Credit Trends France and Benelux
What will drive credit dynamics in 2022 and beyond? Explore insights from our credit outlooks and discover what trends will have the most impact across sectors in France and Benelux as we transition to the next phase of the global recovery.
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Agenda14.15 - 14.45CET14.45 - 14.55CET14.55 - 15.30CET
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SpeakersAlain Laurin Senior Director, Industry Practice Lead - Financial Institutions Moody's
Sarah Carlson, CFA Senior Vice President, Sovereign Risk Moody's Ratings
Nick Hill Managing Director, Global Head Credit Strategy & Guidance Moody's Ratings
Jeanine Arnold Associate Managing Director, Head of EMEA Leveraged Finance Moody’s Ratings
Jorge Valez Senior Vice President, Sovereign Risk Moody’s Ratings
Eric Chaney Economic Advisor Institut Montaigne
Yasmina Serghini, CFA Managing Director, Corporate Finance (including MEA corporates) Moody's Ratings
Carole Gintz Associate Managing Director, Structured Finance Moody's Ratings
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Nick Hill is a Managing Director and heads the Credit Strategy & Guidance function within the Credit Strategy & Standards division in Moody’s Ratings.
Based in Paris, he joined Moody’s in March 2010, initially heading the France / BeNeLux banking team.
Since then he has managed successively larger teams, led the global revision of Moody’s bank rating methodology, which was published in 2015, and latterly was co-head of the global banking team.
Prior to joining Moody’s, Nick worked as a bank analyst in a variety of roles. These include banking supervision at the Bank of England and Financial Services Authority, where he began his career; sell-side equity research on French banks in a #1 ranked team at Morgan Stanley; rating UK and continental European banks at Standard & Poor’s; and providing balance sheet advice to financial institutions with RBS.
A graduate of Christ’s College, University of Cambridge in the UK, Nick holds an MA in English, a diploma in French, and a postgraduate certificate in Finance from Birkbeck College, University of London.
Yasmina Serghini is a Managing Director in Moody’s Rating's Corporate Finance Group. She manages the teams in Madrid, Milan and Paris that are responsible for investment grade and high yield companies primarily in the TMT, retail, pharmaceutical, healthcare, food, packaged goods, railways and postal services industries.
Since joining Moody’s in 2005, Yasmina has been in charge of the credit ratings of automotive and truck manufacturers, retail, consumer packaged goods companies, including beverages and business services companies. Prior to joining Moody’s, Yasmina worked for Caisse Nationale des Caisses d’Epargne as a credit risk analyst where she had responsibilities for the analysis of companies mainly in the airlines, telecoms and real estate industries as well as aircraft and shipping financings. Yasmina is a CFA charterholder.
She holds a Postgraduate Diploma (“DESS”) in Finance from Institut d’Etudes Politiques de Paris and has a university degree (majoring in Finance) from Dauphine University (Paris). She is fluent in English, French and Moroccan.
Eric Chaney has been Economic Advisor to Institut Montaigne since January 2017.
Between 2008 and 2016, he was the Chief Economist of AXA for its worldwide activities. He advises multiple financial and non-financial companies on economic and geopolitical issues with his company, ECho. Within AXA Investment Managers, Eric managed the Research and Investment Strategy team, and advised the board on the potential of artificial intelligence. Within AXA, Eric advised the board on global economic and financial issues: he was a member of the Investment committee of the group, as well as the Asset Liability Monitoring Committee.
From 2000 to 2008, Eric Chaney was the Chief Economist for Europe for Morgan Stanley, which he had joined in 1995 after having managed the “Synthèse Conjoncturelle” division of the National Institute of Statistics and Economic Studies (INSEE), where he oversaw the quarterly publication of the economic outlook report. He was Senior lecturer at the National School of Administration (1993-1996), held a seat at the Conseil des Prélèvements Obligatoires to the Cour des Comptes (2010-2014), as well as the National Economic Commission (1997-2014), and at the Scientific Board of the AXA Research Fund.
He is a member of the Advisory Board of the Autorités des Marchés Financiers (AMF), and since 2014, Vice President of the Board of Directors of the Institut des Hautes Etudes Scientifiques (IHES) of Bures-sur-Yvette.
Former professor of Mathematics and editor of a mathematical publication of the University Louis Pasteur of Strasbourg, Eric Chaney is also a former professor of the ENSAE-Paris Tech.
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.
Jorge R. Valez is a Senior Vice President at Moody’s Sovereign Risk Group based in London. He serves as lead analyst for a portfolio of sovereigns and multilateral development banks in the EMEA region. He is also a global lead in analytical projects aimed at supporting rating accuracy and thought leadership across sovereign credit risks.
Jorge joined Moody’s in 2014 in the Financial Institutions Group. He also worked at Credit Strategy and Research leading the team responsible for banking projections and stress tests globally, as well as foundational research on ratings and capital markets.
