Roxana Munoz is responsible for a diverse portfolio in Latin America, including Mexico, Colombia, and Peru. Her portfolio covers states, municipalities, water companies, public universities, toll roads, airports among other infrastructure assets. Prior to joining Moody’s in February 2007, Roxana gained financial analysis experience at the Instituto Tecnológico y de Estudios Superiores de Monterrey, where she was responsible for the analysis of three campi. Also, she was an internal auditor at L’Oreal México. Roxana holds a Master on Finance and a Bachelor on Accounting and Finance (Honors) of Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM). She also studied at St. Edward’s University in Austin, Texas.

Renzo joined Moody’s in 2011 and is a lead analyst for sovereign and supranational ratings in Latin America. His portfolio includes Mexico and Peru, and previously covered other credits including Colombia and Panama. He is also the lead analyst for CAF and CABEI.
Renzo regularly publishes research and presents at Moody’s regional events and webinars on credit-relevant issues affecting the Latin American region. He also presents at external conferences and media engagements related to his
portfolio and research. He graduated from New York University with an MA in Economics and holds a BA in Economics, with a minor in Political Science, from the University of Pennsylvania.

Paloma San Valentin is Managing Director – US and Americas for the Corporate Finance Group (CFG) at Moody’s Ratings, based in New York, overseeing the development of rating opinions and research on corporates in the region. Paloma previously served as Co-Head for US and Americas CFG. From 2010 to 2014, she was a Managing Director in CFG in London, where she was in charge of the analytical teams covering a diverse portfolio of mostly consumer-facing industries including telecom, media, airlines, food processors, real estate, packaged goods, or business services. Paloma joined Moody’s in the summer of 2008, bringing 15 years of international corporate credit and banking experience. Prior to joining Moody’s, Paloma was Country Credit Risk Officer for Bank of America in Spain and responsible for the bank’s Iberian corporate credit portfolio and French general industrial clients. During her career, Paloma also spent three years at Credit Suisse, in different credit risk and investment banking capacities. Ms. San Valentin holds an MBA from Instituto de Estudios Superiores de la Empresa (IESE), Barcelona, Spain, and a BA in Business and Economics from the Free University of Brussels, Belgium.

Karen is a Managing Director in Corporate Finance and Head of North America Industrials and Commodities. She oversees multiple analytical teams across the US and Canada and leads business strategy, market engagement, and thought leadership. Karen plays a key role in shaping Moody’s AI and digital strategy and integration into analytical and business processes. She brings more than 20 years of public and private financial markets experience.

Prior to this role, Karen managed sector teams rating investment grade and high yield issuers covering industrials, materials, services and asset-intensive sectors. She also led global analytical forums and research councils, driving consistency around industry fundamentals, global credit conditions, and ESG-related themes. Karen is recognized as a change leader, having spearheaded initiatives related to Agentic and Generative AI adoption and cross-functional innovation within Moody’s. She is an active coach and mentor for managers, analysts, and other colleagues. Karen is also a member of the Women’s and Generational Business Resource Groups.

Prior to joining Moody’s, Karen worked at ING Realty Partners as Principal, Portfolio Manager and Director of Investor Relations. Before that, she worked at The Mutual Life Insurance Company of New York as an asset manager for distressed loans and foreclosed assets. Karen has served as Chairwoman of the Board and President for the New York Commercial Real Estate Women Network. She has also served as a Board Member and Treasurer of the Riverside Symphony. Karen holds a Bachelor of Science degree in Accounting from Indiana University’s Kelley School of Business and is a Certified Public Accountant.

Pete Speer is an Executive Director within the Corporate Finance Group. He is responsible for leading the Oil and Gas Team, which includes a portfolio of investment grade and high yield energy companies spanning integrated oil and gas, exploration and production, drilling, oilfield services, refining and midstream.

Prior to his current role, Pete was a Senior Vice President in the Oil and Gas Team, covering a diverse portfolio of large companies across the entire ratings spectrum and oil and gas value chain. He also served as a ratings chair and led many initiatives within the team. He joined Moody’s in 2003 in the Accounting Specialists Group, working alongside oil and gas rating analysts and helping them to assess the reliability and quality of companies’ financial reporting and controls. Before joining Moody’s, Pete was a senior manager in the national office of PricewaterhouseCoopers LLP. For two years he consulted with audit engagement teams on a variety of complex financial accounting and reporting issues. Prior to his assignment in the national office, Pete was resident in the Houston office and served as the audit engagement senior manager for several multi-national energy industry clients. Pete is a Certified Public Accountant and is licensed in Texas and Michigan. Pete graduated from the University of Michigan with a Bachelor of Business Administration

Emile El Nems is a Senior Vice President on the Technology, Media and Telecommunications Team covering a portfolio of investment grade and high yield issuers in a number of verticals, including social media, diversified telecommunication service providers, media, entertainment and interactive media services.

