Dietmar Hornung, Associate Managing Director, leads the Sovereign Risk Group’s European team, covering the European countries and the European supranationals. Prior to his appointment as team leader, Dietmar was Moody’s lead analyst on a number of European sovereign credits, including Germany, France, Italy, Ireland, Russia, EU, EFSF and ESM.

Before joining Moody’s in 2007, Dietmar was Head of Emerging Market Research for DekaBank in Frankfurt.

Dietmar holds a Doctorate summa cum laude in Economics from Otto-von-Guericke University in Magdeburg. He received a Masters degree from Christian-Albrechts University in Kiel after studies in Kiel, at the University of Miami, and at the Eberhard-Karls University in Tübingen.

Dietmar is a Certified EFFAS Financial Analyst (CEFA).

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.

Kathrin joined Moody’s Ratings in April 2010 as a member of the Sovereign Risk Group. She is the lead analyst for a number of European sovereigns including Turkey and Israel as well as several MDBs such as the IFC, EBRD and AIIB among others. She is also Moody’s global coordinator for all of Moody’s MDB ratings.

Prior to joining Moody’s Kathrin was a Director with Merrill Lynch, working as Sovereign Ratings Advisor to governments and banks in emerging markets. Prior to that, she was Chief Economist for Deutsche Bank in Spain.

She holds a M.Sc. in Economics, Latin American Politics, Spanish and Portuguese languages from the University of Tuebingen as well as a post-graduate economics degree from the College of Europe, Bruges.

Steffen Dyck is a Senior Vice President in Moody’s Sovereign Risk Group.

Based in Frankfurt, he is the lead analyst for a portfolio of European sovereigns including Italy and, until recently, Germany.

Steffen is also co-heading the Sovereign group’s ESG work.

Up until early 2018, Steffen was the lead analyst for number of sovereigns and multilaterals in the Middle East, including Egypt and most of the Gulf Cooperation Council members.

Before relocating to Frankfurt in June 2015, Steffen was based in Moody’s Singapore office, where he covered sovereigns in the Asia-Pacific region as well as in the Middle East.

Prior to joining Moody’s in 2012, Steffen worked for more than six years with Deutsche Bank’s Risk Analysis team in Frankfurt and Singapore, covering macroeconomic and sovereign risk analysis across Asia (ex-Japan), Latin America, and Sub-Saharan Africa. He also helped manage the bank’s sovereign rating processes.

Nitish Bhojnagarwala is an Associate Managing Director with Moody’s Financial Institutions Group. Based in Dubai, Nitish covers a portfolio of large conventional as well as Islamic financial institutions in the Middle East, Africa and Turkey.

Nitish joined Moody’s in 2011, and has led sukuk roundtables and conducted workshops on Banking and Islamic finance at various conferences in the Middle East, Europe and Asia. Nitish has also authored several research pieces, with a focus on regional banking, credit issues and issuer-in-depths for conventional as well as Islamic banks.

Prior to joining Moody’s, Nitish spent five years at Tamweel in the Treasury function. He has also worked for KPMG in the UAE, where he covered financial institutions. Nitish holds an MBA from S P Jain Institute of Management & Research, with a major in Finance (Investment Banking).

Matt Robinson manages the Sovereign Risk Group’s Middle East and Africa team producing ratings and research regarding sovereign and supranational creditworthiness in Sub-Saharan Africa and Middle East/North Africa. He is responsible for managing staff located in London, Frankfurt, Dubai and New York.

Matt joined Moody’s in 2007 after a decade of macroeconomic and public policy experience. Prior to managing the Middle East and Africa sovereign ratings team, Matt was the Director of Sovereign Research, responsible for coordinating and contributing to the research produced by Moody’s global team of sovereign risk analysts. Matt previously managed the affairs of the Moody’s Economy.com Sydney office, providing independent economic analysis, data and forecasting and credit risk services to Moody’s Analytics’ worldwide client base. Before joining Moody’s, Matt worked as an economist and policy adviser in a number of public and private sector organisations, including Commonwealth Treasury and the Economic Division of the Department of the Prime Minister and Cabinet in Australia.

Matt received his bachelor of economics from the University of Newcastle(Australia) and his graduate degree from the Australian National University.

