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.