Hidden Leverage, Real Risk:
How structured Private Credit is changing corporate credit (EMEA/Americas 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
Speakers
Jessica Gladstone
Managing Director - Credit Strategy & Guidance Group
Moody's Ratings
Kevin Maddick
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.
Kevin Maddick joined Moody’s in 2017, and has responsibility for a team of analysts covering project finance and infrastructure in EMEA. He has extensive experience in the financing of infrastructure and energy assets, as debt provider, as equity investor, and as financial advisor. He has structured, arranged or advised on over 200 project, secured corporate and asset financings globally. Kevin has also acted as Board Director of a portfolio of operating companies and of an investment holding company. Kevin was previously Head of Infrastructure and a Managing Director at NatWest, leading origination, execution, and financial modelling teams for debt, equity and advisory, during a 17-year period with the bank. Before that Kevin was responsible for new equity investments for 3 years whilst at Balfour Beatty Capital. Kevin spent the early 10 years of his career with Peninsular and Oriental Shipping, chartering tanker and dry bulk vessels worldwide, and in ship sale, purchase, financing and leasing, based in Europe and Asia. Kevin is a CFA Charterholder, a Chartered Management Accountant, a Chartered Shipbroker, and has an MA in Geography from Oxford University.
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