Moody’s Talks – The Big Picture

Late-cycle credit pressures are building, as are questions about what’s next for US leveraged finance and CLOs, or collateralized loan obligations. 

CLOs raise money from institutional investors to purchase leveraged loans, thus funding corporate borrowers while offering investors a range of risk and return options. 

But CLO managers are assuming a defensive position as risks grow, while also preparing for opportunities.  

In this episode, we’re looking into what’s driving these decisions and how the data can help decipher the credit impacts. 

Host: Paloma San Valentin, Managing Director, North America Corporate Finance, Moody’s Ratings 

Guests:  

• Lyuba Petrova, Managing Director, Global Head of Leveraged Finance, Moody’s Ratings 
• Al Remeza, Executive Director, Head of the US Corporate Structured Finance Surveillance rating team, Moody’s Ratings 

Related Research:  

• Leveraged Finance – US - Late-cycle signals point to rising leveraged finance risk 21 September 2026 
• Corporate Defaults and Recoveries — US, EMEA – Recovery challenges intensify as credit cycle matures 22 September 2026 
• CLOs – US – Asset quality improves at expense of par amid low spreads, economic uncertainty 23 September 2026 

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Critical minerals are back in the spotlight as the global push for access to those supply chains grows – along with the risks for credit and areas like national security.

These elements, like lithium and cobalt, are key components of everything from electric vehicles to semiconductors. A subset, called rare earths, have qualities like magnetic powers and high heat resistance.

But just because you have them, doesn’t mean they are ready for use. 

There is a complex and expensive extraction and refining process – and China dominates the world’s production capacity. Many countries are years away from refining minerals at the same scale domestically.

We discuss how critical minerals have become economic levers, spurred by geopolitical and trade tensions, demand for high-tech defense equipment, investment in AI and data centers, and diversification of energy sources.

Host: William Foster, Senior Vice President, Sovereign Risk, Moody's Ratings

Guests: 

Related Research: 

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Faced with slowing domestic growth and rising geopolitical tensions, China is changing its export strategy and selling different things, to different customers, in different places. 

Electric vehicles, solar panels and AI-enabled services are replacing low-cost manufactured goods. And the destination? Increasingly, emerging markets in Southeast Asia, Latin America and beyond.

China's evolving overseas footprint will have far-reaching credit consequences. From autos in Europe to metals in Latin America and clean energy infrastructure in Asia, this is a global story with local credit impact.

The looming question remains: who can adapt and who will buckle under the sustained pressure?

Host: Matt Robinson, Associate Managing Director, Moody’s Ratings

Guest: Nick Hill, Global Head of Credit Strategy and Guidance, Moody’s Ratings

Related Research: 

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Emerging markets have weathered a string of global shocks since 2019 with more resilience than in past cycles, supported by stronger policy frameworks, deeper local markets and larger buffers.

We discuss why credit outcomes are increasingly uneven across EMs, how a more fragmented global economy is reshaping trade and financing, and why investors are focusing on country-by-country differentiation.

Looking ahead, we explore what could test that resilience next, including high interest rates, debt-affordability pressures and the policy choices that will separate stronger credits from weaker ones.

Host: William Foster, Senior Vice President, Sovereign Risk, Moody's Ratings

Guests: Atsi Sheth, Chief Credit Officer, Moody’s Ratings; Ariane Ortiz-Bollin, Associate Managing Director, Sovereign Risk, Moody's Ratings

Related Research:

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The private credit market has morphed into a powerhouse, deriving its allure from low volatility, stable and high predictable returns.

But less than a year after the so-called “golden age” of private credit, the asset class is now grappling with a period of uncertainty following its astronomical growth. 

That volatility includes a wave of redemptions – when investors go to credit funds and ask for their money back — on top of disruption from AI and calls for more transparency. The wildcard of retail investors also raises the stakes.

In this episode, we discuss the negative outlook for perpetual non-traded BDCs (Business Development Companies), the impact from the Middle East conflict, exposure for the software sector, and what regulators might do next.

