
Inside LatAm 2023
Dealing with higher interest rates and lower growth amid social tensions
The Inside LatAm series provides an in-depth analysis of key credit risks facing 8 local markets across Latin America. Join top market minds to better understand the credit challenges and opportunities across the region.


La deuda o apalancamiento en Chile ha aumentado significativamente a nivel soberano y en distintos sectores desde hace varios años y en particular durante la pandemia. ¿Cuáles son las implicaciones crediticias para los emisores, en el corto y mediano plazo? ¿Es este un daño permanente en el perfil crediticio? ¿Qué sectores se han deteriorado más, cuáles menos, y por qué?
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Martes, 18 de mayo, 15:00-16:30 Hora local
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15:00
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15:05
Presiones fiscales, mayores ratios de endeudamiento y demandas sociales
- ¿Habrá de impactar la pandemia las perspectivas de crecimiento en el mediano plazo?
- ¿Existe alguna relación entre los retiros en fondos de pensiones y la calificación de Chile?
- ¿En qué grado factores sociales y políticos pueden afectar el perfil crediticio soberano?
- ¿Cómo incorpora Moody’s elementos ESG a la calificación soberana de Chile?
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15:35
Mayor endeudamiento y menor inversión: efectos en corporativos y bancos
- La calidad crediticia del sector corporativo en Chile: ¿cuáles fueran los sectores más afectados por la pandemia? ¿Han mostrado alguna recuperación?
- ¿Cuál es la perspectiva de la banca chilena en un contexto de mayor endeudamiento de los clientes durante la pandemia?
- ¿Cuál ha sido el comportamiento del mercado de deuda local en Chile en período de pandemia y qué se espera para 2021?
- ¿Cuáles son las perspectivas para los sectores exportadores, como la minería, en 2021-2022?
- La expansión del rol de la responsabilidad social de la minería y los desafíos impuestos a causa de la pandemia
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16:10
Nuevas presiones iluminan las necesidades de financiamiento
En esta sesión se analizará el impacto de recientes medidas y necesidades del sector y como se han superado los obstáculos. Eventos recientes y la actual coyuntura plantean diversos desafíos al sector eléctrico, que enfrenta presiones diversas, aunque el impacto crediticio ha sido moderado.
- Presión sobre necesidades de financiamiento originadas en diversas causas
- ¿Se pueden encontrar salidas “creativas” a las necesidades de liquidez y financiamiento del sector?
- ¿ Cual debe ser el alineamiento de intereses entre distintas partes para arribar a una alternativa novedosa de financiación?
Rodrigo Granovsky Analyst, Structured Finance, Moody's Investors Service -
16:30
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Marina Rosemberg is an MD-Relationship Management & Regional Head LATAM – Country Manager - Argentina. She is responsible for the Commercial Team in Latin America. She is accountable for pursuing new relationships in the region and enhancing the relationship with existing ones. Additionally, Marina is responsible for MIS business in the regional and acts as Argentina Country Manager. Prior to this role, Marina was responsible for managing key clients and developing new relationships in South Latin America.
Prior to joining Moody’s in 2011, Marina worked as a consultant in a local consulting firm in Argentina and the Ministry of Economics. Marina received her degree in Economics from UBA University and holds a Masters in Finance from San Andres University.

Ariane Ortiz-Bollin is part of the Credit Strategy and Research group at Moody’s Investors Service. As part of the Global Emerging Markets team, Ariane is responsible for generating house views, decision enabling insights and research that leverage the thought leadership of Moody’s emerging market analysts around the world. Ariane leads the implementation of Moody’s emerging markets outreach and thought leadership strategy, collaborating closely with multiple teams across the company to employ the latest content delivery solutions and ensuring that Moody’s research serves the analytic needs of our customers and stakeholders.
Before this, Ariane spent a decade as a sovereign analyst, managing a portfolio of sovereigns and multilateral development banks in Latin America and the Caribbean, including Mexico, Chile and the International Finance Corporation, leading the internal rating committee discussions for her portfolio of credits, country and region-specific publications, and meetings with government officials. A sought after spokesperson for Moody’s, Ariane’s expertise nurtures internal and external stakeholder relationships, ensuring our views are heard and add value. Ariane has also led several high impact analytic and data systems projects for the Sovereign group, partnering with several teams across Moody’s.
Before joining Moody’s Sovereign Risk Group in 2011, Ariane was a research analyst at the Initiative for Policy Dialogue at Columbia University, prior to which she was a corporate credit analyst in Citi-Banamex in Mexico. Ariane graduated with Honors in Economics from the Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM) and has a Master’s degree in Public Administration from the School of International and Public Affairs (SIPA) at Columbia University.
Gabriel joined Moody’s Sovereign Risk Group in 2007. Prior to joining Moody’s he worked as a sovereign and banking credit analyst at ABN Amro. He also has experience rating and structuring international securitizations. His current portfolio is composed of credits in Latin America and the Caribbean, including Argentina and Venezuela.He holds a Master’s Degree in Economic Policy from Columbia University, and previously he earned a B.A. in Political Science from the Catholic University of Argentina.

