Credit Trends Germany, Austria and Switzerland
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 Germany, Austria and Switzerland as we transition to the next phase of the global recovery.
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Agenda14.05 - 14.20CET14.20 - 14.35CET14.35 - 14.45CET14.45 - 15.30CET
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SpeakersDr Fritzi Köhler-Geib Chief Economist KfW Group
Jens Schmidt-Bürgel Managing Director, Regional Head EU Moody's Investors Service
Carola Schuler Managing Director, Financial Institutions Moody's Ratings
Jorge Valez Senior Vice President, Sovereign Risk Moody’s Ratings
Rahul Ghosh Managing Director, Global Head of Sustainable Finance Moody’s Ratings
Anke Rindermann Associate Managing Director, Corporate Finance Moody's Investors Service
Dietmar Hornung Associate Managing Director, Sovereign Risk Moody's Ratings
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| Jens Schmidt-Bürgel is Geschäftsführer (Managing Director) of Moody’s Deutschland and Country Manager for Germany, Austria and Switzerland. In this role he oversees the outreach activities in these countries and acts as senior point of contact to issuers and other market participants. He is also the Head EU-27 focusing on the strategic direction and oversight of Moody’s Investor Service (MIS) 8 offices in the region. In this capacity Jens works closely with the local Country Managers in each of EU-27 offices and is responsible for promoting the Moody's brand, establishing and maintaining strong relationships with key capital market participants, associations, regulators and government officials. Prior to joining Moody’s in 2015, Jens was a Managing Director at Fitch Ratings in Frankfurt and as country head responsible for business and relationship management in Germany, Austria and Switzerland. He also oversaw Fitch’s operations in Warsaw and the representative office in Stockholm. Jens holds a dual degree in European Business Administration from ESB Reutlingen and Middlesex University Business School. In addition, he has an Executive MBA from WHU-Otto Beisheim School of Management and Kellogg School of Management. |
Dr Friederike (Fritzi) Köhler-Geib is Chief Economist of KfW Group and Head of KfW Research. Prior to this, she spent more than 10 years at the World Bank, most recently in the position of Lead Economist and Programme Leader for Central America.
She studied Economics in the USA, France, Germany, Spain and Switzerland. As Chief Economist of KfW Group, she analyses trends relevant for KfW in the economy, society and on the financial markets and brings a new dynamic to the economic and financial policy debate. The focus of her work lies in the analyses of economic developments and growth trends in Germany. A particular focus is placed on small and medium-sized enterprises and the role of innovation and digitalisation in improving competitiveness, as well as issues related to the goal of a climate-neutral economy. Furthermore, Dr Fritzi Köhler-Geib also actively addresses economic policy connections between Germany, Europe and the world.
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).
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.
| Jens Schmidt-Bürgel is Geschäftsführer (Managing Director) of Moody’s Deutschland and Country Manager for Germany, Austria and Switzerland. In this role he oversees the outreach activities in these countries and acts as senior point of contact to issuers and other market participants. He is also the Head EU-27 focusing on the strategic direction and oversight of Moody’s Investor Service (MIS) 8 offices in the region. In this capacity Jens works closely with the local Country Managers in each of EU-27 offices and is responsible for promoting the Moody's brand, establishing and maintaining strong relationships with key capital market participants, associations, regulators and government officials. Prior to joining Moody’s in 2015, Jens was a Managing Director at Fitch Ratings in Frankfurt and as country head responsible for business and relationship management in Germany, Austria and Switzerland. He also oversaw Fitch’s operations in Warsaw and the representative office in Stockholm. Jens holds a dual degree in European Business Administration from ESB Reutlingen and Middlesex University Business School. In addition, he has an Executive MBA from WHU-Otto Beisheim School of Management and Kellogg School of Management. |
Carola Schuler is a Managing Director in the Europe, Middle East and Africa banking team, based in Frankfurt. In this capacity, she is responsible for Moody’s analytical teams that rate banks primarily in the UK, the Eurozone and Central and Eastern Europe as well as non-bank financial companies across Europe. Carola has extensive experience in credit analysis and managing credit professionals.
Furthermore, Carola plays a leading role in Moody’s Environmental, Social and Governance (ESG) integration efforts. Moody’s is committed to incorporating ESG risks into its credit analysis and Carola is one of Moody’s global coordinators of ESG analytical, research and outreach initiatives for financial institutions.
Prior to joining Moody’s in 2008, Carola was a Director at the credit risk management division of Deutsche Bank where she worked in a number of different analytical and managerial functions in Germany and abroad, covering corporate finance, leveraged finance, financial institutions and sovereign risk across Europe, including time spent in Brussels (Belgium).
