Siete invitati a unirvi agli analisti di Moody's Ratings presso i nostri uffici il 17 giugno.
Nell’analisi del merito creditizio degli enti territoriali e delle società d’interesse pubblico, il profilo di credito dello Stato costituisce un punto di riferimento essenziale e rappresenta una determinante chiave per l’assegnazione dei rating, in virtù dei molteplici legami istituzionali, operativi e finanziari che intercorrono con lo Stato. Tali legami si manifestano con intensità e modalità differenti a seconda della natura e delle caratteristiche dell’emittente considerato.
In questo quadro, il recente innalzamento del rating dello Stato italiano a Baa2 con prospettive stabili nel novembre 2025 riflette una riduzione del rischio sistemico e un rafforzamento del contesto operativo per gli emittenti italiani, sostenuto anche da una maggiore stabilità politica.
Alla luce di questi sviluppi e delle prospettive future, l’evento si propone come un’occasione di confronto e approfondimento sui fattori del profilo di credito sovrano che influenzano direttamente o indirettamente il merito creditizio degli enti territoriali e delle società d’interesse pubblico
Durante l’incontro, discuteremo i seguenti temi:
- L’analisi del profilo di credito dello Stato italiano, con un focus sulle principali forze e debolezze in termini di merito creditizio, nonché sugli sviluppi più recenti.
- I legami di rischio di credito tra lo Stato e gli enti territoriali, evidenziandone i meccanismi di trasmissione.
- L’influenza della qualità creditizia dello Stato e degli enti territoriali sulle società di interesse pubblico – utilities e societa' infrastrutturali.
- Casi pratici, per mostrare come tali legami possano tradursi in cambiamenti del rating assegnato agli enti del settore pubblico italiano
Speakers
Steffen Dyck
Senior Vice President, Sovereign Risk
Moody's Ratings
Massimo Visconti
Associate Managing Director, Sub-Sovereign
Moody's Ratings
Emanuela Colzani
AVP Analyst, Sub-Sovereign
Moody's Ratings
Federica Carollo
AVP-Analyst, Project & Infrastructure Finance
Moody’s Ratings
Venue
Moody's Italy Office
20124 Milano
Italy
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Steffen Dyck is a Senior Vice President in Moody’s Sovereign Risk Group.
Based in Frankfurt, he is the lead analyst for a portfolio of European sovereigns including Italy and, until recently, Germany.
Steffen is also co-heading the Sovereign group’s ESG work.
Up until early 2018, Steffen was the lead analyst for number of sovereigns and multilaterals in the Middle East, including Egypt and most of the Gulf Cooperation Council members.
Before relocating to Frankfurt in June 2015, Steffen was based in Moody’s Singapore office, where he covered sovereigns in the Asia-Pacific region as well as in the Middle East.
Prior to joining Moody’s in 2012, Steffen worked for more than six years with Deutsche Bank’s Risk Analysis team in Frankfurt and Singapore, covering macroeconomic and sovereign risk analysis across Asia (ex-Japan), Latin America, and Sub-Saharan Africa. He also helped manage the bank’s sovereign rating processes.
In his role as Associate Managing Director, Massimo Visconti leads Moody's EMEA Sub-Sovereign ratings
franchise. He is responsible for a team of 10 analysts covering a diversified portfolio of over 120 regional and
local governments and government-related issuers across the EMEA region.
Massimo provides strategic direction for analytical coverage and rating quality, chairs and participates in key
rating committees, and is a signing officer on published rating actions and research. He regularly represents
Moody's at conferences and external events and engages with market participants and public sector
stakeholders across the region.
Massimo joined Moody's in 2006 and has held positions of increasing responsibility within the sub-sovereign
group, building extensive expertise across European regional and local governments and government-related
entities.
Prior to joining Moody's, Massimo was a senior analyst at Natixis Corporate and Investment Bank in Paris,
where he was responsible for rating advisory activities focused on Italy. Earlier in his career, he gained broad
international experience covering regional and local governments and government-related issuers across
several European countries at Standard & Poor's.
Massimo began his professional career in Italy's financial sector, holding roles in leading financial institutions,
including positions in financial controlling at Reuters and Hewlett-Packard.
He holds an MBA from Bocconi University in Milan and university degrees in Economics and Political
Science, with a focus on macroeconomics and international finance. He is fluent in English, German, and
French.
Emanuela Colzani is an AVP in Moody’s Sub-Sovereign Group, where she holds lead analytical responsibilities for ratings on a diverse portfolio of regional and local governments and government-related issuers in Italy, France, and Belgium.
Before joining Moody’s in 2020, Emanuela worked for nearly seven years as credit risk analyst at SFIL, covering the Italian public sector. She began her career at Ernst & Young as a public sector consultant, following an initial professional experience at the European Parliament.
Emanuela holds both a Bachelor’s and a Master’s degree from Bocconi University in Milan and studied at Sciences Po, Paris, as part of the Erasmus programme
Federica Carollo is an AVP-Analyst in Moody’s EMEA Infrastructure Finance team, based in Milan. She is responsible for a portfolio of Italian and Southern European utilities across different sectors including regulated energy and water networks, multi-utilities and unregulated electric and gas utilities.
Moody’s has a leading global Infrastructure Finance franchise, rating some US$2.8 trillion of corporate and project finance securities. Our team of 148 analytical staff covers more than 2,700 public and private sector infrastructure issuers globally. Moody’s EMEA team of 48 infrastructure specialists is responsible for rating around 330 issuers with approximately US$756 billion in debt outstanding. Moody’s Investors Service covers a total of more than 35,000 issuers and structured finance transactions worldwide, representing more than US$73 trillion in rated debt.
Federica has gained experience as a credit analyst, across a wide range of sectors, over more than 10 years in the banking and financial services industry. Prior to joining Moody’s Infrastructure Finance team in Milan in September 2022, Federica was a director in the debt and ratings advisory team of Intesa Sanpaolo. She started her career at Moody’s, where she was part of the Corporate Finance Group, covering a portfolio of transportation companies in EMEA.
Federica holds a MSc in International Economics and Finance from Università degli Studi di Milano. She is fluent in English and Italian.