Prior to joining Moody’s, Jorge worked for a bank 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 Administration.
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.
Jeanine Arnold oversees the Moody's EMEA Leveraged Finance franchise and co-ordinates Leveraged Finance globally. She is part of the Corporate Finance Group (CFG) and Moody's Global Private Credit team with responsibility for EMEA corporates based in London.
Jeanine's primary responsibility is for ratings consistency and accuracy of leveraged finance issuer ratings across EMEA and in collaboration with other regions. She also has responsibility for leveraged finance research and thought leadership as well as investor, banking and private equity outreach. She heads up the Global Leveraged Finance Data and Analytics strategy, which underpins Moody’s research and outreach initiatives.
Prior to Jeanine's current role, she led the Paris-based CFG team, which was responsible for a wide range of credits across the healthcare, retail, transportation, IT, gaming and business and consumer services industries.
During her time at Moody’s Jeanine has been a lead analyst for European Airlines and Aerospace and Defense companies as well as investment holding companies, manufacturing and semiconductor companies.
Prior to joining Moody’s Jeanine was a Director at Fitch Ratings based in London, specializing in the rating of transportation names across Europe, the CIS and Middle East, including Rail, Airlines, Shipping and Ports. Prior to this, she worked in the credit risk management and investment banking teams of Bank of America Merrill Lynch as well as RBS, where she managed credit finance transactions for European Industrials within the Automotive, Chemical and Manufacturing sectors.
Jeanine qualified as a Chartered Accountant in 2006 from Ernst and Young in London and has a Joint Honors degree in French and German from the University of Nottingham.
Carole Gintz is an Associate Managing Director in the EMEA Structured Finance Group. Carole’s responsibilities include the new ratings activity for European Corporate Securitisation transactions. Carole manages a team of senior analysts based across various European countries. Carole’s team is responsible for the rating assignment of a wide range of newly issued transactions backed by corporate assets including CLOs, SME securitisations and ABCP. Prior to take the responsibility for the EMEA Corporate Securitisation team in 2016, Carole managed the rating surveillance activity of ABS in EMEA.
Carole is a member of the Moody’s Standing Committee on Rating Symbols and Definitions which is in charge of defining Moody’s various ratings symbols, rating scales and other ratings-related definitions. This appointment recognizes her extensive experience in the credit and rating process gained through the 20 years Carole’s has been with Moody’s.
Before joining Moody’s, Carole completed her Master in engineering from Ecole Centrale Paris. She also holds a master degree in Applied Mathematics from Université Paris Dauphine.
Nick Hill is a Managing Director and heads the Credit Strategy & Guidance function within the Credit Strategy & Standards division in Moody’s Ratings.
Based in Paris, he joined Moody’s in March 2010, initially heading the France / BeNeLux banking team.
Since then he has managed successively larger teams, led the global revision of Moody’s bank rating methodology, which was published in 2015, and latterly was co-head of the global banking team.
Prior to joining Moody’s, Nick worked as a bank analyst in a variety of roles. These include banking supervision at the Bank of England and Financial Services Authority, where he began his career; sell-side equity research on French banks in a #1 ranked team at Morgan Stanley; rating UK and continental European banks at Standard & Poor’s; and providing balance sheet advice to financial institutions with RBS.
A graduate of Christ’s College, University of Cambridge in the UK, Nick holds an MA in English, a diploma in French, and a postgraduate certificate in Finance from Birkbeck College, University of London.
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.
Nick Hill is a Managing Director and heads the Credit Strategy & Guidance function within the Credit Strategy & Standards division in Moody’s Ratings.
Based in Paris, he joined Moody’s in March 2010, initially heading the France / BeNeLux banking team.
Since then he has managed successively larger teams, led the global revision of Moody’s bank rating methodology, which was published in 2015, and latterly was co-head of the global banking team.
Prior to joining Moody’s, Nick worked as a bank analyst in a variety of roles. These include banking supervision at the Bank of England and Financial Services Authority, where he began his career; sell-side equity research on French banks in a #1 ranked team at Morgan Stanley; rating UK and continental European banks at Standard & Poor’s; and providing balance sheet advice to financial institutions with RBS.
A graduate of Christ’s College, University of Cambridge in the UK, Nick holds an MA in English, a diploma in French, and a postgraduate certificate in Finance from Birkbeck College, University of London.
Jeanine Arnold oversees the Moody's EMEA Leveraged Finance franchise and co-ordinates Leveraged Finance globally. She is part of the Corporate Finance Group (CFG) and Moody's Global Private Credit team with responsibility for EMEA corporates based in London.
Jeanine's primary responsibility is for ratings consistency and accuracy of leveraged finance issuer ratings across EMEA and in collaboration with other regions. She also has responsibility for leveraged finance research and thought leadership as well as investor, banking and private equity outreach. She heads up the Global Leveraged Finance Data and Analytics strategy, which underpins Moody’s research and outreach initiatives.
