Credit Trends France 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?
Coffee and networking break
Private credit in focus
- Private credit perspectives: further growth on the horizon?
- Bank partnerships: win-win or recipe for asset quality issues?
- The risk angle: Could private credit be the cause of a systemic crisis?
- Regulatory developments and “retailization”: Does regulation support or hinder private credit growth?
Networking lunch
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Yasmina Serghini is a Managing Director in Moody’s Rating's Corporate Finance Group. She manages the teams in Madrid, Milan and Paris that are responsible for investment grade and high yield companies primarily in the TMT, retail, pharmaceutical, healthcare, food, packaged goods, railways and postal services industries.
Since joining Moody’s in 2005, Yasmina has been in charge of the credit ratings of automotive and truck manufacturers, retail, consumer packaged goods companies, including beverages and business services companies. Prior to joining Moody’s, Yasmina worked for Caisse Nationale des Caisses d’Epargne as a credit risk analyst where she had responsibilities for the analysis of companies mainly in the airlines, telecoms and real estate industries as well as aircraft and shipping financings. Yasmina is a CFA charterholder.
She holds a Postgraduate Diploma (“DESS”) in Finance from Institut d’Etudes Politiques de Paris and has a university degree (majoring in Finance) from Dauphine University (Paris). She is fluent in English, French and Moroccan.
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.
Petter Bryman is a Vice President – Senior Analyst with Moody’s Sovereign Risk Group, based in Frankfurt. He is the lead analyst for a number of European sovereigns, mainly in the Baltics and Central and Eastern Europe. Prior to joining Moody’s in February 2018, Petter served as a Desk Officer with the Budget Department of the Swedish Ministry of Finance for seven years, where he functioned as the lead analyst for fiscal policy across a number of different policy areas, including the public pensions system, social insurance, migration and integration policy as well as EU budget policy. Petter also previously worked on EU and international affairs at the Swedish Ministry of Enterprise, Energy and Communications as well as a political advisor at the European Parliament in Brussels and Strasbourg. Petter holds a BA in Politics, Philosophy and Economics from the University of Oxford and a Master in Public Administration from the John F Kennedy School of Government at Harvard University.
Petter Bryman is a Vice President – Senior Analyst with Moody’s Sovereign Risk Group, based in Frankfurt. He is the lead analyst for a number of European sovereigns, mainly in the Baltics and Central and Eastern Europe. Prior to joining Moody’s in February 2018, Petter served as a Desk Officer with the Budget Department of the Swedish Ministry of Finance for seven years, where he functioned as the lead analyst for fiscal policy across a number of different policy areas, including the public pensions system, social insurance, migration and integration policy as well as EU budget policy. Petter also previously worked on EU and international affairs at the Swedish Ministry of Enterprise, Energy and Communications as well as a political advisor at the European Parliament in Brussels and Strasbourg. Petter holds a BA in Politics, Philosophy and Economics from the University of Oxford and a Master in Public Administration from the John F Kennedy School of Government at Harvard University.
FORMATION
Ecole Centrale des Arts et Manufactures (1980)
Ecole Nationale d’Administration (1984)
ACTIVITES PRINCIPALES
Depuis janvier 2016 : président de l’association « finances publiques et économie » (FIPECO).
D’octobre 1999 à décembre 2015 : conseiller à la Cour des comptes, en particulier rapporteur général du rapport sur la situation et les perspectives des finances publiques de 2008 à 2015 ;
De janvier 1994 à octobre 1999 : sous-directeur à la direction de la prévision du ministère des finances (aujourd’hui direction générale du trésor), en particulier sous-directeur des finances publiques de janvier 1994 à novembre 1997.
AUTRES ACTIVITES
Membre du Haut Conseil des finances publiques (de mars 2013 à décembre 2015).
ENSEIGNEMENT
Chargé d’un cours de politique économique à l’université Paris I (magistère d’économie) de 2005 à 2025.
OUVRAGES
« Mécomptes publics : conception et contrôle des politiques économiques depuis 1980 », chez Odile Jacob, 2025.
« Maîtriser les finances publiques ! Pourquoi, comment ? », Economica, 2005 (préface de Raymond Barre ; prix de l’académie des sciences morales et politiques).
Laurent is Group Credit Officer, responsible for the proper implementation of policies, procedures and methodologies, for financial institutions across EMEA. Prior to his role, Laurent had been lead analyst for financial institutions in France and the Benelux region since February 2015.
