Credit Trends 2025 - The Netherlands
Global Forces, Local Impacts
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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.
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.
Petter Bryman is a Vice President – Senior Analyst with Moody’s Sovereign Risk Group, based in Frankfurt. He is the lead analyst for a number of European sovereigns, mainly in the Baltics and Central and Eastern Europe. Prior to joining Moody’s in February 2018, Petter served as a Desk Officer with the Budget Department of the Swedish Ministry of Finance for seven years, where he functioned as the lead analyst for fiscal policy across a number of different policy areas, including the public pensions system, social insurance, migration and integration policy as well as EU budget policy. Petter also previously worked on EU and international affairs at the Swedish Ministry of Enterprise, Energy and Communications as well as a political advisor at the European Parliament in Brussels and Strasbourg. Petter holds a BA in Politics, Philosophy and Economics from the University of Oxford and a Master in Public Administration from the John F Kennedy School of Government at Harvard University.
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.
Lucia Lopez is the 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.
Michael has extensive experience in finance, business management, investor relations, and executive roles. He has worked in various finance positions at LANXESS, a leading specialty chemicals company in Germany. He led departments such as investor relations, corporate finance, and controlling, and served as CFO and board member before joining Nobian. Prior to LANXESS, Michael worked in investor relations at Airbus and MAN Group. He holds a master’s degree in business administration from Philipps-Universität Marburg.
Jan van Esch has been the corporate treasurer of Gasunie since November 2021, responsible for treasury, insurance, tax, subsidies and the corporate finance activities. He joined Gasunie in 2007, starting at the treasury front office and dealing with all kind of financing activities like project and acquisition finance.
Thereafter, he had different roles in Business development and Participations, dealing amongst others with the development of LNG projects in Germany and the governance of BBL, the offshore natural gas pipeline between the Netherlands and the UK. The last two years before becoming the corporate treasurer, he was the manager finance of Gasunie Deutschland and responsible for accounting, control, invoicing, procurement and commercial regulation.
Before joining Gasunie in 2007, Jan worked for 12 years in the banking industry in various positions.
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.
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.
Leroy Terrelonge is a Vice President – Senior Credit Officer in the Moody's Ratings Cyber Credit Risk Group, where he is responsible for creating and executing the group's research and outreach agenda. He works collaboratively with stakeholders across Moody’s to build and assess 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 cybercriminal communities, and previously worked as an analyst at the National Security Agency. e 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 and serves on the board of this organization. He is an avid touch rugby referee.
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.