Prior to his work on the Technology, Media and Telecommunications Team, Emile covered issuers on the Homebuilding, Building Materials and Packaging Team. Prior to joining Moody’s in 2019 as a VP-Lead Analyst, Emile was a portfolio manager at a large US hedge fund for five years and a managing director responsible for a Technology, Media and Telecommunications portfolio at a European hedge fund for seven years.

Before his asset management experience, Emile was a principal in the Investment Banking Group at Thomas Weisel Partners and a team leader in the Investment Banking Group at Banc of America Securities covering global wireline and wireless telecommunications, cable, and media companies. Emile received his MBA in finance from Columbia University and BS in Chemical Engineering from Stevens.

Elena Nadtotchi is a Senior Vice President in Moody’s Energy Team and a lead analyst on a portfolio of investment-grade and high-yield energy companies. Elena is an experienced credit professional with sound risk judgement, underpinned by 20+ years of investment and rating portfolio management. She is also an energy industry expert with extensive experience in other key commodities markets. Elena is Moody’s coordinator for oil and gas price assumptions and a leading contributor to credit and industry-focused research and an expert presenter at various investor and industry forums and media.

Before moving to New York in 2017, Elena was based in London. She rotated coverage of various commodity sectors, including North American energy companies and energy infrastructure (since 2017), EMEA Integrated Oil and Gas and Mining; and EMEA chemical, nutrition and nuclear energy services industries. She also helped to initiate rating coverage in industrial and commodity sectors as Moody’s expanded in the emerging markets, including through support of acquisitions by Moody’s. Elena is a co-author of Moody's Integrated Oil and Gas rating methodology and was a coauthor of earlier Chemicals and Metals and Mining industry methodologies in previous years.

Before joining Moody’s, Elena worked as a project finance and corporate banker for various international banks. She started her career at the European Bank for Reconstruction and Development in London, where she originated financing for the roll out of telecom infrastructure in Central Europe, as well as infrastructure projects in EMEA and Central Asia. Elena’s first degree is in Applied Mathematics, and she also holds MA degree in Economics and MSc degree in Investment Management.

Ryan Wobbrock is a Senior Vice President in the Global Infrastructure Finance Group at Moody’s Ratings. His responsibilities include conducting industry research and supporting the credit analysis of various U.S. electric utility companies. Prior to joining the Utilities Group as a Senior Associate in December 2004, Ryan worked at Moody’s in the Public Finance Group and spent time in Investment Accounting at Ambac Financial Group. Ryan graduated as an Honors Program Participant and holds a Bachelor’s Degree in finance and a Bachelor’s degree in Accounting from Colorado State University.

Sajjad Alam is a Senior Vice President within Moody’s Corporate Finance Group in New York covering a portfolio of mostly high-yield E&P, midstream, drilling and oilfield services companies. Sajjad joined Moody’s in 2006 and spent the first two years analyzing companies in the North American metals and mining industry and the paper and forest product industry as a support analyst. 

Prior to joining Moody’s, Sajjad was a Senior Manager at Scotiabank’s Global Risk Management Group in Toronto responsible for revamping the bank’s risk assessment framework. Previous to that, he held various analytical and management reporting positions at Deutsche Bank, The Bank of New York and Morgan Stanley. Sajjad has an MBA in Finance from York University in Toronto, and a B.S. in Accounting and Economics from The University of Tennessee at Knoxville. He is also a CFA charter holder and a Certified Public Accountant. 

John Thieroff is a Vice President in Moody’s Oil and Gas Team, currently assigned to Moody’s ESG initiative. His ESG efforts are focused on carbon transition risk for sectors within the Corporate Finance Group that are considered to have significant exposure.

Prior to joining Moody’s, John worked for more than 20 years in energy credit in a variety of capacities including commercial lending at Chemical Bank and Christiania Bank, as a Director in Standard & Poor’s Oil and Gas group and as a Ratings Advisor at GE Capital. He also advised on transfer pricing for multi-national oil companies as an independent consultant.

John graduated with a Bachelor of Science in Finance from Central Michigan University and has a Master of Business Administration from the University of Toledo.

Amol Joshi joined the Oil and Gas Team at Moody’s in early 2014. He is the lead analyst on a portfolio of high yield and investment grade companies focused on exploration and production, refining and marketing, midstream and oilfield services.

