trade Finance Department. In 1993 he was transferred to Madrid as Vice-President of the Fixed Income Department. Mr Soriano is a graduate in Law by the Universidad Complutense of Madrid, Spain, and holds an MBA in Finance by the Leonard Stern School of Business (NYU). |
Begoña Villacís es una abogada y ejecutiva española con una amplia
experiencia tanto en el sector público como en el privado. Es licenciada en
Derecho por la Universidad CEU San Pablo y máster en Asesoría Fiscal y
Derecho Tributario por la Universidad Pontificia Comillas de Madrid. Su carrera
profesional comenzó en el ámbito jurídico, donde durante más de una década
asesoró a empresas en materia fiscal y mercantil. En 2015 dio el salto al
servicio público como concejal del Ayuntamiento de Madrid y, entre 2019 y
2023, ocupó el cargo de vicealcaldesa de la ciudad de Madrid.
Tras su paso por la administración pública, regresó al sector privado, donde
actualmente ejerce como directora ejecutiva de Spain DC, la Asociación
Española de Centros de Datos, desde donde lidera la estrategia de crecimiento
del ecosistema digital en España, enfocándose en la innovación, la atracción
de inversión y el diálogo público-privado para que España lidere esta
oportunidad.
Marina Albo is the Managing Director of the Corporate Finance Group for EMEA. In this role, Marina has overall responsibility for Moody’s ratings and research for the corporate franchise in the region, managing teams in London, Frankfurt, Paris, Madrid, Milan, Dubai and Stockholm. Prior to this role, Marina headed the Accounting Specialists and the Consumer, Pharma and Retail teams within the EMEA Corporate Finance group, based in London. Marina joined Moody’s in 2015, after 20 years of banking experience, mainly with HSBC, where she was head of the credit risk team in charge of Leveraged Finance and TMT. Marina started her career in internal audit, moving to client management and debt advisory. In her previous roles Marina has worked in London, Paris, Cairo and Madrid. Marina holds a dual degree in Business Administration awarded by Universidad Pontificia Madrid Comillas and by Reims Business School.
| Laura Perez Martinez is Moody’s Chief Credit Officer in the EU, and an Associate Managing Director in the Credit Strategy team. In her CCO role, Laura is responsible for identifying and analysing the broad macro and credit trends, and leading and coordinating Moody’s ratings approach, across franchises in the region. Laura joined Moody’s in 2008 in London, where she worked as a senior credit analyst, covering leading European financial institutions. She relocated to Madrid in September 2016 to join the corporate finance team. Before joining Moody’s, Laura worked for AM Best covering European insurers. Laura holds a B.A. in Business Administration from University of Oviedo in Spain, and is a Chartered Financial Analyst (CFA). |
Erica Gauto Flesch is a senior analyst in the Moody’s EMEA Infrastructure Finance team, based in Madrid. She is responsible for a portfolio of European toll roads and airports, having previously covered a diverse range of transport infrastructure credits as well as regulated and unregulated utilities across different jurisdictions.Prior to joining the infrastructure team, Erica worked in Moody’s Credit Strategy & Standards group, monitoring the global projects, infrastructure and utility portfolio. This experience provided her with broad overview of Moody’s global infrastructure and utilities portfolio and the relative positioning of credits across sectors and geographies. Amongst other projects, Erica was a key contributor to Moody’s widely respected infrastructure default studies.Moody’s has a leading global Infrastructure Finance franchise, rating some US$2 trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. Our team of 180 analytical staff covers more than 1,700 infrastructure issuers globally. Moody’s EMEA team of 46 specialists is responsible for rating around 430 issuers. The rating agency covers more than 39,000 issuers and transactions.Before joining Moody’s in 2011, Erica worked as a risk manager with ERSEL Asset Management in Italy and previously for the Ciudad de Buenos Aires Bank in Argentina. Erica is a CFA charterholder and holds a BSc in Economics from the University of Buenos Aires, a MSc in Quantitative Finance from the University of Turin, and a post-graduate degree in Financial Institutions from the Savings Bank Foundation of Spain (FUNCAS). She is fluent in English, Italian and Spanish
| Iván Palacios is an Associate Managing Director within Moody’s Corporate Finance Group and he has responsibility for a team of analysts in Madrid and Milan covering the TMT, consumer goods, food and beverage sectors in the EMEA region. Iván joined Moody’s in 2002 and he has worked in Madrid and Singapore. Prior to joining Moody’s, Iván worked for Goldman Sachs in London. Iván has a Bachelor’s in Business Administration from Colegio Universitario de Estudios Financieros in Madrid. |
Maria Cabanyes is a Senior Vice President and team coordinator in the EMEA Financial Institutions Group for Spain and Portugal, in addition, she is lead analyst for the larger financial institutions in Spain.
Ms Cabanyes joined Moody’s London-based banking team in December 1992, since when she has followed banks as lead analyst, as well as in Spain, in the Nordic region, Portugal and in Latin America. Ms Cabanyes has also served as Regional Credit Officer to Moody’s Banking and Finance rating teams in EMEA, ensuring compliance with existing rating methodologies, supporting the development and implementation of analytical initiatives as well as facilitating global rating consistency.
Prior to joining Moody’s in 1992, Ms Cabanyes was an equity analyst at Iberagentes (Spain). Ms Cabanyes has a Bachelor Degree in Business Administration and MSc in Finance from Colegio Universitario de Estudios Financieros (CUNEF) Madrid.
Vittoria is a lead analyst in Moody’s Global Emerging Markets team, based in London. She is responsible for identifying and analysing macroeconomic, sovereign, and corporate thematic trends across a broad range of emerging market economies, and plays a key role in formulating and communicating Moody’s house views on emerging markets.
Prior to joining the Global Emerging Markets team, Vittoria was part of Moody’s EMEA team within Credit Strategy and Research, where she contributed to the analysis of European sovereign credit profiles.
Vittoria holds a Master’s degree in Economics from the University of Bologna, where she graduated with distinction, and a Bachelor’s degree in Economics and Finance from Utrecht University.