Host: Gabriel Agostini, Assistant Vice President, Credit Strategy and Research, Moody’s Ratings

Guests: Marc Pinto, Global Head of Private Credit, Moody’s Ratings; Atsi Sheth, Chief Credit Officer, Moody’s Ratings 

Related Research: 

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Streaming giant Netflix withdrew its bid for Warner Brothers Discovery on the eve of this year’s Oscars, but it doesn’t mean Paramount has won the battle for dominance over the media landscape. Regulators still must approve the deal, and Paramount’s offer comes with huge debt. 

In this first episode of Credit Currents, a new video podcast series from Moody’s Ratings, we reveal the stakes at play for traditional film and TV studios, the exponential value of intellectual property (IP), and how massive acquisitions can create credit risk.

We also consider the potentially significant impact of AI on viewing habits and customer preferences. 

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

Guest: Emile El Nems, Vice President, Senior Credit Officer, Moody’s Ratings

Related Research: 

© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.

© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.

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Streaming giant Netflix withdrew its bid for Warner Brothers Discovery on the eve of this year’s Oscars, but it doesn’t mean Paramount has won the battle for dominance over the media landscape. Regulators still must approve the deal, and Paramount’s offer comes with huge debt.  

In the first episode of Credit Currents, a new video podcast series from Moody’s Ratings launching on April 2, 2026, we reveal the stakes at play for traditional film and TV studios, the exponential value of intellectual property (IP), and how massive acquisitions can create credit risk.

We also consider the potentially significant impact of AI on viewing habits and customer preferences.  

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

Guest: Emile El Nems, Vice President, Senior Credit Officer, Moody’s Ratings 

© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.

© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.

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The US Supreme Court's rejection of the raft of US tariffs imposed in 2025 under the International Emergency Economic Powers Act (IEEPA) offers near-term relief for some exporters, but some sectors may still be in the crosshairs.

We discuss the prospect of refunds, the durability of restrictive trade frameworks, and how the US administration will likely tap other legal means to achieve its trade agenda.

This comes amid upheaval from the Middle East conflict which is rippling across sectors and deepening the uncertainty.

Host: William Foster, Senior Vice President, Sovereign Risk, Moody's Ratings 

Guests: Atsi Sheth, Chief Credit Officer, Moody’s Ratings

Related Research: 

© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this episode.

© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.

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What happens when technology starts automating and augmenting the cognitive tasks that form the backbone of many professions? 

The stakes are high: companies are reorganizing, workers are anxious, and major investors are pouring billions into models, chips and data centers. Meanwhile, governments face important decisions on how to minimize social disruption from AI, while maximizing economic gains. 

Explore which jobs are most exposed, what factors could boost productivity gains, and the steps governments are taking to manage the transition: https://www.moodys.com/ai-insights

Host: Gabriel Agostini, Assistant Vice President, Credit Strategy and Research, Moody’s Ratings

Guests: Ana Rayes, Vice President, Senior Analyst, Moody’s Ratings; Elisa Parisi-Capone, Vice President, Senior Analyst, Moody’s Ratings

Related Research:

© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.

© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.

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Climate-driven shocks are rippling across sectors, from rising insurance premiums to lower property prices and tax revenue.

With the costs of severe weather rising, Moody’s experts share their insights into key themes and possible solutions.

Learn more at https://www.moodys.com/outlooks

Explore our outlook: https://www.moodys.com/web/en/us/insights/credit-risk/outlooks/global-sustainable-finance.html
 

Want to know more on the sustainable finance trends in 2026? Join us:

• EMEA/US: https://events.moodys.com/2026-mie26362-sustainable-finance-outlook-emea-usa
• APAC: https://events.moodys.com/2026-mip26493-sustainable-finance-outlook-apac

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

Guests: Jennifer Chang, Vice President, Senior Credit Officer, Moody’s Ratings; Sarah Hibler, Associate Managing Director, Moody’s Ratings

Related Research: 

• Sustainable Finance – Global – 2026 Outlook – Transition shifts, extreme weather and AI boom drive credit risks 13 Jan 2026
• Emerging economies are most exposed to the credit effects of severe weather 30 Oct 2025
• US Public Finance – Florida – Miami Cat-5 storm would test economy and insurance market even with federal aid 24 Sep 2025
• Environmental Risk – Global – Adaptation can support credit strength, but faces race to keep up with climate risks 22 Sept 2025
• Property & Casualty – US – California wildfires — one year later, insurers have absorbed losses 14 Jan 2026

© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.

© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.

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