Ashraf Madani is a Vice President – Senior Analyst with Moody’s Financial Institutions Group. Based in Dubai, Ashraf covers a portfolio of large conventional as well as Islamic financial institutions in GCC. He is also responsible for the Saudi and Bahrain Banking system outlooks. Since Joining Moody’s in May 2017, Ashraf has authored many research pieces focusing on GCC credit, funding and liquidity conditions in addition to issuer in depth research. Before joining Moody’s in May 2017, Ashraf’s Career has been mostly in banking with 15+ years of experience working in international and regional banks like Citi, Arab Bank and First Abu Dhabi Bank. He spent most of his banking career working in the global markets and risk divisions where he developed extensive knowledge on GCC markets. His last position before joining Moody’s has been the Head of FIs and NBFIs Risk for National Bank of Abu Dhabi (FAB now) managing the credit risk for a large portfolio of GCC and international issuers.

Daniela Re Fraschini is a Vice President – Senior Analyst in Moody’s Sovereign Risk Group. Based in London, she is the lead analyst for a number of sovereigns and supranational institutions in Europe and Sub-Saharan Africa. In her role, Daniela has also contributed to the development of Moody’s environmental, social and governance (ESG) Scores for sovereigns and MDBs and regularly engages with market participants and policymakers representing the firm’s credit views.

Prior to joining Moody’s in 2017, Daniela worked for the Asian Development Bank as a risk management specialist, helping establishing the sovereign credit rating methodology and process for ADB. Prior to that, Daniela was a Vice President at Unicredit Group, leading the sovereign risk team in the Risk Management Department. She started her career at Unicredit as an economist in the Research and Strategy unit. 

Daniela holds an MA in International Economics and Finance from the Catholic University of Milan.

Badis Shubailat is a Senior Analyst with Moody’s Financial Institutions Group. Based in Dubai, Badis covers a portfolio of large conventional as well as Islamic banks in the UAE, Bahrain, Saudi Arabia, Tunisia and Morocco. He is the lead analyst responsible for the Bahraini and Tunisian banking systems and also covered in the past financial institutions in Kuwait, Qatar and Turkey. Since joining Moody’s in March 2014, Badis has authored research publications focusing on GCC and North African credits as well as Islamic Banking. Badis holds a Bachelor in Business Administration from John Cabot University (Rome, Italy) and an MSc in Finance from EADA Business School (Barcelona, Spain). Badis speaks English, French, Arabic and Italian.

Francesca joined the Financial Institutions Group (FIG) of Moody’s Ratings in December 2014 and has broad experience in covering a wide range of banks and other financial institutions in terms of business and ownership profile. She is currently the lead analyst for banks in United Arab Emirates, Oman and some in Turkey.

Previously she worked in a private wealth management in New York and as an intern at Monte Dei Paschi di Siena in Milan. Francesca holds an MSc in Finance from Bocconi University - Milan and Bsc in Economics and Finance from University of Bologna.

Simon Ainsworth, who is based in London, is an Associate Managing Director responsible for the analytical teams maintaining ratings on Nordic and Baltic banks and on a range of European insurance companies.

Simon previously served as a Group Credit Officer. In that role he carried responsibility for monitoring ratings quality as well as assisting in the development and implementation of rating methodologies and practices applied to rated financial institutions within the EMEA region.

Simon joined Moody’s in March 2014 following sixteen years at the Bank of England.

At the Bank, he worked in a variety of roles primarily in its financial markets and banking operation divisions; as well as working on a variety of financial risk and crisis related issues. This included the resolution of failed banks, as well as responsibility for the risk management framework applied to collateral accepted in the Bank’s sterling market operations.Simon graduated from the University of Durham in 1998, having studied Economics and Politics. He is based in London.

Alessandro Roccati joined Moody’s in May 2012 as a Senior Vice President in the Financial Institutions Group, based in London. His portfolio includes large European banks. Prior to joining Moody’s, Alessandro spent fifteen years in equity research as a senior analyst covering European banks at global investment banks: Macquarie, Man Group, Credit Lyonnais and Nikko Securities. He started his career as a credit analyst covering European banks at UniCredito. Alessandro graduated in economics from Bocconi University in Milan. 

Michael Rohr is a Senior Vice President and member of the Financial Institutions Group. Based in Frankfurt, he is responsible for Moody’s ratings for a variety of large financial institutions – including the investment banks – in Switzerland and Germany. Michael joined Moody’s in March 2012. 