Prior to joining Moody’s Laurent has worked as Head of Regulatory and Prudential Affairs with Crédit Agricole S.A., since 2012. He was responsible for the monitoring of prudential and regulatory developments and assessing their impact on this large French banking group. Before 2012, Laurent held several banking supervisory positions at Banque de France. His career at the central bank spanned many years in the banking supervisory authority (Autorité de Contrôle Prudentiel et deRegulation), and he was also seconded to international organisations. In this capacity, Laurent worked at the Secretariat of the Basel Committee in Switzerland between 2003 and 2006 where he provided analytical support in the context of the development of the Basel II framework. Between 2009 and 2012, Laurent was also seconded to the Competition Directorate General of the European Commission (DG-Competition) as a member of the Task Force for Financial Crisis Resolution which monitored member states’ state aid for ailing banking institutions.
Laurent holds a postgraduate degree with distinction in International Finance and Economics from Université Paris IX Dauphine and a degree from the Institutd’Etudes Politiques de Paris.
Guillaume Lucien-Baugas joined Moody’s in September 2007 and is based in Paris in the Financial Institutions Group where he has responsibilities for rating a number of banks in France and the Benelux. Prior to joining the Financial Institutions Group, he was part of the Structured Finance Group at Moody’s, rating CDO and CLO transactions.
He started his career in asset management at Eiger Capital Limited in London, where he was a senior credit analyst in the fixed income markets.
Mr. Lucien-Baugas holds a masters degree in Finance and Management from Dauphine University (Paris IX) and a postgraduate certificate in Finance from ESCP Europe. He is a CFA Charterholder.
Cécile Mayer Lévi joined Tikehau Capital in 2013 as Head of Private Debt activity. She has built a talented team to become one of the established players in Europe in private debt, in particular in direct lending and is actively involved with a very hands-on role in sourcing opportunities, closing transactions and monitoring investments. To date, she has been involved in arranging over 200 financing transactions and was one of the pioneers of the private debt strategy.
Cécile previously worked at Ardian (formerly AXA Private Equity) where she notably broadened the investment scope to include unitranche debt, with a strong focus on forming partnerships. She began her career in 1988 at Merrill Lynch (Corporate Finance and M&A) in Paris and then in New York. In 1991, she joined Elig, one of the pioneering private equity funds in France. In 2001, Cécile's focus pivoted to mezzanine debt investments, and she was appointed Investment Director at Mezzanis (Credit Agricole Private Equity mezzanine now Omnes-Idico).
Cécile sits on the board as observer or member of over 20 companies, where she contributes her 360° view to their management teams across a diversified range of industries. She has been also chairing the Private Debt Commission of the trade association France Invest from 2016 until 2025. She is currently a Board member of France Invest, representing the Private Debt asset class and board member and chairperson for the audit committee of Banijay Group.
Cecile is a member of the investment committee of the endowment Alma Mater HEC, a leading European business school, and has been appointed co-chair of the ACC- Alternative Credit Council in connection with AIMA to cover Private Debt related regulatory and legal evolutions in Europe and worldwide.
Cecile graduated from HEC
Cécile has more than 20 years of experience within Societe Generale’s wholesale banking activities across New York, London and Paris.
She is acting as Co-Head of Distribution & Credit Solutions since June 2025. Cécile focus particularly on strengthening SG global distribution capacity, spanning syndicate, sales, and trading across all asset classes.
Cecile held other senior positions in the group, including most recently Global Head of Development & Structured Export, promoting advisory & financing solutions for infrastructure and sustainable projects, closely cooperating with public institutions, including Export Credit Agencies and Development Finance Institutions.
She also acted previously as Head of CEEMEA Debt Capital Markets, Head of CEEMEA Loan Syndicate and Head of European Loan Sales.
Cécile is a previous member of Komerční Banka’s Supervisory Board. Since 2024, she is a member of Société Générale Côte d’Ivoire Board of Directors, and since 2025, she is a member of Société Générale Saudi Arabia Board of Directors
Cécile holds a Bachelor’s degree in finance from the University of Paris Dauphine and a MBA in finance from Zicklin School of Business, Baruch College.
Philippe Troussard is Deputy Director of the Financial Stability Directorate at Banque de France, which notably produces a half-yearly assessment of the risks and vulnerabilities present in the French financial system published in the Financial Stability Report. Among his topics of interest, Philippe is mostly focused on the developments of non-bank financial intermediation, market dynamics, interconnections between financial players, the evolution of the macroprudential framework, and the effects of disruptive innovations on the financial system. Philippe is also Co-Secretary General of the High Council for Financial Stability. Before joining the Financial Stability Directorate, Philippe served the Committee on Payments and Market Infrastructures of the Bank for International Settlements, the Economic and Monetary Affairs Committee of the European Parliament, as well as the Prudential Supervision and Resolution Authority. Philippe joined the Banque de France in 1997 and graduated from HEC.
