Collateralized Loan Obligations (CLOs)
Proposed Methodology Update (Request for Comment)
Moody’s Ratings reviews the recent updates to the global CLO rating methodology, published 5 June 2026, outlining key changes, drivers, and potential rating implications.
Discussion topics include:
- Overview of the Request for Comment for proposed methodology update
- Which factors contributed to the proposed change to our default probability stresses?
- What resulted in the proposed additional modeling analysis based on actual portfolios and how will it work?
- What is the model indicative rating impact from the proposed updates?
Register now to tune in and form part of the conversation.
Speakers
Jian (Jay) Hu
Managing Director, Head of Americas Corporate Structured Finance
Moody's Ratings
Ian Perrin
Associate Managing Director, Structured Finance
Moody's Ratings
Al Remeza
Associate Managing Director, SFG/CLOs & Structured Credit
Moody's Ratings
George Zittis
Vice President-Senior Credit Officer, Credit Strategy & Standards
Moody's Ratings
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Jay Hu leads the structured finance teams responsible for new ratings, surveillance and research on CLOs, Corporate and Novel ABS, structured credit, and ABCP in the Americas. Additionally, he is a key member of the Private Credit Group, overseeing all structured deals related to private assets. Jay is a member of Moody’s Decentralized Finance and Digital Assets leadership team and also chairs Moody’s global structured finance surveillance council. At Moody’s for over two decades, Jay has held a series of leadership roles of increasing scope and responsibility.
Prior to joining Moody’s, Jay was a senior economist at FannieMae, where he researched mortgage portfolio risk. He also authored academic research on the relationship between job markets and capital markets which appeared in the Journal of Finance.
Jay holds a Ph.D. in Finance from the University of Minnesota’s Carlson School of Management, and a bachelor’s degree from Tsinghua University’s School of Economics and Management.
Ian is an Associate Managing Director within the Structured Finance Group with primary responsibilities of managing the team in charge of monitoring Corporate Securitization transactions which include CLOs, ABS SMEs, ABCP, Repacks and CMBS.
Ian joined Moody’s in August 2001 and was lead analyst on rating various types of CDOs and Consumer ABS structures until April 2013 when he moved to his current role.
Prior to joining Moody’s, Ian worked at CDC Marches (now Natixis) as a Risk/Result Analyst.
Ian holds a Master’s Degree in Structured Finance from Université de Paris I (Pantheon-Sorbonne) and a Global Executive MBA from TRIUM (HEC Paris / NYU Stern / LSE).
Al Remeza is an Associate Managing Director and Head of the CLO and Structured Credit new rating team with Moody's Ratings. He is also the managing editor for Moody’s CLO Interest newsletter.
Prior to joining Moody’s, he was a Senior Consultant at one of Mercer’s financial advisory consulting groups. His clients were financial institutions such as major investment banks, reinsurance, and insurance companies, energy and commodities trading firms, quasi-government agencies, and numerous other Fortune 500 firms.
His other experiences include working for Credit Suisse First Boston and Alliance Capital. He earned an MA in Economics, a BS in Economics, and a BS in Engineering and did his doctoral work in finance while at the Wharton School of the University of Pennsylvania
George Zittis is a Vice President – Senior Credit Officer in the Credit Strategy and Standards Group at Moody’s Investors Service and he is based in London.
He joined Moody’s in 2005 and is currently involved in methodology development. Prior to his current role, he spent several years with the rating group responsible for structured finance ratings, with a focus on European CLOs.
George holds a Bachelor of Science in Actuarial Science from the London School of Economics and Political Science and a Master of Science in Financial Mathematics from the Business School of Warwick University.