Prior to his current function, Michael spent 16 years in equity research, asset management and retail banking, holding various positions at both sell-side and buy-side equity research firms and universal banking institutions focused on analyzing European banks.

Michael received a Bachelor Degree in Business Administration from the Akademie Norddeutscher Genossenschaften (co-operative banks university) in Northern Germany.

Edoardo Calandro is a member of Moody’s EMEA Banking Team based in London, with lead responsibilities for a portfolio of banks headquartered in the UK.

Since joining Moody’s in 2008, Edoardo worked on banks’ ratings and research; prior to his current focus on UK banks, he held lead responsibilities for Italian and Turkish bank ratings.

Edoardo holds a bachelor’s degree in management and a master’s degree in finance and accounting from Bocconi University in Milan.

Yasuko has lead responsibility over a portfolio of French, Dutch and Belgian Banks. Prior to joining Moody’s in 2011, Yasuko spent ten years at Societe Generale Asset Management (SGAM), the last seven of which as a buy side credit analyst covering financial institutions. Prior to this, she worked for seven years as a financial auditor with Ernst & Young in Paris. 

Yasuko is graduate of Ecole Superieure des Sciences Economiques et Commerciales (ESSEC) in France. Yasuko is also a CFA charterholder.

Henry MacNevin, who is based in London, is currently an Associate Managing Director responsible for bank ratings in the Middle-East, South-Eastern Europe and Turkey, and is also responsible for Moody’s global Islamic Finance initiatives. Mr MacNevin joined Moody’s London-based banking team in October 1996, initially as lead analyst for bank in Italy, the United Kingdom, the Nordic region, Belgium, Luxembourg and Hungary, and has also worked as a backup analyst for other banking systems, principally in Europe. He was also previously responsible Associate Managing Director for Moody’s bank ratings in Italy and the CEE region and was the Country Manager for Moody’s in Italy for several years. 

Mr. MacNevin’s previous banking experience includes seven years with the Barclaysgroup, where he held positions in strategic planning, corporate banking, and credit risk management.Mr. MacNevin earned a B.A. (Hons) in Business Studies from PortsmouthPolytechnic in the United Kingdom

Lev is an Assistant Vice President – Analyst at Moody’s Dubai office (UAE), covering financial institutions including Insurance companies and banks in Kazakhstan, Uzbekistan, Saudi Arabia, Armenia and Azerbaijan.

Prior to joining Dubai office in 2022, he worked for Moody’s Financial Institutions Group in Moscow, Russia and for Moody’s Credit Policy research group in New York. Lev holds an MBA in finance from Zicklyn School of Business (New York), and BBA degree in finance from Baruch College CUNY (New York).

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.

Daniela Re Fraschini is a Vice President – Senior Analyst in Moody’s Sovereign Risk Group. Based in London, she is the lead analyst for a number of sovereigns and supranational institutions in Europe and Sub-Saharan Africa. In her role, Daniela has also contributed to the development of Moody’s environmental, social and governance (ESG) Scores for sovereigns and MDBs and regularly engages with market participants and policymakers representing the firm’s credit views.

Prior to joining Moody’s in 2017, Daniela worked for the Asian Development Bank as a risk management specialist, helping establishing the sovereign credit rating methodology and process for ADB. Prior to that, Daniela was a Vice President at Unicredit Group, leading the sovereign risk team in the Risk Management Department. She started her career at Unicredit as an economist in the Research and Strategy unit. 

Daniela holds an MA in International Economics and Finance from the Catholic University of Milan.

Katja Reise is a Vice President and lead analyst in the Europe, Middle East and Africa banking team, based in Frankfurt. In this capacity, she provides rating analysis for a range of financial institutions in several Central and Eastern Europe (CEE) countries. 

Katja enjoys more than 20 years of work experience in the banking industry, with an emphasis on bank credit analysis and European debt capital markets. Prior to joining Moody’s, Katja was a Senior Credit Analyst with leading analytical responsibility for banks in CEE, Turkey and the Middle East at Capital Intelligence Ratings, a rating agency specialized on emerging markets. Her career further spans positions as credit analyst and debt capital market expert for financial institutions, European corporates and public sector authorities at UniCredit Bank AG and Rentenbank, a German development agency.

