Credit Trends 2025 - The Netherlands
Global Forces, Local Impacts
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Networking and Coffee Break
Energy Transition Panel
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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 Associate Managing 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.
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.
Georg Zachmann is a senior fellow at Bruegel - an independent economic think tank based in Brussels. At Bruegel he has worked since 2009 on energy and climate policy. His work currently focuses on electricity and carbon markets, energy security and green industrial policy. Georg also acts as the Scientific Lead of the GreenDealUkraїna project to establish an energy and climate think tank in Kyiv. Prior to Bruegel Georg worked at the German Ministry of Finance, the German Institute for Economic Research in Berlin and the energy think tank LARSEN in Paris and as a consultant. Georg holds a doctoral degree in economics.
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 Associate Managing 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.
Colin Ellis is Moody’s first Global Credit Strategist, and a Managing Director in the Credit Strategy team.
In his current role, Colin provides thought leadership for the rating agency that deepens the understanding of ratings and debt capital markets through rigorous and quantitative research. He leads Moody’s teams working on default and ratings analytics and on global financial analysis, including bank projections and stress testing. Colin is also a member of Moody’s Macroeconomic Board, which sets the global forecasts that underpin Moody’s universe of ratings.
Colin joined Moody’s in February 2012, initially leading the work of the Macroeconomic Board and authoring the quarterly Global Macro Outlook. He subsequently worked in the Financial Institutions Group, developing quantitative forward-looking analyses. For 8 years he was the Chief Credit Officer for EMEA, leading analysis and coordination of credit and ratings across all rating franchises in the region. He was also the ‘Head of UK’ for Moody's Ratings, responsible for the running of Moody’s UK operations, from 2019-2022 including the COVID-19 pandemic.
Prior to joining Moody’s, Colin held roles at the Bank of England, Daiwa Capital Markets, the BVCA and at Birmingham University. He has published papers on a range of topics including corporate investment and pricing, credit risk, private equity, data uncertainty, stress testing, financial contagion and monetary policy. Colin holds degrees from York University, the London School of Economics and Political Science, and Middlesex University. He is a Visiting Professor at Hult International Business School and LSBU, and is also a Fellow of the RSA.
Leroy Terrelonge is a Vice President – Senior Analyst in the Moody's Ratings Cyber Risk Group, where he is responsible for creating and executing a cyber-risk analytics and research agenda. He works collaboratively with stakeholders across Moody’s to build cyber datasets and publish timely and relevant research on cyber risk and its impact on financial performance.
Leroy has more than 20 years of risk experience working in government, international education, tech startups and corporates. Prior to joining Moody’s, Leroy led a team of analysts at Flashpoint, a threat intelligence company that researches cyber criminal communities, and previously worked as an analyst at the National Security Agency.
He has been cited in both domestic and international media on cyber risk issues and has presented at cybersecurity conferences around the world. Leroy graduated from the Fletcher School of Law and Diplomacy with a Masters in International Business and holds an A.B. in Near Eastern Languages and Civilizations cum laude from Harvard University. He also served as a Princeton-in-Asia fellow in Almaty, Kazakhstan.
Esther Schagen-van Luit is the Chief Security Advisor for the Netherlands at Microsoft, where she helps Chief Information Security Officers, CIOs, Boards and policymakers from leading private and public organizations in the Netherlands adapt their security strategies and policies to support their business to seize opportunities with digital transformation. Previously she served as the European Principal for the Information Security Forum, Chief Information Security Officer (CISO) of Deloitte Netherlands, Dutch Caribbean, Belgium and Deloitte Legal, and as cybersecurity strategy consultant with Deloitte Netherlands and UK. She takes a special interest in cybersecurity governance of executive and supervisory boards, and diversity and inclusion in the cybersecurity industry.
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 Associate Managing 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.