Felipe is a Vice President-Senior Credit Officer in the Financial Institutions Group for Moody's. Based in Mexico City, he leads the credit analysis of various financial institutions, including banks, securities firms and finance companies in Mexico, Chile and Peru. Prior to this position, he had similar responsibilities for financial institutions throughout Latin America. Felipe joined Moody's in 2000. He holds an MBA from New York University and received a B.S. in Business Administration from the University of Boston. He speaks fluent Spanish, English and Portuguese

Barbara Mattos is a Senior Vice President in Moody’s Corporate Finance Group in São Paulo, Brazil, leading the credit analysis and rating process for a diversified portfolio of Basic Industries companies, including mining, steel, pulp & paper and a few industrials in South America.
Prior to joining Moody’s in 2011, Barbara worked at FRAM Capital as an equity research analyst and at ABN Amro Bank in the strategic planning/investor relations team. She also worked for Wintershall AG and Cambridge Energy Research Associates in Cambridge, MA.
Barbara received both her bachelor’s degree in business administration and a master’s degree in accounting from Fundação Getulio Vargas in Brazill. She holds an MBA from the Yale Graduate School of Management in New Haven, CT. Barbara is a CFA Charterholder

Miembro de ICR desde el año 2012, cuenta con experiencia de 9 años en clasificación de riesgo y coordinación de equipo de trabajo en área de corporaciones. Especializada principalmente en industrias de Retail, Gaming, Consumo, Transportes, Ingeniería y Construcción e Inmobiliario.
Maricela Plaza es Ingeniero en Control de Gestión y Sistemas de Información de la Universidad de Chile y tiene un Magíster en Control de Gestión otorgado por la misma casa de estudios.

Eduardo Holgado is a Vice President in the Project, Infrastructure & Principal Finance team at Goldman Sachs based in New York. He is responsible for the origination and execution of structured, non-recourse and ESG financings across the Americas. Prior to joining Goldman Sachs, Eduardo was a Vice President for Citi’s Project & Infrastructure Finance group in New York. He has executed transactions for both sovereign and private sector clients in a wide range of industries including power, oil & gas, and infrastructure. Many of these transactions have been awarded “Deal of the Year” recognition by leading international finance and trade publications. He began his career at Citi in the Project Finance and Acquisition Financing teams in London, leading financings in more than 20 countries across Western Europe, Central Eastern Europe, Middle East and Africa. Eduardo holds a Master’s in Business Administration from Columbia Business School and a bachelor degree in Economics and Finance from Boston College, Queen Mary University of London (UK) and Universitat Pompeu Fabra (Spain).

Daniela Cuan is a VP/Senior Analyst in the Global Infrastructure Finance Group.
Based in Buenos Aires, Argentina, Daniela is lead analyst for debt issuers in the utility sector in Argentina and other countries in the region. Daniela works in the Americas team, providing her local and regional perspective to the analysis of Argentinean and regional issuers.
Daniela has more than 20 years in the financial services industry. Prior to joining Moody’s in 2000, Daniela worked for a local rating agency in Argentina, covering a variety of local industries. She began her career in corporate and commercial banking. She had worked for BCI between 1991 and 1994, taking responsibility for a portfolio of more than 20 Argentinean corporations. She continued her banking career at BBVA during 1994.
Daniela holds a Bachelor’s degree in Economics from Universidad de Buenos Aires/UBA and a Master’s Degree in Finance and Capital Markets also from the Universidad de Buenos Aires.

Marina Rosemberg is an MD-Relationship Management & Regional Head LATAM – Country Manager - Argentina. She is responsible for the Commercial Team in Latin America. She is accountable for pursuing new relationships in the region and enhancing the relationship with existing ones. Additionally, Marina is responsible for MIS business in the regional and acts as Argentina Country Manager. Prior to this role, Marina was responsible for managing key clients and developing new relationships in South Latin America.
Prior to joining Moody’s in 2011, Marina worked as a consultant in a local consulting firm in Argentina and the Ministry of Economics. Marina received her degree in Economics from UBA University and holds a Masters in Finance from San Andres University.

Ariane Ortiz-Bollin is part of the Credit Strategy and Research group at Moody’s Investors Service. As part of the Global Emerging Markets team, Ariane is responsible for generating house views, decision enabling insights and research that leverage the thought leadership of Moody’s emerging market analysts around the world. Ariane leads the implementation of Moody’s emerging markets outreach and thought leadership strategy, collaborating closely with multiple teams across the company to employ the latest content delivery solutions and ensuring that Moody’s research serves the analytic needs of our customers and stakeholders.
Before this, Ariane spent a decade as a sovereign analyst, managing a portfolio of sovereigns and multilateral development banks in Latin America and the Caribbean, including Mexico, Chile and the International Finance Corporation, leading the internal rating committee discussions for her portfolio of credits, country and region-specific publications, and meetings with government officials. A sought after spokesperson for Moody’s, Ariane’s expertise nurtures internal and external stakeholder relationships, ensuring our views are heard and add value. Ariane has also led several high impact analytic and data systems projects for the Sovereign group, partnering with several teams across Moody’s.
Before joining Moody’s Sovereign Risk Group in 2011, Ariane was a research analyst at the Initiative for Policy Dialogue at Columbia University, prior to which she was a corporate credit analyst in Citi-Banamex in Mexico. Ariane graduated with Honors in Economics from the Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM) and has a Master’s degree in Public Administration from the School of International and Public Affairs (SIPA) at Columbia University.