Carola has a double German-French Diploma in Business Administration from Hochschule für Technik und Wirtschaft des Saarlandes (HTW), Saarbrücken /Germany and the University of Metz/ France.
Anke Rindermann is an Associate Managing Director in the Corporate Finance Group and has been with Moody’s in Frankfurt since 2007.
Anke is managing a team of analysts covering Moody’s European real estate franchise. In addition, she is leading a team of analysts focusing on leisure, shipping, auto suppliers and forest products industries.
Prior roles at Moody’s included lead analyst responsibility for European paper and forest products companies, industrial gases manufacturers and cross-over packaging companies in EMEA.
Before joining Moody’s, Anke spent several years working in Credit Risk Management at Commerzbank in Frankfurt and New York and before that at Deutsche Bank. She studied at Frankfurt School of Finance and Management and at the University of Queensland in Australia, and holds a degree in Business Administration. Anke is a chartered Financial Risk Manager and a Certified Credit Analyst (DVFA).
Rahul Ghosh is Managing Director – Global Head of Sustainable Finance for Moody's Ratings.
Rahul leads global oversight for the credit rating agency’s environmental, social and governance (ESG) research and outreach strategy. In this capacity, he is responsible for co-ordinating high quality and impactful research exploring the credit implications of ESG, as well as digital and in-person outreach to meet the growing market needs of investors, issuers and other important stakeholders.
Rahul is a regular participant at high-profile industry working groups, market briefings, external conferences and media engagements. He is a member of the Taskforce on Nature-related Financial Disclosures, a market-led initiative to develop a risk management and disclosure framework for nature-related risks. He has also represented Moody’s on the UN Principles for Responsible Investment's advisory committee on credit ratings and the Green and Social Bond Principles working groups. He has presented on the impact of climate change on emerging market sovereigns at the G20 Green Finance Study Group and on sustainable finance trends at the International Finance Corporation’s Global Debt Mobilization Conference.
Before his current role, Rahul oversaw Moody’s ESG Solutions Group outreach and engagement activities globally with the sustainability stakeholder community. He also previously worked in Moody’s Credit Strategy & Research team where he was responsible for thematic research and outreach on global emerging market (EM) credit trends. Prior to joining Moody’s in 2013, Rahul was the Head of Asia at BMI Research (Fitch Solutions) in Singapore, leading a team of macroeconomists and industry specialists in analysing sovereign risk, sector performance and the capital markets.
Rahul is a passionate impact leader for Moody’s corporate social responsibility (CSR) initiatives in London, chairing the pillar on “activating an environmentally sustainable future”. He holds a Masters degree in Economics from the University of Edinburgh and a Certificate in ESG Investing from the CFA Society of the UK.
| Jens Schmidt-Bürgel is Geschäftsführer (Managing Director) of Moody’s Deutschland and Country Manager for Germany, Austria and Switzerland. In this role he oversees the outreach activities in these countries and acts as senior point of contact to issuers and other market participants. He is also the Head EU-27 focusing on the strategic direction and oversight of Moody’s Investor Service (MIS) 8 offices in the region. In this capacity Jens works closely with the local Country Managers in each of EU-27 offices and is responsible for promoting the Moody's brand, establishing and maintaining strong relationships with key capital market participants, associations, regulators and government officials. Prior to joining Moody’s in 2015, Jens was a Managing Director at Fitch Ratings in Frankfurt and as country head responsible for business and relationship management in Germany, Austria and Switzerland. He also oversaw Fitch’s operations in Warsaw and the representative office in Stockholm. Jens holds a dual degree in European Business Administration from ESB Reutlingen and Middlesex University Business School. In addition, he has an Executive MBA from WHU-Otto Beisheim School of Management and Kellogg School of Management. |
Dr Friederike (Fritzi) Köhler-Geib is Chief Economist of KfW Group and Head of KfW Research. Prior to this, she spent more than 10 years at the World Bank, most recently in the position of Lead Economist and Programme Leader for Central America.
