Karen joined Moody's in 2004 in its New York office, where she worked as a corporate

credit analyst for over 10 years, primarily focused on leveraged finance, before

transferring to Moody's methodology development group. In that role she lead and

contributed to the development of methodologies across ratings groups and industry

sectors and established the group's presence in Europe with her move to Frankfurt in

February 2018. She returned to CFG as an Executive Director in September

2021.

Prior to Moody’s, Karen worked at a high yield brokerdealer, at National Australia

Bank Limited, and in market research for Barron’s magazine. She also participated in a

volunteer service program in Kingston, Jamaica, for one year. Karen graduated magna

cum laude from The University of Notre Dame with a B.A. in English. She is a CFA

charterholder.

Lucia Lopez is the Executive Director, Global Head of Credit in Moody’s Ratings Sustainable Finance group.

In her role, Lucia manages a global team of talented analysts responsible for developing and implementing initiatives to transparently integrate the impact of environmental, social, and governance considerations into credit ratings, analytics, research and outreach. This includes building data platforms, tools, and insights to assess the credit impact of these considerations in Moody’s Ratings rated universe.

The team also produces thematic research that continue to cement Moody's Ratings' thought leadership in Sustainable Finance and lead related outreach efforts with regulators, investors, and other market participants.

Lucia frequently represents the firm as a speaker through conversations with investors, policymakers and other market participants around the world.

Lucia brings multi-disciplinary expertise through past positions as a senior credit officer and senior underwriter in leading investment banks.

Before moving to the Sustainable Finance team, Lucia was a lead analyst in the EMEA Corporate Finance Group since 2018.

Prior to Moody’s, Lucia held several roles over 15 years at a number of banks including Deutsche Bank and Barclays, specializing in  leverage finance, commodities and natural resources.

Lucia holds a Masters in European Law from the Université Libre de Bruxelles.

Annick joined De Nederlandsche Bank (DNB) in 2016. She previously worked as a policy advisor in the Pensions Department and as a supervisory specialist in Insurance Supervision. Since 2023, she has been part of DNB’s Financial Stability Division, where she currently works as a Principal Economist.

In this role, she coordinates DNB’s Financial Stability Review and focuses on systemic risks and potential transmission channels across the financial system. Her work focuses in particular on private markets and institutional investors, including pension funds and insurers, as well as on interlinkages between banks and non-banks through private markets.

Annick holds a bachelor’s degree in Econometrics and a master’s degree in Quantitative Finance and Actuarial Sciences from Tilburg University. She holds a PhD in Finance from Maastricht University.

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.

Benjamin is a Senior Vice President in the European Insurance team, based in Paris. He has primary analytical responsibility for a number of insurance groups in Europe, covering or having covered insurers and reinsurers in France, the UK, Germany, Italy, Spain, Switzerland, the Benelux or in the CIS countries. He is also responsible for the analytical team covering insurers operating in the Middle East region. Prior to joining Moody’s in 2006, Benjamin worked for l’Autorité de Contrôle des Assurances et des Mutuelles (the French insurance supervisory authority) and l’Autorité des Marchés Financiers (the French financial markets supervisory authority). Member of French Actuarial Association. Degrees in Finance and Actuarial Science (ENSAE) and Finance and Economics (Ecole Polytechnique). Fluent in French.

Olivier Chemla is a Vice President in Moody’s Credit Strategy and Standards Group. Based in Frankfurt, he works with the EMEA Chief Credit Officer on ensuring rating consistency across different asset classes. He was a lead analyst for a portfolio of European sovereigns and multilateral institutions between 2018 and 2025. Prior to joining Moody’s in 2018, Olivier served as Chief economist in the French business association for large companies (Afep) for six years. Olivier started his career in the French public administration, holding various positions in the ministries for Labour, Health and Economics. He was appointed Special Adviser to the Minister for the Budget, Public accounts and the State reform in the summer of 2011.

Zoe is a Vice President in the Sovereign and Sub-Sovereign rating group where she leads credit analysis, research and investor outreach across public-sector and non-profit issuers including multilateral development banks, blended finance funds, mass transit operators, universities, housing associations, endowed foundations and local governments. Zoe also leads on cross-functional research initiatives on transition finance, climate resilience, and natural catastrophe risk.

Prior to Moody’s, Zoe was an Associate Director at Arup where she advised public and private funders, developers and operators of major urban development and infrastructure projects and programmes. She advised on business cases, impact assessments, feasibility studies and business plans for a wide range of projects and programmes in the urban realm including: energy efficiency and renewable energy, arts, culture, entertainment and leisure, placemaking and a broad range of transport and local movement projects.

She has a Masters of Public Administration in Public Economics and Policy from the London School of Economics and Political Science, is a Fellow Chartered Accountant of the Institute of Chartered Accountants, and has a BA Hons in History from the University of Birmingham.

Guillaume Lucien-Baugas joined Moody’s in September 2007 and is based in Paris in the Financial Institutions Group where he has responsibilities for rating a number of banks in France and the Benelux. Prior to joining the Financial Institutions Group, he was part of the Structured Finance Group at Moody’s, rating CDO and CLO transactions. 

He started his career in asset management at Eiger Capital Limited in London, where he was a senior credit analyst in the fixed income markets.

Mr. Lucien-Baugas holds a masters degree in Finance and Management from Dauphine University (Paris IX) and a postgraduate certificate in Finance from ESCP Europe. He is a CFA Charterholder.

Vittoria is a lead analyst in Moody’s Global Emerging Markets team, based in London. She is responsible for identifying and analysing macroeconomic, sovereign, and corporate thematic trends across a broad range of emerging market economies, and plays a key role in formulating and communicating Moody’s house views on emerging markets.

Prior to joining the Global Emerging Markets team, Vittoria was part of Moody’s EMEA team within Credit Strategy and Research, where she contributed to the analysis of European sovereign credit profiles.

Vittoria holds a Master’s degree in Economics from the University of Bologna, where she graduated with distinction, and a Bachelor’s degree in Economics and Finance from Utrecht University.