Credit Trends – Spain will explore Moody’s key 2024 credit themes and interpret what they mean for the region.
Agenda
09:00
CET
Registro y networking
09:40
CET
España y su encrucijada para el 2024
- Como se compara España con otras economías de la zona Euro
- Como se incorporan las tensiones políticas y sociales en las calificaciones
- Que factores podrían llevar a bajar o a subir la calificación del Reino de España
- Implicaciones crediticias de los acuerdos de legislatura para las regiones españolas
- Impacto crediticio/fiscal del deterioro del sistema de pensiones
10:30
CET
11:00
CET
Pausa para el café
11:50
CET
Entorno crediticio para las empresas españolas
- Cuales son las expectativas en cuanto M&A, CAPEX y reducción de endeudamiento
- Como los precios de la energía están afectando a las compañías y cuál puede ser su evolución teniendo en cuenta el marco geopolítico. Qué sectores pueden verse más afectados
- EMEA vs. España: como se comparan las empresas en EMEA con España.
- Esperamos cambios regulatorios que afecten la competitividad de las empresas españolas?
- Ciberseguridad: Dinámicas del riesgo de ciberseguridad en las empresas españolas y europeas
12:30
CET
Cierre de jornada: aperitivos y vino español
12:45
CET
Sesión extra: ESG workshop
¿Están las empresas afrontando el desafío de la transición?
- ¿Cómo pueden las empresas demostrar planes de transición creíbles?
- Financiación de tecnologías verdes a través de mercados de deuda sostenibles
- Deuda sostenible y planes de transición Net Zero: similitudes y diferencias
14:00
CET
Final del evento
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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). |
| 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). |
| Olivier Chemla is a Vice President – Senior Analyst in Moody’s Sovereign Risk Group. Based in Frankfurt, he is the lead analyst for a portfolio of European sovereigns and multilateral institutions. 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 French department 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. |
Marisol joined Moody’s in 2007 as an Analyst of Sub-Sovereign Group covering the Spanish issuers from the Madrid office.
Marisol obtained a degree in Public Administrations Management from the Universidad Complutense de Madrid and a Post degree in Public Management from the Escuela de Finanzas Aplicadas (AFI).
She previously worked as a Consultant, specialized in public Administrations in AFI (Analistas Financieros Internacionales) with eight years of experience.
Jorge Rodriguez-Valez is a Senior Vice President in Moody’s Credit Strategy & Research team in London. Since he joined Moody’s in 2014, he leads the Financial Analytics team, developing quantitative forward-looking analyses of sectors and institutions, including modelling asset quality trends and stress testing.
Prior to joining Moody’s in 2014, Jorge worked as a macroeconomist responsible for forecasting and scenario analysis, and as a university lecturer in macroeconomics and econometrics.
Jorge is a PhD in Econometrics and holds degrees in Economics and in Business.
| 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). |
Rafael Doménech is the Head of Economic Analysis of BBVA Research and Professor of Economics at the University of Valencia.
MSc in Economics, London School of Economics. PhD in Economics, University of Valencia. Director General at the Economic Bureau of the Spanish Prime Minister (2007-8).
He also has been director of the International Economic Institute and member of the Advisory Board of the
University of Valencia. External researcher of the Spanish Ministry of the Economy and Finance and the Fundación
Rafael del Pino. He was appointed by the Spanish Government as a member of the Expert Committee on the Sustainability Factor of the Public Pension System and advisory member of Fundación MasHumano, advisory member of EY-Sagardoy Institute for Talent and Innovation, and Director of the Observatory of Global Economy at EOI.
Fellow of the Spanish Economy Association. He has been member of the editorial boards of the main Spanish journals in Economics. He has published numerous articles in well-known international scientific journals on economic growth, human capital,
business cycles, and fiscal and monetary policies. He is author of three books on the Spanish economy: The Spanish Economy: A General Equilibrium Perspective (Palgrave MacMillan), En Busca de la Prosperidad (Deusto) and La Era de la Disrupción Digital
(Deusto.)
Jorge Rodriguez-Valez is a Senior Vice President in Moody’s Credit Strategy & Research team in London. Since he joined Moody’s in 2014, he leads the Financial Analytics team, developing quantitative forward-looking analyses of sectors and institutions, including modelling asset quality trends and stress testing.