Amol brings 20 years of banking, buy-side and corporate finance experience to Moody’s having begun in the energy investment banking group at Jefferies & Company in Houston, TX. He has also worked in the energy groups at Banc of America Securities and Macquarie Group, as well as in asset management at Henry Kaufman & Company, investing in corporate securities and commodities.

Amol holds a Bachelor of Mechanical Engineering degree from the University of Bombay and a graduate degree in Finance from the Tepper School of Business at Carnegie Mellon University. Amol is a Chartered Financial Analyst and member of the CFA Institute.

Gavin MacFarlane is a Vice President in Moody’s Global Project and Infrastructure Finance Group where he covers a diverse portfolio of pipelines, regulated gas and electric utilities and power companies. Some of the more topical names in the portfolio include Enbridge, TransCanada Pipelines and TransAlta. Gavin joined the Moody’s team in September of 2013.

Prior to joining Moody’s Gavin was an Associate Director at Standard and Poor’s in Toronto where he was the primary analyst on companies in the Canadian pipeline, utilities and power sectors.

Gavin holds an MBA from the University of Western Ontario’s Richard Ivey School of Business and a Bachelor of Commerce (Honors) from Queen’s University.

Sajjad Alam is a Senior Vice President within Moody’s Corporate Finance Group in New York covering a portfolio of mostly high-yield E&P, midstream, drilling and oilfield services companies. Sajjad joined Moody’s in 2006 and spent the first two years analyzing companies in the North American metals and mining industry and the paper and forest product industry as a support analyst. 

Prior to joining Moody’s, Sajjad was a Senior Manager at Scotiabank’s Global Risk Management Group in Toronto responsible for revamping the bank’s risk assessment framework. Previous to that, he held various analytical and management reporting positions at Deutsche Bank, The Bank of New York and Morgan Stanley. Sajjad has an MBA in Finance from York University in Toronto, and a B.S. in Accounting and Economics from The University of Tennessee at Knoxville. He is also a CFA charter holder and a Certified Public Accountant. 

James Wilkins is a lead analyst at Moody’s Ratings responsible for a portfolio of oil and gas companies, including exploration and production (E&P) companies, mid-stream energy companies, and oilfield service companies.

Prior to joining Moody’s in 2005, James worked at Merrill Lynch as an analyst and has previously worked in the chemical and pharmaceuticals industries in various financial and manufacturing positions.

James holds a bachelor of science degree in mechanical engineering from Northwestern University and an MBA from Columbia Business School. He is also a CFA charterholder.

John Thieroff is a Vice President in Moody’s Oil and Gas Team, currently assigned to Moody’s ESG initiative. His ESG efforts are focused on carbon transition risk for sectors within the Corporate Finance Group that are considered to have significant exposure.

Prior to joining Moody’s, John worked for more than 20 years in energy credit in a variety of capacities including commercial lending at Chemical Bank and Christiania Bank, as a Director in Standard & Poor’s Oil and Gas group and as a Ratings Advisor at GE Capital. He also advised on transfer pricing for multi-national oil companies as an independent consultant.

John graduated with a Bachelor of Science in Finance from Central Michigan University and has a Master of Business Administration from the University of Toledo.

Jake Leiby is a Vice President on the Moody’s Oil & Gas team in New York, responsible for a portfolio of high yield exploration and production, midstream, and oilfield services companies.

Jake has been a published energy-focused credit analyst since 2009 and most recently served as a senior analyst at CreditSights, Inc., where he was responsible for commodity price forecasting and publishing credit-focused research on integrated oil, exploration and production, and oilfield services companies as well as Latin American National Oil Companies.

Jake holds a BA in Economics from Colby College and is a CFA Charterholder.

Giancarlo Rubio joined the Oil and Gas team at Moody’s in December 2023. He is the lead analyst on a portfolio of high yield and investment grade companies. Giancarlo brings more than 15 years of experience in credit and financial analysis with a focus on Natural Resources credits. Most recently, Giancarlo held credit risk management roles at Citibank and Goldman Sachs, where he underwrote leveraged loans and asset-based financing and had credit authority to approve corporate derivatives and commodity trades.

Giancarlo has a Master’s degree in Business Administration from the McCombs School of Business at the University of Texas at Austin. He also has a Bachelor’s degree in Business Administration and Accounting from Universidad del Pacifico in Lima, Peru.

Roxana Munoz is responsible for a diverse portfolio in Latin America, including Mexico, Colombia, and Peru. Her portfolio covers states, municipalities, water companies, public universities, toll roads, airports among other infrastructure assets. Prior to joining Moody’s in February 2007, Roxana gained financial analysis experience at the Instituto Tecnológico y de Estudios Superiores de Monterrey, where she was responsible for the analysis of three campi. Also, she was an internal auditor at L’Oreal México. Roxana holds a Master on Finance and a Bachelor on Accounting and Finance (Honors) of Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM). She also studied at St. Edward’s University in Austin, Texas.