She studied Economics in the USA, France, Germany, Spain and Switzerland. As Chief Economist of KfW Group, she analyses trends relevant for KfW in the economy, society and on the financial markets and brings a new dynamic to the economic and financial policy debate. The focus of her work lies in the analyses of economic developments and growth trends in Germany. A particular focus is placed on small and medium-sized enterprises and the role of innovation and digitalisation in improving competitiveness, as well as issues related to the goal of a climate-neutral economy. Furthermore, Dr Fritzi Köhler-Geib also actively addresses economic policy connections between Germany, Europe and the world.
| Jens Schmidt-Bürgel is Geschäftsführer (Managing Director) of Moody’s Deutschland and Country Manager for Germany, Austria and Switzerland. In this role he oversees the outreach activities in these countries and acts as senior point of contact to issuers and other market participants. He is also the Head EU-27 focusing on the strategic direction and oversight of Moody’s Investor Service (MIS) 8 offices in the region. In this capacity Jens works closely with the local Country Managers in each of EU-27 offices and is responsible for promoting the Moody's brand, establishing and maintaining strong relationships with key capital market participants, associations, regulators and government officials. Prior to joining Moody’s in 2015, Jens was a Managing Director at Fitch Ratings in Frankfurt and as country head responsible for business and relationship management in Germany, Austria and Switzerland. He also oversaw Fitch’s operations in Warsaw and the representative office in Stockholm. Jens holds a dual degree in European Business Administration from ESB Reutlingen and Middlesex University Business School. In addition, he has an Executive MBA from WHU-Otto Beisheim School of Management and Kellogg School of Management. |
Carola Schuler is a Managing Director in the Europe, Middle East and Africa banking team, based in Frankfurt. In this capacity, she is responsible for Moody’s analytical teams that rate banks primarily in the UK, the Eurozone and Central and Eastern Europe as well as non-bank financial companies across Europe. Carola has extensive experience in credit analysis and managing credit professionals.
Furthermore, Carola plays a leading role in Moody’s Environmental, Social and Governance (ESG) integration efforts. Moody’s is committed to incorporating ESG risks into its credit analysis and Carola is one of Moody’s global coordinators of ESG analytical, research and outreach initiatives for financial institutions.
Prior to joining Moody’s in 2008, Carola was a Director at the credit risk management division of Deutsche Bank where she worked in a number of different analytical and managerial functions in Germany and abroad, covering corporate finance, leveraged finance, financial institutions and sovereign risk across Europe, including time spent in Brussels (Belgium).
Carola has a double German-French Diploma in Business Administration from Hochschule für Technik und Wirtschaft des Saarlandes (HTW), Saarbrücken /Germany and the University of Metz/ France.
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.
Rahul Ghosh is Managing Director – Global Head of Sustainable Finance for Moody's Ratings.
Rahul leads global oversight for the credit rating agency’s environmental, social and governance (ESG) research and outreach strategy. In this capacity, he is responsible for co-ordinating high quality and impactful research exploring the credit implications of ESG, as well as digital and in-person outreach to meet the growing market needs of investors, issuers and other important stakeholders.
Rahul is a regular participant at high-profile industry working groups, market briefings, external conferences and media engagements. He is a member of the Taskforce on Nature-related Financial Disclosures, a market-led initiative to develop a risk management and disclosure framework for nature-related risks. He has also represented Moody’s on the UN Principles for Responsible Investment's advisory committee on credit ratings and the Green and Social Bond Principles working groups. He has presented on the impact of climate change on emerging market sovereigns at the G20 Green Finance Study Group and on sustainable finance trends at the International Finance Corporation’s Global Debt Mobilization Conference.
Before his current role, Rahul oversaw Moody’s ESG Solutions Group outreach and engagement activities globally with the sustainability stakeholder community. He also previously worked in Moody’s Credit Strategy & Research team where he was responsible for thematic research and outreach on global emerging market (EM) credit trends. Prior to joining Moody’s in 2013, Rahul was the Head of Asia at BMI Research (Fitch Solutions) in Singapore, leading a team of macroeconomists and industry specialists in analysing sovereign risk, sector performance and the capital markets.
Rahul is a passionate impact leader for Moody’s corporate social responsibility (CSR) initiatives in London, chairing the pillar on “activating an environmentally sustainable future”. He holds a Masters degree in Economics from the University of Edinburgh and a Certificate in ESG Investing from the CFA Society of the UK.
Anke Rindermann is an Associate Managing Director in the Corporate Finance Group and has been with Moody’s in Frankfurt since 2007.
Anke is managing a team of analysts covering Moody’s European real estate franchise. In addition, she is leading a team of analysts focusing on leisure, shipping, auto suppliers and forest products industries.
Prior roles at Moody’s included lead analyst responsibility for European paper and forest products companies, industrial gases manufacturers and cross-over packaging companies in EMEA.
Before joining Moody’s, Anke spent several years working in Credit Risk Management at Commerzbank in Frankfurt and New York and before that at Deutsche Bank. She studied at Frankfurt School of Finance and Management and at the University of Queensland in Australia, and holds a degree in Business Administration. Anke is a chartered Financial Risk Manager and a Certified Credit Analyst (DVFA).
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).