Prior to joining Moody’s in 2014, Jorge worked as a macroeconomist responsible for forecasting and scenario analysis, and as a university lecturer in macroeconomics and econometrics.
Jorge is a PhD in Econometrics and holds degrees in Economics and in Business.
Marina Albo is the Managing Director of the Corporate Finance Group for EMEA. In this role, Marina has overall responsibility for Moody’s ratings and research for the corporate franchise in the region, managing teams in London, Frankfurt, Paris, Madrid, Milan, Dubai and Stockholm. Prior to this role, Marina headed the Accounting Specialists and the Consumer, Pharma and Retail teams within the EMEA Corporate Finance group, based in London. Marina joined Moody’s in 2015, after 20 years of banking experience, mainly with HSBC, where she was head of the credit risk team in charge of Leveraged Finance and TMT. Marina started her career in internal audit, moving to client management and debt advisory. In her previous roles Marina has worked in London, Paris, Cairo and Madrid. Marina holds a dual degree in Business Administration awarded by Universidad Pontificia Madrid Comillas and by Reims Business School.
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
Pilar is a Lead Analyst at Moody’s Investors Service for a portfolio of high yield consumer good companies. Previously she supported coverage of a portfolio of EMEA issuers focused on the telecommunications sector. Pilar joined Moody’s Madrid office in 2017. Pilar holds a double degree in Law and Business Administration and Management from Universidad Pontificia de Comillas (ICADE) in Madrid.
Victor Garcia is a lead analyst in Moody’s Corporate Finance Group, based in Madrid.
Victor joined Moody’s in the spring of 2010 and currently covers a portfolio of EMEA high yield companies with a particular focus on Media and Education.
Previously, he covered a variety of investment grade and speculative grade credits, spanning several sectors such as retail, manufacturing, airlines or shipping. Prior to joining Moody’s, Victor worked as an equity analyst in Bloomberg L.P.
Victor holds a Master’s degree in Finance from the London Metropolitan Business School and is a CFA Charterholder.
Adriana is Vice President - Manager for EMEA Sustainable Finance with Moody’s ESG Solutions. In this capacity, she oversees a team of analysts in EMEA, who are in charge of producing Second Party Opinions (SPOs). She is based in France.
Adriana has been involved in the sustainable development sector for over 10 years. Before her current role, she was the Global Head of Sustainable Finance Research at V.E., an affiliate of Moody’s ESG Solutions. In this role she oversaw the overall operations, methodology and management of the SPO team and she was responsible for all the quality reviews of all the SPOs. Prior to that she was an Analyst and was involved in the production of 60+ green, social, sustainable and sustainability-linked Second Party Opinion (SPOs). Her sectors of expertise are energy, green buildings, water services, biodiversity and social projects.
Before joining V.E. in 2017 she worked at the Green Climate Fund and RARE a non-profit environmental organization dedicated to promoting behaviour change for the responsible management of watershed ecosystems and fisheries.
Adriana holds a MA in Environmental Policy from Sciences Po Paris, a BA in International Relations from Tec de Monterrey, Mexico and an expert certification in Climate & Renewable Energy Finance from Frankfurt School – UNEP Collaboration centre. She speaks fluent Spanish, English and French.
Frank Medrisch, CFA, currently serves as a VP - Senior Analyst within Moody’s Ratings ESG team, 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.
Rafael Doménech is the Head of Economic Analysis of BBVA Research and Professor of Economics at the University of Valencia.
MSc in Economics, London School of Economics. PhD in Economics, University of Valencia. Director General at the Economic Bureau of the Spanish Prime Minister (2007-8).
He also has been director of the International Economic Institute and member of the Advisory Board of the
University of Valencia. External researcher of the Spanish Ministry of the Economy and Finance and the Fundación
Rafael del Pino. He was appointed by the Spanish Government as a member of the Expert Committee on the Sustainability Factor of the Public Pension System and advisory member of Fundación MasHumano, advisory member of EY-Sagardoy Institute for Talent and Innovation, and Director of the Observatory of Global Economy at EOI.
