Credit Currents - Moody's Ratings

Pharma M&A is on track to exceed $160 billion this year, its highest level since before the pandemic. With $300 billion of revenue exposed to patent expirations over the next five years, drugmakers are turning to acquisitions to replenish pipelines and replace lost revenue. GLP-1 weight-loss drugs, along with oncology and neuroscience, key areas driving deal activity. 

Host: Chandra Ghosal, Vice President, Moody’s Ratings 

Guest: Michael Weinstein, Executive Director, Moody’s Ratings 

Related Research:  

• Stable outlook reflects moderate earnings growth and reduced US policy risks, 1 June 2026 

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Data center growth is accelerating, but access to electricity is becoming a critical constraint. This episode of Credit Currents examines how utilities, developers and policymakers are adapting to unprecedented power demand driven by AI and cloud computing.

Host: Patrick Ronk, Vice President, Moody’s Ratings 

Guest: Ryan Wobbrock, Senior Vice President, Moody’s Ratings

Related Research:

• Data Centers – US: Power grid constraints, affordability-driven regulatory pushback create potential delays, 14 September 2026 
• Regulated Electric and Gas Utilities – US: Risk mitigation key as utilities harness data center demand growth to expand rate base, 15 September 2026 
• US data centers pivot to on-site power, 16 September 2026 
• Oil & Gas – US: Data center boom offers gains for natural gas producers and midstream operators, 16 September 2026 

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AI adoption is accelerating across businesses and workplaces, but its economic impact remains difficult to measure. In this episode of Credit Currents, we examine the disconnect between rising AI usage and labor market and productivity outcomes. What are the drivers behind the gap, lessons we can use from the dot-com era, and the key metrics investors should watch as AI investment continues to grow? Listen now to find out. 

Host: Greg Sobel, Vice President, Moody’s Ratings 

Guests: Gabriel Agostini, Assistant Vice President, Credit Strategy and Standards, Moody’s Ratings 

Related Research:  

• Widespread AI adoption is yet to affect labor market or productivity, 27 Jul 2026 
• AI brings competitive divergence and reshapes risks,28 July 2026 
• Hyperscalers' asset-heavy model spurs borrowing, equity sales,22 July 2026 
• Tokens are the currency of AI, and the smartest spenders will pull ahead, 13 July 2026 

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AI may have begun as a technology race, but it is increasingly becoming a race for capital and infrastructure. As hyperscalers invest at unprecedented levels, a SpaceX IPO and potential offerings from OpenAI and Anthropic, are offering new insights into the financing needs, transparency and credit dynamics shaping the industry's next phase.

Host: Chandra Ghosal, Vice President, Moody’s Ratings

Guest: Kevin McNeil, Vice President, Moody’s Ratings

Related Research: 

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Instant, low-cost cross-border payments are moving closer to reality as blockchain, stablecoins and tokenization reshape financial infrastructure. This episode explores how distributed ledger technology can enable faster, more transparent transactions while improving liquidity management through automation and smart contracts.

Adoption remains gradual, with regulatory uncertainty, interoperability challenges and the need for market confidence continuing to shape progress. The discussion also examines Moody’s stablecoin methodology, the role of AI in fraud detection and liquidity forecasting, and key risks across technology, cybersecurity and regulation.

Featuring insights from Moody’s analysts Greg Sobel and Lucas Viegas.

Host: Greg Sobel, Vice President, Moody’s Ratings

Guest: Lucas Viegas, Vice President, Moody’s Ratings

Related Research: 

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Is the US economy increasingly dependent on high-income consumers?

In this episode of “Credit Currents,” Mark Zandi, Chief Economist at Moody’s Analytics, and Atsi Sheth, Chief Credit Officer at Moody’s Ratings, examine the reality of the K-shaped economy.

They explore how the top 20% of earners now drive roughly 60% of spending, while lower-income households face mounting pressure from rising costs of essentials like food, fuel and housing.

From premium airline demand to tightening credit conditions and weakening real income growth, this episode highlights why economic growth may appear stable, but is becoming increasingly fragile and concentrated.

Host:

Patrick Ronk, Vice President, Moody’s Ratings

Guests:

Mark Zandi, Chief Economist, Moody’s Analytics

Atsi Sheth, Chief Credit Officer, Moody’s Ratings

Related Research: 

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Private credit has hit a speed bump in the US, where the market is rapidly pivoting from growth to stricter risk discipline.

At our flagship “Credit Frontiers” event, we sat down with Moody’s leaders to discuss what’s behind these “bad vibes” about private credit and what they’re hearing from market participants about the trajectory of the asset class.

Host: Giulia Calcabrini, Assistant Vice President, Analyst, Moody’s Ratings

Guests: 

Related Research: 

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What comes next for sustainable finance debt markets?

The energy transition’s momentum has shifted towards more pragmatic rationales, including energy security, sovereignty and critical supply chain resilience.

In this episode, we discuss why, despite headwinds arising from global trade tensions, Asia remains a contributing force for the “pragmatic transition”, the favorable conditions supporting renewable investment, as well as the opportunities for both the public and private sectors.

Host: Giulia Calcabrini, Assistant Vice President, Analyst, Moody’s Ratings

Guest: Rahul Ghosh, Managing Director, Head of Global Sustainable Finance & Emerging Markets, Moody’s Ratings

Related Research: 

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Asset tokenization and digital money, including stablecoins, are moving from the margins of finance toward the core of market infrastructure, spurring banks and other market participants to adapt their approach to blockchain technology.

In this episode of Credit Currents, we explore why trust and regulation are central to  adoption of tokenized assets, and how a gradual move in this direction could reshape payments, settlement and credit markets.

The conversation explores both the promise of faster, always‑on transactions and the practical challenges that will shape how quickly digital finance takes hold.

Host: Greg Sobel, Vice President, Senior Credit Officer, Moody’s Ratings

Guest: Donald Robertson, Managing Director, Financial Institutions, Moody’s Ratings

Related Research: 

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There could be big changes coming to longstanding bank regulations. With earnings season heating up, the discussion over capital rules is back in focus. 

Credit Currents is on the ground in Washington, D.C. as the world's top policymakers and regulators attend meetings with the World Bank, International Monetary Fund (IMF) and Institute of International Finance (IIF). 

We unpack what looser capital requirements could mean, the implications for credit, and how regulators and the US Federal Reserve are responding. 

Host: Chandra Ghosal, Vice President, Senior Credit Officer, Moody’s Ratings

Guest: Megan Fox, Associate Managing Director, Financial Institutions Group, Moody’s Ratings

Related Research: 

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