Amol Joshi joined the Oil and Gas Team at Moody’s in early 2014. He is the lead analyst on a portfolio of high yield and investment grade companies focused on exploration and production, refining and marketing, midstream and oilfield services.

Amol brings 20 years of banking, buy-side and corporate finance experience to Moody’s having begun in the energy investment banking group at Jefferies & Company in Houston, TX. He has also worked in the energy groups at Banc of America Securities and Macquarie Group, as well as in asset management at Henry Kaufman & Company, investing in corporate securities and commodities.

Amol holds a Bachelor of Mechanical Engineering degree from the University of Bombay and a graduate degree in Finance from the Tepper School of Business at Carnegie Mellon University. Amol is a Chartered Financial Analyst and member of the CFA Institute.

Jonathan Teitel is a Vice President on Moody’s Oil and Gas Team covering a portfolio that includes exploration and production, refining, midstream, and oilfield service companies. He joined Moody’s Corporate Finance Group in 2012. Prior to Moody's, he worked at Barclays Capital and Goldman Sachs. He has a BS and MBA from New York University Stern School of Business.

Elena Nadtotchi is a Senior Vice President in Moody’s Energy Team and a lead analyst on a portfolio of investment-grade and high-yield energy companies. Elena is an experienced credit professional with sound risk judgement, underpinned by 20+ years of investment and rating portfolio management. She is also an energy industry expert with extensive experience in other key commodities markets. Elena is Moody’s coordinator for oil and gas price assumptions and a leading contributor to credit and industry-focused research and an expert presenter at various investor and industry forums and media.

Before moving to New York in 2017, Elena was based in London. She rotated coverage of various commodity sectors, including North American energy companies and energy infrastructure (since 2017), EMEA Integrated Oil and Gas and Mining; and EMEA chemical, nutrition and nuclear energy services industries. She also helped to initiate rating coverage in industrial and commodity sectors as Moody’s expanded in the emerging markets, including through support of acquisitions by Moody’s. Elena is a co-author of Moody's Integrated Oil and Gas rating methodology and was a coauthor of earlier Chemicals and Metals and Mining industry methodologies in previous years.

Before joining Moody’s, Elena worked as a project finance and corporate banker for various international banks. She started her career at the European Bank for Reconstruction and Development in London, where she originated financing for the roll out of telecom infrastructure in Central Europe, as well as infrastructure projects in EMEA and Central Asia. Elena’s first degree is in Applied Mathematics, and she also holds MA degree in Economics and MSc degree in Investment Management.

Thomas Le Guay is a Vice President on Moody’s Oil and Gas Team covering a portfolio that includes exploration and production, midstream, and oilfield service companies. He is a member of Moody’s ESG working group and has a variety of responsibilities in support of the firm’s expanding ESG efforts. Thomas joined Moody’s Corporate Finance Group in 2013. He has a MS in Financial Analysis from University of San Francisco and is a CFA charter holder.

Whitney Leavens is a Vice President in Moody’s Corporate Finance Group based out of Toronto since 2018, covering the Canadian oil & gas and chemical sectors.  Previously, she covered a diverse portfolio of companies operating across various sectors in the US and Canada and was responsible for regional leveraged finance research. 

Whitney joined Moody’s in Mexico City in 2010, initially supporting the finance department as a Staff Accountant. In 2013, she transferred to CFG, supporting coverage of companies operating both within Mexico and in over a dozen countries in Latin America as an Associate Analyst.  

Before joining Moody’s, Whitney worked at Leggett & Platt, first at corporate headquarters in Missouri and later in Mexico City, specializing in translations and finance, respectively. Whitney holds a BS in Business Administration and a BA in Spanish from Missouri Southern State University and a Graduate Certificate in Accounting from the University of Phoenix. As a student, she studied at Universidad de Las Americas in Santiago, Chile and completed an internship with the US State Department in Mexico City.

Gavin MacFarlane is a Vice President in Moody’s Global Project and Infrastructure Finance Group where he covers a diverse portfolio of pipelines, regulated gas and electric utilities and power companies. Some of the more topical names in the portfolio include Enbridge, TransCanada Pipelines and TransAlta. Gavin joined the Moody’s team in September of 2013.

Prior to joining Moody’s Gavin was an Associate Director at Standard and Poor’s in Toronto where he was the primary analyst on companies in the Canadian pipeline, utilities and power sectors.

Gavin holds an MBA from the University of Western Ontario’s Richard Ivey School of Business and a Bachelor of Commerce (Honors) from Queen’s University.