Miembro de ICR desde el año 2012, cuenta con experiencia de 9 años en clasificación de riesgo y coordinación de equipo de trabajo en área de corporaciones. Especializada principalmente en industrias de Retail, Gaming, Consumo, Transportes, Ingeniería y Construcción e Inmobiliario.
Maricela Plaza es Ingeniero en Control de Gestión y Sistemas de Información de la Universidad de Chile y tiene un Magíster en Control de Gestión otorgado por la misma casa de estudios.

Barbara Mattos is a Senior Vice President in Moody’s Corporate Finance Group in São Paulo, Brazil, leading the credit analysis and rating process for a diversified portfolio of Basic Industries companies, including mining, steel, pulp & paper and a few industrials in South America.
Prior to joining Moody’s in 2011, Barbara worked at FRAM Capital as an equity research analyst and at ABN Amro Bank in the strategic planning/investor relations team. She also worked for Wintershall AG and Cambridge Energy Research Associates in Cambridge, MA.
Barbara received both her bachelor’s degree in business administration and a master’s degree in accounting from Fundação Getulio Vargas in Brazill. She holds an MBA from the Yale Graduate School of Management in New Haven, CT. Barbara is a CFA Charterholder

Felipe is a Vice President-Senior Credit Officer in the Financial Institutions Group for Moody's. Based in Mexico City, he leads the credit analysis of various financial institutions, including banks, securities firms and finance companies in Mexico, Chile and Peru. Prior to this position, he had similar responsibilities for financial institutions throughout Latin America. Felipe joined Moody's in 2000. He holds an MBA from New York University and received a B.S. in Business Administration from the University of Boston. He speaks fluent Spanish, English and Portuguese

Daniela Cuan is a VP/Senior Analyst in the Global Infrastructure Finance Group.
Based in Buenos Aires, Argentina, Daniela is lead analyst for debt issuers in the utility sector in Argentina and other countries in the region. Daniela works in the Americas team, providing her local and regional perspective to the analysis of Argentinean and regional issuers.
Daniela has more than 20 years in the financial services industry. Prior to joining Moody’s in 2000, Daniela worked for a local rating agency in Argentina, covering a variety of local industries. She began her career in corporate and commercial banking. She had worked for BCI between 1991 and 1994, taking responsibility for a portfolio of more than 20 Argentinean corporations. She continued her banking career at BBVA during 1994.
Daniela holds a Bachelor’s degree in Economics from Universidad de Buenos Aires/UBA and a Master’s Degree in Finance and Capital Markets also from the Universidad de Buenos Aires.

Eduardo Holgado is a Vice President in the Project, Infrastructure & Principal Finance team at Goldman Sachs based in New York. He is responsible for the origination and execution of structured, non-recourse and ESG financings across the Americas. Prior to joining Goldman Sachs, Eduardo was a Vice President for Citi’s Project & Infrastructure Finance group in New York. He has executed transactions for both sovereign and private sector clients in a wide range of industries including power, oil & gas, and infrastructure. Many of these transactions have been awarded “Deal of the Year” recognition by leading international finance and trade publications. He began his career at Citi in the Project Finance and Acquisition Financing teams in London, leading financings in more than 20 countries across Western Europe, Central Eastern Europe, Middle East and Africa. Eduardo holds a Master’s in Business Administration from Columbia Business School and a bachelor degree in Economics and Finance from Boston College, Queen Mary University of London (UK) and Universitat Pompeu Fabra (Spain).

Marina Rosemberg is an MD-Relationship Management & Regional Head LATAM – Country Manager - Argentina. She is responsible for the Commercial Team in Latin America. She is accountable for pursuing new relationships in the region and enhancing the relationship with existing ones. Additionally, Marina is responsible for MIS business in the regional and acts as Argentina Country Manager. Prior to this role, Marina was responsible for managing key clients and developing new relationships in South Latin America.
Prior to joining Moody’s in 2011, Marina worked as a consultant in a local consulting firm in Argentina and the Ministry of Economics. Marina received her degree in Economics from UBA University and holds a Masters in Finance from San Andres University.
Gabriel joined Moody’s Sovereign Risk Group in 2007. Prior to joining Moody’s he worked as a sovereign and banking credit analyst at ABN Amro. He also has experience rating and structuring international securitizations. His current portfolio is composed of credits in Latin America and the Caribbean, including Argentina and Venezuela.He holds a Master’s Degree in Economic Policy from Columbia University, and previously he earned a B.A. in Political Science from the Catholic University of Argentina.