Fellow of the Spanish Economy Association. He has been member of the editorial boards of the main Spanish journals in Economics. He has published numerous articles in well-known international scientific journals on economic growth, human capital,
business cycles, and fiscal and monetary policies. He is author of three books on the Spanish economy: The Spanish Economy: A General Equilibrium Perspective (Palgrave MacMillan), En Busca de la Prosperidad (Deusto) and La Era de la Disrupción Digital
(Deusto.)
| 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). |
| Olivier Chemla is a Vice President – Senior Analyst in Moody’s Sovereign Risk Group. Based in Frankfurt, he is the lead analyst for a portfolio of European sovereigns and multilateral institutions. 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 French department 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. |
Jorge Rodriguez-Valez is a Senior Vice President in Moody’s Credit Strategy & Research team in London. Since he joined Moody’s in 2014, he leads the Financial Analytics team, developing quantitative forward-looking analyses of sectors and institutions, including modelling asset quality trends and stress testing.
Prior to joining Moody’s in 2014, Jorge worked as a macroeconomist responsible for forecasting and scenario analysis, and as a university lecturer in macroeconomics and econometrics.
Jorge is a PhD in Econometrics and holds degrees in Economics and in Business.
Marina Albo is the Managing Director of the Corporate Finance Group for EMEA. In this role, Marina has overall responsibility for Moody’s ratings and research for the corporate franchise in the region, managing teams in London, Frankfurt, Paris, Madrid, Milan, Dubai and Stockholm. Prior to this role, Marina headed the Accounting Specialists and the Consumer, Pharma and Retail teams within the EMEA Corporate Finance group, based in London. Marina joined Moody’s in 2015, after 20 years of banking experience, mainly with HSBC, where she was head of the credit risk team in charge of Leveraged Finance and TMT. Marina started her career in internal audit, moving to client management and debt advisory. In her previous roles Marina has worked in London, Paris, Cairo and Madrid. Marina holds a dual degree in Business Administration awarded by Universidad Pontificia Madrid Comillas and by Reims Business School.
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
Marisol joined Moody’s in 2007 as an Analyst of Sub-Sovereign Group covering the Spanish issuers from the Madrid office.
Marisol obtained a degree in Public Administrations Management from the Universidad Complutense de Madrid and a Post degree in Public Management from the Escuela de Finanzas Aplicadas (AFI).
She previously worked as a Consultant, specialized in public Administrations in AFI (Analistas Financieros Internacionales) with eight years of experience.
Pilar is a Lead Analyst at Moody’s Investors Service for a portfolio of high yield consumer good companies. Previously she supported coverage of a portfolio of EMEA issuers focused on the telecommunications sector. Pilar joined Moody’s Madrid office in 2017. Pilar holds a double degree in Law and Business Administration and Management from Universidad Pontificia de Comillas (ICADE) in Madrid.
Victor Garcia is a lead analyst in Moody’s Corporate Finance Group, based in Madrid.
Victor joined Moody’s in the spring of 2010 and currently covers a portfolio of EMEA high yield companies with a particular focus on Media and Education.
Previously, he covered a variety of investment grade and speculative grade credits, spanning several sectors such as retail, manufacturing, airlines or shipping. Prior to joining Moody’s, Victor worked as an equity analyst in Bloomberg L.P.
Victor holds a Master’s degree in Finance from the London Metropolitan Business School and is a CFA Charterholder.
Adriana is Vice President - Manager for EMEA Sustainable Finance with Moody’s ESG Solutions. In this capacity, she oversees a team of analysts in EMEA, who are in charge of producing Second Party Opinions (SPOs). She is based in France.
Adriana has been involved in the sustainable development sector for over 10 years. Before her current role, she was the Global Head of Sustainable Finance Research at V.E., an affiliate of Moody’s ESG Solutions. In this role she oversaw the overall operations, methodology and management of the SPO team and she was responsible for all the quality reviews of all the SPOs. Prior to that she was an Analyst and was involved in the production of 60+ green, social, sustainable and sustainability-linked Second Party Opinion (SPOs). Her sectors of expertise are energy, green buildings, water services, biodiversity and social projects.
Before joining V.E. in 2017 she worked at the Green Climate Fund and RARE a non-profit environmental organization dedicated to promoting behaviour change for the responsible management of watershed ecosystems and fisheries.
Adriana holds a MA in Environmental Policy from Sciences Po Paris, a BA in International Relations from Tec de Monterrey, Mexico and an expert certification in Climate & Renewable Energy Finance from Frankfurt School – UNEP Collaboration centre. She speaks fluent Spanish, English and French.
Frank Medrisch, CFA, currently serves as a VP - Senior Analyst within Moody’s Ratings ESG team, 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.