Philippe Troussard est Directeur-adjoint de la Direction de la stabilité financière de la Banque de France, qui produit notamment une évaluation semestrielle des risques et des vulnérabilités présents dans le système financier français publiée dans le Rapport sur la Stabilité Financière. Parmi ses sujets d’analyse, Philippe s’intéresse aux développements de l’ intermédiation financière non bancaire, aux dynamiques des marchés, aux interconnexions entre acteurs financiers, à l’évolution du cadre macroprudentiel, aux effets des innovations disruptives sur le système financier. Philippe est aussi Co-secrétaire général du Haut conseil de la stabilité financière. Avant de rejoindre la Direction de la stabilité financière, Philippe a servi le Comité des paiements et des infrastructures de marché de la Banque des Règlements Internationaux, la Commission des affaires économique et monétaires du Parlement Européen, ainsi que l’Autorité de Contrôle Prudentiel et de Résolution. Philippe a rejoint la Banque de France en 1997 et est diplômé d’HEC.
Nick Hill is a Managing Director and heads the Credit Strategy & Guidance function within the Credit Strategy & Standards division in Moody’s Ratings.
Based in Paris, he joined Moody’s in March 2010, initially heading the France / BeNeLux banking team.
Since then he has managed successively larger teams, led the global revision of Moody’s bank rating methodology, which was published in 2015, and latterly was co-head of the global banking team.
Prior to joining Moody’s, Nick worked as a bank analyst in a variety of roles. These include banking supervision at the Bank of England and Financial Services Authority, where he began his career; sell-side equity research on French banks in a #1 ranked team at Morgan Stanley; rating UK and continental European banks at Standard & Poor’s; and providing balance sheet advice to financial institutions with RBS.
A graduate of Christ’s College, University of Cambridge in the UK, Nick holds an MA in English, a diploma in French, and a postgraduate certificate in Finance from Birkbeck College, University of London.
Yasmina Serghini is a Managing Director in Moody’s Rating's Corporate Finance Group. She manages the teams in Madrid, Milan and Paris that are responsible for investment grade and high yield companies primarily in the TMT, retail, pharmaceutical, healthcare, food, packaged goods, railways and postal services industries.
Since joining Moody’s in 2005, Yasmina has been in charge of the credit ratings of automotive and truck manufacturers, retail, consumer packaged goods companies, including beverages and business services companies. Prior to joining Moody’s, Yasmina worked for Caisse Nationale des Caisses d’Epargne as a credit risk analyst where she had responsibilities for the analysis of companies mainly in the airlines, telecoms and real estate industries as well as aircraft and shipping financings. Yasmina is a CFA charterholder.
She holds a Postgraduate Diploma (“DESS”) in Finance from Institut d’Etudes Politiques de Paris and has a university degree (majoring in Finance) from Dauphine University (Paris). She is fluent in English, French and Moroccan.
Vincent Gusdorf is an Associate Managing Director in the DeFi and Digital Assets team (DFDA), leading Moody’s blockchain technology research. Before joining the DFDA team, Vincent worked for the Innovation and Data Science team, managing several machine learning projects and defining the innovation roadmap.
Vincent worked as a credit analyst for 16 years and covered investment grade and high-yield corporates. He also contributed to developing Moody’s cyber risk expertise in Europe. Before joining Moody’s, Vincent worked at Standard & Poor’s, Exane BNP Paribas, and Ernst and Young.
Vincent is a CFA charter holder and holds a Master of Finance from Sciences Po Paris and a Master of Law from Université Paris II Panthéon-Assas. He is a self-trained programmer and developed his blockchain and machine learning expertise by completing multiple online data science and cloud certifications. Vincent is also a Certified ScrumMaster and a PMI Agile Certified Practitioner (PMI-ACP).
Yasmina Serghini is a Managing Director in Moody’s Rating's Corporate Finance Group. She manages the teams in Madrid, Milan and Paris that are responsible for investment grade and high yield companies primarily in the TMT, retail, pharmaceutical, healthcare, food, packaged goods, railways and postal services industries.
Since joining Moody’s in 2005, Yasmina has been in charge of the credit ratings of automotive and truck manufacturers, retail, consumer packaged goods companies, including beverages and business services companies. Prior to joining Moody’s, Yasmina worked for Caisse Nationale des Caisses d’Epargne as a credit risk analyst where she had responsibilities for the analysis of companies mainly in the airlines, telecoms and real estate industries as well as aircraft and shipping financings. Yasmina is a CFA charterholder.
She holds a Postgraduate Diploma (“DESS”) in Finance from Institut d’Etudes Politiques de Paris and has a university degree (majoring in Finance) from Dauphine University (Paris). She is fluent in English, French and Moroccan.