Credit Trends 2025 - Spain
Global Forces, Local Impacts
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| Juan Pablo Soriano joined Moody’s Investors Service in London in 1994. He is currently based in Madrid as Managing Director of EMEA Covered Bonds and global Covered Bond coordinator. He is also the country manager for Spain and Portugal. Prior to joining Moody’s, Mr Soriano had various responsibilities first at a Stock Broker Agency and then in the New York branch of the Banco Central Hispanoamericano back in 1988, holding diverse positions as Money Market Manager, Assistant Vice President in the Loan & Investment Department and Vice President in the Trade Finance Department. In 1993 he was transferred to Madrid as Vice-President of the Fixed Income Department. Mr Soriano is a graduate in Law by the Universidad Complutense of Madrid, Spain, and holds an MBA in Finance by the Leonard Stern School of Business (NYU). |
Sarah has been the lead analyst for most countries in the European Union, and is also a former lead analyst for the United States. She is currently the lead analyst for France and Italy, among other European countries. She is also one of the Sovereign Risk Group’s global spokespeople.
She joined Moody’s in 2009 after completing a Sloan Fellowship at the London Business School. Prior to this academic sabbatical, she spent seven years at the Financial Services Authority in London where she headed the regulator’s Risk Analysis area and acted as its chief macroeconomist. Before joining the FSA, she worked in Dun & Bradstreet’s Economic Analysis Group for six years, where she was the organisation’s Deputy Chief Economist.
She holds an MA in European Studies (with a concentration in Economics and Finance) from the Elliott School of International Affairs at the George Washington University in Washington, DC and an AB with a double major in Government and History from Dartmouth College in Hanover, New Hampshire in the United States. She is a CFA Charterholder and is co-chair of the Macroeconomic Committee of the CFA Society France. She is a dual citizen of the United Kingdom and the United States and is based in Paris.
| Juan Pablo Soriano joined Moody’s Investors Service in London in 1994. He is currently based in Madrid as Managing Director of EMEA Covered Bonds and global Covered Bond coordinator. He is also the country manager for Spain and Portugal. Prior to joining Moody’s, Mr Soriano had various responsibilities first at a Stock Broker Agency and then in the New York branch of the Banco Central Hispanoamericano back in 1988, holding diverse positions as Money Market Manager, Assistant Vice President in the Loan & Investment Department and Vice President in the Trade Finance Department. In 1993 he was transferred to Madrid as Vice-President of the Fixed Income Department. Mr Soriano is a graduate in Law by the Universidad Complutense of Madrid, Spain, and holds an MBA in Finance by the Leonard Stern School of Business (NYU). |
Enric Fernández, economista jefe y director de planificación estratégica y estudios de CaixaBank. Licenciado por la Universitat Pompeu Fabra, Máster y Doctor en Economía por la Universidad de Chicago y graduado del Programa de Desarrollo Directivo de la IESE Business School. Trabajó como economista en el Fondo Monetario Internacional entre 2000 y 2006 antes de incorporarse a CaixaBank ese año. Está al frente de la dirección de planificación estratégica y estudios desde 2016. Es vicepresidente del Instituto Español de Analistas Financieros, presidente de la comisión de economía y financiación de la innovación de Cotec, y miembro de las comisiones ejecutivas de los patronatos de Fedea, Real Instituto Elcano, Institut d’Economia de Barcelona y Institute of Political Economy and Governance (IPEG), y del consejo de redacción de la Revista Econòmica de Catalunya y del Grupo de Expertos del Consenso Económico de PWC.
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.