Katja is a German-certified banker and holds a degree in Business Administration from the Academy of Administration and Economy (Verwaltungs- undWirtschaftsakademie), Munich

Vladlen Kuznetsov is a Vice President – Senior Analyst at Moody’s Ratings, based in Dubai. He covers a portfolio of banks and other financial institutions in the CIS countries in the Financial Institutions Group. Vladlen has an extensive background of almost 20 years in credit risk analysis of banks and other financial institutions, regional and local governments and entities related to local and central governments.

Vladlen joined Moody’s in 2006. Prior to joining Moody’s, he had worked for Fitch Ratings in Moscow covering banks and other financial institutions in Russia and other CIS countries. Before that, Vladlen worked for Ernst & Young and Arthur Andersen in Moscow with experience in banking audits since 1998.

Vladlen holds Master’s degree in engineering and economics from the Moscow Aviation Institute (National Research University) in Moscow. He is also a Chartered Financial Analyst (CFA) and a holder of Financial Risk Manager (FRM) and Sustainability Climate Risk (SCR) charters from GARP (General Association of Risk Professionals).

Olivier Panis is an Associate Managing Director in the EMEA Financial Institutions Group based in Paris, covering a portfolio of European Global Investment Banks (GIBs) and other banks in France and Benelux. 

Olivier joined Moody’s in Dubai in 2013 where he assumed responsibility for a portfolio of financial institutions in the Gulf Cooperation Countries (GCC) and North Africa. Prior to joining Moody’s in 2013, he was heading the Portfolio Management team for Corporate Banking Emerging Markets at Barclays. He started his career as a financial analyst at the French Ministry of Finance in Paris. Olivier Panis holds a MSc in Economics from the Université PARIS I (Sorbonne).

Alexander Hendricks is an Associate Managing Director within Moody’s Ratings’ Financial Institutions Group in Europe. Alexander has responsibility for the analytical teams covering financial institutions -predominantly banks -in Germany, Austria, Switzerland as well as Central and Eastern Europe. He joined Moody’s in 2013.

Alexander holds a Master of Business Administration degree (Diplom-Kaufmann) from University of Mannheim, with specialisation in Banking and Finance. He is a CFA charterholder.

Prior to Moody’s, Alexander’s most recent role was Director in Company Research at Deutsche Bank, where he had responsibility for the analytical coverage of financial institutions in Germany and Austria, and co-responsibility for European investment banks. In addition, he acted as hub for European regulatory matters in banks research and previously held responsibilities for the analysis of real estate companies and stock exchanges. He began his career as a trainee in corporate banking, retail banking and investment banking.

Pepa Mori is a Senior Vice President in the Financial Institutions Group. She joined Moody’s in 2008. Since then she has managed a wide portfolio of European issuers, currently having oversight responsibilities for Moody’s banks ratings in Italy and Central Eastern Europe. She is also the lead analyst for Banco Santander.

Prior to joining Moody’s, Ms. Mori worked as a credit analyst in a variety of roles. These include credit research at BBVA, rating European sub-sovereigns and public sector companies at Standard & Poor’s; and financial analysis at BBVA’s asset management division. Ms. Mori holds a Bachelor Degree in Business Administration and MSc in Finance from Colegio Universitario de Estudios Financieros (CUNEF), Madrid (Spain).

Vice President -Senior Analyst, Financial Institutions Group, based in Paris. Roland is the sector lead for the French banking system, and covers a portfolio of banks in France and Benelux. Roland joined Moody’s in 2008, and has covered banks in multiple banking systems including France, the UK, Ireland, Belgium, the Netherlands, Israel and Norway. He has also been the sector lead for non-bank financial companies across Europe. Roland was involved in the global effort leading to the current global methodology on banks, which includes the introduction of the Loss Given Failure framework -a response to the shift in public policy toward implementation of resolution regimes. Roland started his career at HSBC.

Yasuko has lead responsibility over a portfolio of French, Dutch and Belgian Banks. Prior to joining Moody’s in 2011, Yasuko spent ten years at Societe Generale Asset Management (SGAM), the last seven of which as a buy side credit analyst covering financial institutions. Prior to this, she worked for seven years as a financial auditor with Ernst & Young in Paris. 

Yasuko is graduate of Ecole Superieure des Sciences Economiques et Commerciales (ESSEC) in France. Yasuko is also a CFA charterholder.