Prior to Jeanine's current role, she led the Paris-based CFG team, which was responsible for a wide range of credits across the healthcare, retail, transportation, IT, gaming and business and consumer services industries.
During her time at Moody’s Jeanine has been a lead analyst for European Airlines and Aerospace and Defense companies as well as investment holding companies, manufacturing and semiconductor companies.
Prior to joining Moody’s Jeanine was a Director at Fitch Ratings based in London, specializing in the rating of transportation names across Europe, the CIS and Middle East, including Rail, Airlines, Shipping and Ports. Prior to this, she worked in the credit risk management and investment banking teams of Bank of America Merrill Lynch as well as RBS, where she managed credit finance transactions for European Industrials within the Automotive, Chemical and Manufacturing sectors.
Jeanine qualified as a Chartered Accountant in 2006 from Ernst and Young in London and has a Joint Honors degree in French and German from the University of Nottingham.
Jorge R. Valez is a Senior Vice President at Moody’s Sovereign Risk Group based in London. He serves as lead analyst for a portfolio of sovereigns and multilateral development banks in the EMEA region. He is also a global lead in analytical projects aimed at supporting rating accuracy and thought leadership across sovereign credit risks.
Jorge joined Moody’s in 2014 in the Financial Institutions Group. He also worked at Credit Strategy and Research leading the team responsible for banking projections and stress tests globally, as well as foundational research on ratings and capital markets.
Prior to joining Moody’s, Jorge worked for a bank 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 Administration.
Eric Chaney has been Economic Advisor to Institut Montaigne since January 2017.
Between 2008 and 2016, he was the Chief Economist of AXA for its worldwide activities. He advises multiple financial and non-financial companies on economic and geopolitical issues with his company, ECho. Within AXA Investment Managers, Eric managed the Research and Investment Strategy team, and advised the board on the potential of artificial intelligence. Within AXA, Eric advised the board on global economic and financial issues: he was a member of the Investment committee of the group, as well as the Asset Liability Monitoring Committee.
From 2000 to 2008, Eric Chaney was the Chief Economist for Europe for Morgan Stanley, which he had joined in 1995 after having managed the “Synthèse Conjoncturelle” division of the National Institute of Statistics and Economic Studies (INSEE), where he oversaw the quarterly publication of the economic outlook report. He was Senior lecturer at the National School of Administration (1993-1996), held a seat at the Conseil des Prélèvements Obligatoires to the Cour des Comptes (2010-2014), as well as the National Economic Commission (1997-2014), and at the Scientific Board of the AXA Research Fund.
He is a member of the Advisory Board of the Autorités des Marchés Financiers (AMF), and since 2014, Vice President of the Board of Directors of the Institut des Hautes Etudes Scientifiques (IHES) of Bures-sur-Yvette.
Former professor of Mathematics and editor of a mathematical publication of the University Louis Pasteur of Strasbourg, Eric Chaney is also a former professor of the ENSAE-Paris Tech.
Yasmina Serghini is a Managing Director in Moody’s Rating's Corporate Finance Group. She manages the teams in Madrid, Milan and Paris that are responsible for investment grade and high yield companies primarily in the TMT, retail, pharmaceutical, healthcare, food, packaged goods, railways and postal services industries.
Since joining Moody’s in 2005, Yasmina has been in charge of the credit ratings of automotive and truck manufacturers, retail, consumer packaged goods companies, including beverages and business services companies. Prior to joining Moody’s, Yasmina worked for Caisse Nationale des Caisses d’Epargne as a credit risk analyst where she had responsibilities for the analysis of companies mainly in the airlines, telecoms and real estate industries as well as aircraft and shipping financings. Yasmina is a CFA charterholder.
She holds a Postgraduate Diploma (“DESS”) in Finance from Institut d’Etudes Politiques de Paris and has a university degree (majoring in Finance) from Dauphine University (Paris). She is fluent in English, French and Moroccan.
Carole Gintz is an Associate Managing Director in the EMEA Structured Finance Group. Carole’s responsibilities include the new ratings activity for European Corporate Securitisation transactions. Carole manages a team of senior analysts based across various European countries. Carole’s team is responsible for the rating assignment of a wide range of newly issued transactions backed by corporate assets including CLOs, SME securitisations and ABCP. Prior to take the responsibility for the EMEA Corporate Securitisation team in 2016, Carole managed the rating surveillance activity of ABS in EMEA.
Carole is a member of the Moody’s Standing Committee on Rating Symbols and Definitions which is in charge of defining Moody’s various ratings symbols, rating scales and other ratings-related definitions. This appointment recognizes her extensive experience in the credit and rating process gained through the 20 years Carole’s has been with Moody’s.
Before joining Moody’s, Carole completed her Master in engineering from Ecole Centrale Paris. She also holds a master degree in Applied Mathematics from Université Paris Dauphine.