Credit Trends Italy
The world is yet again in transition. What will drive credit dynamics in 2022 and beyond? Explore insights from our forward-looking credit outlooks and discover what trends will have the most impact across sectors in Italy as we transition to the next phase of the global recovery.
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Agenda11.35 - 12.10CET12.10 - 12.20CET12.20 - 13.00CET
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SpeakersSarah Carlson, CFA Senior Vice President, Sovereign Risk Moody's Ratings
Mauro Crisafulli Managing Director, Sub-Sovereigns & Country Manager Italy Moody's Investors Service
Marie Diron Managing Director, Sovereign Risk Moody's Ratings
Frank Medrisch VP-Senior Analyst, Sustainable Finance Assessments Moody's Ratings
Guy Combot Vice President - Senior Analyst, Financial Institutions Moody's Ratings
Francesca Pilu Vice President – Senior Analyst, Structured Finance Moody's Investors Service
Lorenzo Re Vice President – Senior Analyst, Corporate Finance Moody's Ratings
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Mauro Crisafulli is Managing Director for Moody’s and Country Manager for Italy. He oversees Moody’s Investors Service operations in Italy with responsibility for directing and coordinating the company’s activities.
Mauro is also responsible for sub-sovereign credits in the EMEA region. In this capacity he coordinates a group of 20 analysts and has overall responsibilities for ratings and research on regional and local governments and related entities, including transit, water, infrastructure companies, and housing associations. In his role he chairs rating committees, helps maintain the quality of ratings, and assures analytical leadership on publications.
Prior to assuming these positions, Mauro served as Group Credit Officer for the sub-sovereign group with the responsibility of ensuring the consistency of global ratings and implementing analytical initiatives worldwide. He was also a member of Moody's Public Sector Credit Committee, in charge of reviewing public sector rating methodologies. He joined Moody’s in 2004.
Mauro has a wide knowledge in credit risk analysis, with more than 25 years of experience in the public sector rating business, including 8 years in Fitch Ratings where he served as director of the public sector team. Prior to that he worked as a Financial Analyst for the City of Milan and for various industrial and service companies. Mauro holds an Economics and Business Degree from the University of Bocconi in Milan.
Marie Diron heads the Sovereign Risk Group for Asia Pacific, the Middle East and Africa, and Sub-Sovereign Risk Group for Asia Pacific and EMEA. She is responsible for analytical teams covering more than 70 sovereign ratings, 15 Multilateral Development Banks and around 400 sub-sovereign ratings in about 30 countries. Marie is also a project owner of Moody’s Investors Service’s ESG scores, which were launched in early 2021.
Marie has worked as Moody’s lead sovereign analyst for a number of Asia Pacific credits, including China, Hong Kong, Taiwan, India, Sri Lanka and Australia. Marie has also worked in Moody’s Credit Policy, leading a number of macroeconomic analyses, including our regular Global Macro Outlook and other credit research work. Marie was previously Director at Oxford Economics, leading the company’s forecasting and scenario analysis service to financial sector and corporate clients, after a number of years at the European Central Bank and Brevan Howard LLP. Marie received a MPhil in Economics from the University of Cambridge and graduated from the Ecole Centrale Paris.
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.
Guy Combot joined Moody’s as Vice President – Senior Analyst with the Financial Institutions Group in September 2018 and is based in our Paris office. He covers a portfolio of French and Italian banks.
Prior to joining Moody’s, Guy worked at CNP Assurances, a leading provider of life insurance in France. After joining CNP Assurances in 1998, he worked in a number of positions including the compliance unit and investment division, before starting his last role as a senior buy-side credit analyst of financial institutions in 2012.
Guy graduated from IPAG Paris Business school with a Master’s degree in Corporate Finance and holds an Accounting post-graduate degree from the Conservatoire National des Arts et Métiers.
Guy is a Financial Analyst (CIAA / EFFAS), and a member of SFAF(French Society of Financial Analysts).
Guy is a French national and speaks fluent Italian and English.
Lorenzo Re is a Vice President – Senior Analyst in Moody’s the European Corporate Finance Team. Lorenzo joined Moody’s in March 2014 and is based in Milan. He is responsible for a diversified portfolio of investment grade and sub-investment grade companies, mainly in the transportation, postal services and consumer goods segments across Europe.
Before joining Moody’s, Lorenzo worked as a credit analyst in another rating agency for more than three years. Previously he worked almost 15 years as a nequity analyst in a number of Italian and international banks, including Banca IMI (Intesasanpaolo Group), Santander, Unicredit and Abn Amro, covering several Italian listed companied in the industrial and service sectors. Lorenzo graduated with a degree in economics at Università Bocconi, Milan.
Francesca Pilu is a Vice President – Senior Analyst in Moody’s Structured Finance Group in Milan.
She joined Moody’s at the beginning of 2010 as part of the team rating Residential Mortgage Backed Securities (RMBS) across Europe. Prior to joining Moody’s, Francesca has been at Deutsche Bank for four years, where she worked as PM the Italian project for Originate to Distribute residential mortgages. Before that, Francesca worked as senior credit structurer in Meliorbanca SpA where she mainly focused on setting up the Meliorbanca securitizations’ business.
Francesca holds a Master degree in Corporate Finance from the Bocconi University (Milan).
Frank Medrisch, CFA, currently serves as a VP - Senior Analyst within Moody’s Ratings Sustainable Finance Group, 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.
