Hidden Leverage, Real Risk:
How structured Private Credit is changing corporate credit (APAC Edition)
Structured private credit investments are moving rapidly into the mainstream, blurring the line between debt and equity — and quietly reshaping credit risk. This session explores how evolving structures are forcing a rethink of traditional credit metrics, investment grade capital structures, and risk governance.
Discussion topics include:
- Assessing the credit impact of structured investments on corporate credit risk
- Evolution of the private credit market and what we are seeing
- Evaluating risk in back leverage
- The relationship between back leverage and corporate credit risk
Register to attend live or access the replay on-demand at your convenience.
Speakers
Jessica Gladstone
Managing Director - Credit Strategy & Guidance Group
Moody's Ratings
Ray Tay
Associate Managing Director, Project & Infrastructure Finance
Moody's Ratings
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Jessica Gladstone is a Managing Director in the Credit Strategy & Guidance group at Moody’s, and the head of Credit Guidance, where she leads a team of Group Credit Officers. The team monitors ratings quality and consistency globally and across all ratings groups and provides guidance and transparency on complex and emerging credit topics. Before joining Credit Strategy & Guidance Jessica managed several ratings teams within the Corporate Finance Group, including industries such as aerospace & defense, manufacturing, healthcare and pharmaceuticals.
Before joining Moody’s in 2006, Jessica performed sell-side equity research for BMO Capital Markets with a focus on the healthcare and medical device sectors. Prior to that, Jessica worked at McKinsey & Co. in the Corporate Finance Group, providing valuation analysis and management consulting services to corporate clients.
Jessica graduated with honors from Vassar College with a dual degree in biology and French. She is also a designated CFA-charter holder.
Ray Tay is a Associate Managing Director in Moody’s Project and Infrastructure Finance Group. Based in Singapore, Ray covers project finance, transport, utilities and other infrastructure credits in Southeast Asia and India. Ray also authors research and conducts outreach focused on topics such as project bonds and the role of funding diversity and credit enhancement in bridging the infrastructure gap, particularly in emerging markets. Ray is also a member of Moody’s APAC ESG Working Group.
Before joining Moody’s in 2012, Ray was a Director with the Global Infrastructure & Projects Group in KPMG. Ray has also worked as a Senior Business Analyst with the Singapore Power Group, focusing on regulatory economics in each of its principal local operating subsidiaries.
Ray holds a Bachelor’s in Economics with honors from the National University of Singapore.