| Laura Perez Martinez is Moody’s Chief Credit Officer in the EU, and an Associate Managing Director in the Credit Strategy team. In her CCO role, Laura is responsible for identifying and analysing the broad macro and credit trends, and leading and coordinating Moody’s ratings approach, across franchises in the region. Laura joined Moody’s in 2008 in London, where she worked as a senior credit analyst, covering leading European financial institutions. She relocated to Madrid in September 2016 to join the corporate finance team. Before joining Moody’s, Laura worked for AM Best covering European insurers. Laura holds a B.A. in Business Administration from University of Oviedo in Spain, and is a Chartered Financial Analyst (CFA). |
Erica Gauto Flesch is a senior analyst in the Moody’s EMEA Infrastructure Finance team, based in Madrid. She is responsible for a portfolio of European toll roads and airports, having previously covered a diverse range of transport infrastructure credits as well as regulated and unregulated utilities across different jurisdictions.Prior to joining the infrastructure team, Erica worked in Moody’s Credit Strategy & Standards group, monitoring the global projects, infrastructure and utility portfolio. This experience provided her with broad overview of Moody’s global infrastructure and utilities portfolio and the relative positioning of credits across sectors and geographies. Amongst other projects, Erica was a key contributor to Moody’s widely respected infrastructure default studies.Moody’s has a leading global Infrastructure Finance franchise, rating some US$2 trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. Our team of 180 analytical staff covers more than 1,700 infrastructure issuers globally. Moody’s EMEA team of 46 specialists is responsible for rating around 430 issuers. The rating agency covers more than 39,000 issuers and transactions.Before joining Moody’s in 2011, Erica worked as a risk manager with ERSEL Asset Management in Italy and previously for the Ciudad de Buenos Aires Bank in Argentina. Erica is a CFA charterholder and holds a BSc in Economics from the University of Buenos Aires, a MSc in Quantitative Finance from the University of Turin, and a post-graduate degree in Financial Institutions from the Savings Bank Foundation of Spain (FUNCAS). She is fluent in English, Italian and Spanish
| Iván Palacios is an Associate Managing Director within Moody’s Corporate Finance Group and he has responsibility for a team of analysts in Madrid and Milan covering the TMT, consumer goods, food and beverage sectors in the EMEA region. Iván joined Moody’s in 2002 and he has worked in Madrid and Singapore. Prior to joining Moody’s, Iván worked for Goldman Sachs in London. Iván has a Bachelor’s in Business Administration from Colegio Universitario de Estudios Financieros in Madrid. |
Maria Cabanyes is a Senior Vice President and team coordinator in the EMEA Financial Institutions Group for Spain and Portugal, in addition, she is lead analyst for the larger financial institutions in Spain.
Ms Cabanyes joined Moody’s London-based banking team in December 1992, since when she has followed banks as lead analyst, as well as in Spain, in the Nordic region, Portugal and in Latin America. Ms Cabanyes has also served as Regional Credit Officer to Moody’s Banking and Finance rating teams in EMEA, ensuring compliance with existing rating methodologies, supporting the development and implementation of analytical initiatives as well as facilitating global rating consistency.
Prior to joining Moody’s in 1992, Ms Cabanyes was an equity analyst at Iberagentes (Spain). Ms Cabanyes has a Bachelor Degree in Business Administration and MSc in Finance from Colegio Universitario de Estudios Financieros (CUNEF) Madrid.
Frank Medrisch, CFA, currently serves as a VP - Senior Analyst within Moody’s Ratings Sustainable Finance Group, based in London. His expertise lies in analyzing the credit implications of the energy transition across various sectors, with a particular focus on corporate net zero strategies, climate governance, carbon transition public policies, and emerging low carbon technologies. Frank's contributions have been instrumental in the creation of Moody’s Carbon Transition Indicators (CTI).Furthermore, he co-authored Moody’s framework for Net Zero Assessments(NZAs) in 2023, marking a significant milestone in his career. From 2024 onwards, Frank has been a lead analyst assessing corporate transition plans under the NZA framework. His role also extends to participating, presenting, and moderating at Moody’s events and webinars. He is also frequently involved in external outreach meetings and working groups.
Prior to his tenure at Moody’s, which began in 2015, Frank gained valuable experience in corporate finance credit ratings and equity/fixed income research in Latin America. Frank is a CFA charter holder and has also earned the CFA Certificate in Climate and Investing, demonstrating his commitment to understanding the intersection of finance and climate change. His academic background includes a Master’s degree in Finance and a BA in Economics from UTDT, Buenos Aires, Argentina.
| Juan Pablo Soriano joined Moody’s Investors Service in London in 1994. He is currently based in Madrid as Managing Director of EMEA Covered Bonds and global Covered Bond coordinator. He is also the country manager for Spain and Portugal. Prior to joining Moody’s, Mr Soriano had various responsibilities first at a Stock Broker Agency and then in the New York branch of the Banco Central Hispanoamericano back in 1988, holding diverse positions as Money Market Manager, Assistant Vice President in the Loan & Investment Department and Vice President in the Trade Finance Department. In 1993 he was transferred to Madrid as Vice-President of the Fixed Income Department. Mr Soriano is a graduate in Law by the Universidad Complutense of Madrid, Spain, and holds an MBA in Finance by the Leonard Stern School of Business (NYU). |