Mauro Crisafulli is Managing Director for Moody’s and Country Manager for Italy. He oversees Moody’s Investors Service operations in Italy with responsibility for directing and coordinating the company’s activities.
Mauro is also responsible for sub-sovereign credits in the EMEA region. In this capacity he coordinates a group of 20 analysts and has overall responsibilities for ratings and research on regional and local governments and related entities, including transit, water, infrastructure companies, and housing associations. In his role he chairs rating committees, helps maintain the quality of ratings, and assures analytical leadership on publications.
Prior to assuming these positions, Mauro served as Group Credit Officer for the sub-sovereign group with the responsibility of ensuring the consistency of global ratings and implementing analytical initiatives worldwide. He was also a member of Moody's Public Sector Credit Committee, in charge of reviewing public sector rating methodologies. He joined Moody’s in 2004.
Mauro has a wide knowledge in credit risk analysis, with more than 25 years of experience in the public sector rating business, including 8 years in Fitch Ratings where he served as director of the public sector team. Prior to that he worked as a Financial Analyst for the City of Milan and for various industrial and service companies. Mauro holds an Economics and Business Degree from the University of Bocconi in Milan.
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.
Mauro Crisafulli is Managing Director for Moody’s and Country Manager for Italy. He oversees Moody’s Investors Service operations in Italy with responsibility for directing and coordinating the company’s activities.
Mauro is also responsible for sub-sovereign credits in the EMEA region. In this capacity he coordinates a group of 20 analysts and has overall responsibilities for ratings and research on regional and local governments and related entities, including transit, water, infrastructure companies, and housing associations. In his role he chairs rating committees, helps maintain the quality of ratings, and assures analytical leadership on publications.
Prior to assuming these positions, Mauro served as Group Credit Officer for the sub-sovereign group with the responsibility of ensuring the consistency of global ratings and implementing analytical initiatives worldwide. He was also a member of Moody's Public Sector Credit Committee, in charge of reviewing public sector rating methodologies. He joined Moody’s in 2004.
Mauro has a wide knowledge in credit risk analysis, with more than 25 years of experience in the public sector rating business, including 8 years in Fitch Ratings where he served as director of the public sector team. Prior to that he worked as a Financial Analyst for the City of Milan and for various industrial and service companies. Mauro holds an Economics and Business Degree from the University of Bocconi in Milan.
Marie Diron heads the Sovereign Risk Group for Asia Pacific, the Middle East and Africa, and Sub-Sovereign Risk Group for Asia Pacific and EMEA. She is responsible for analytical teams covering more than 70 sovereign ratings, 15 Multilateral Development Banks and around 400 sub-sovereign ratings in about 30 countries. Marie is also a project owner of Moody’s Investors Service’s ESG scores, which were launched in early 2021.
Marie has worked as Moody’s lead sovereign analyst for a number of Asia Pacific credits, including China, Hong Kong, Taiwan, India, Sri Lanka and Australia. Marie has also worked in Moody’s Credit Policy, leading a number of macroeconomic analyses, including our regular Global Macro Outlook and other credit research work. Marie was previously Director at Oxford Economics, leading the company’s forecasting and scenario analysis service to financial sector and corporate clients, after a number of years at the European Central Bank and Brevan Howard LLP. Marie received a MPhil in Economics from the University of Cambridge and graduated from the Ecole Centrale Paris.
Frank Medrisch, CFA, currently serves as a VP - Senior Analyst within Moody’s Ratings Sustainable Finance Group, 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.
Guy Combot joined Moody’s as Vice President – Senior Analyst with the Financial Institutions Group in September 2018 and is based in our Paris office. He covers a portfolio of French and Italian banks.
Prior to joining Moody’s, Guy worked at CNP Assurances, a leading provider of life insurance in France. After joining CNP Assurances in 1998, he worked in a number of positions including the compliance unit and investment division, before starting his last role as a senior buy-side credit analyst of financial institutions in 2012.
Guy graduated from IPAG Paris Business school with a Master’s degree in Corporate Finance and holds an Accounting post-graduate degree from the Conservatoire National des Arts et Métiers.
Guy is a Financial Analyst (CIAA / EFFAS), and a member of SFAF(French Society of Financial Analysts).
Guy is a French national and speaks fluent Italian and English.
Francesca Pilu is a Vice President – Senior Analyst in Moody’s Structured Finance Group in Milan.
She joined Moody’s at the beginning of 2010 as part of the team rating Residential Mortgage Backed Securities (RMBS) across Europe. Prior to joining Moody’s, Francesca has been at Deutsche Bank for four years, where she worked as PM the Italian project for Originate to Distribute residential mortgages. Before that, Francesca worked as senior credit structurer in Meliorbanca SpA where she mainly focused on setting up the Meliorbanca securitizations’ business.
Francesca holds a Master degree in Corporate Finance from the Bocconi University (Milan).
Lorenzo Re is a Vice President – Senior Analyst in Moody’s the European Corporate Finance Team. Lorenzo joined Moody’s in March 2014 and is based in Milan. He is responsible for a diversified portfolio of investment grade and sub-investment grade companies, mainly in the transportation, postal services and consumer goods segments across Europe.
Before joining Moody’s, Lorenzo worked as a credit analyst in another rating agency for more than three years. Previously he worked almost 15 years as a nequity analyst in a number of Italian and international banks, including Banca IMI (Intesasanpaolo Group), Santander, Unicredit and Abn Amro, covering several Italian listed companied in the industrial and service sectors. Lorenzo graduated with a degree in economics at Università Bocconi, Milan.