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HOMETRENDINGREPORTSSECTORS & REGIONSRATINGS & ASSESSMENTSTOOLS & DATAEVENTS & TRAINING LOG IN 2022 SOVEREIGN DEEP DIVES In-depth analysis of key issues and their effect on credit quality in eight markets MOODY'S ON CLIMATE Explore what it will take to build a more resilient and sustainable future EMERGING MARKETS HIGHLIGHTS Moody’s comparative insights on global emerging markets MOODY’S AND CYBER Understanding and building cyber resilience LIVE & ON DEMAND EVENTS Join Moody’s channels or individual webinars and get the latest market impact Video: Shifting workplace opens new channels for cyberattacks 22 NOV 2021|MOODY'S INVESTORS SERVICE Increasing cyber risks are challenging organizations around the world to fortify their cybersecurity, particularly as remote and hybrid work arrangements create vulnerabilities to computer networks. Cyber insurance costs also continue to climb. A new Moody’s CreditView on Chinese companies 18 NOV 2021|MOODY'S CORPORATION Trusted insights designed to help you assess the largest cross-border and domestic Chinese bond issuers with confidence Solidifying economic recovery underpins stable 2022 outlook for Asian nonfinancial companies (ex Japan) 23 NOV 2021|MOODY'S INVESTORS SERVICE Companies’ leverage and interest coverage are returning to pre-pandemic levels as earnings recover. But policy transitions and tightening funding access are risks to earnings growth. Outlook for sovereigns in Central and Eastern Europe in 2022 is stable 22 NOV 2021|MOODY'S INVESTORS SERVICE Real GDP growth of 4.5% next year will support a rebound in fiscal revenue and allow governments in CEE countries to unwind pandemic-related spending measures. Although the average public debt burden will remain around 13 percentage points higher than it was pre-pandemic by 2024, efforts to lengthen debt maturities in recent years will shield sovereigns from the gradual tightening in financial conditions. 2022 outlook is stable for North American nonfinancial companies amid inflation, debt risks 2022 Outlooks 23 NOV 2021|MOODY'S INVESTORS SERVICE North American nonfinancial companies in 2022 will benefit from strong demand and favorable credit fundamentals, but evolving supply-demand imbalances and inflationary risks heighten their credit risk at a time of high debt loads taken on during the pandemic. Euro area sovereign outlook is stable given favourable economic and monetary conditions 2022 Outlooks 17 NOV 2021|MOODY'S INVESTORS SERVICE National and European-level investment plans and robust private consumption will sustain the economic recovery next year, which will support some modest deleveraging. Moreover, accommodative monetary policy will likely contain any increases in borrowing costs. However, debt burdens will remain well above 2019 levels, and pandemic developments, growing social pressures and inflation elevate risks to our baseline forecasts. Outlook for EMEA nonfinancial companies is stable on earnings recovery amid mounting pressures 2022 Outlooks 23 NOV 2021|MOODY'S INVESTORS SERVICE Our 2022 stable outlook for EMEA nonfinancial corporates balances strong economic growth, a continued recovery in earnings and a low forecast default rate with more recent inflationary pressure and supply chain disruptions. We expect free cash flow to improve, but companies will face competing demands on how to use it. FEATURED Podcast: Insurers bet on illiquid assets; global banks step up cybersecurity Moody’s Talks – Focus on Finance 17 NOV 2021|MOODY'S INVESTORS SERVICE Insurance analysts Dominic Simpson and Manoj Jethani discuss global insurers’ increasing investments in illiquid assets and why that’s mostly positive despite the risks. Plus, Fadi Massih of the Banking team talks about strengths and vulnerabilities in global banks’ management of cybersecurity risks. Podcast: Emerging markets will face multispeed recovery, even as credit conditions stabilize Moody's Talks - Emerging Markets Decoded 17 NOV 2021|MOODY'S INVESTORS SERVICE Atsi Sheth of the Credit Strategy & Research team discusses the outlook for global emerging markets, noting that while credit conditions will stabilize in 2022, high leverage, inflation and deteriorating financial conditions will increase risks for weaker countries and sectors. Podcast: Pandemic has altered landscape for speculative-grade companies and creditor protections Moody's Talks - Behind the Bonds 15 NOV 2021|MOODY'S INVESTORS SERVICE Our new corporate finance podcast series focuses on the market forces shaping credit across industries - from airlines to pipelines and computer chips to potato chips. In the inaugural episode, Annalisa Di Chiara, Richard Etheridge and Christina Padgett discuss the current credit trends in the higher-risk segment of the corporate debt market, highlighting regional differences. And covenant specialist Evan Friedman explains how changing market conditions contribute to weaker creditor protections. RATINGS & ASSESSMENTS NEWS VIEW MORE Moody's upgrades Glasgow Electric Plant Board, KY's revenue bonds to A2 08:13PM (GMT+0100) 23 NOV 2021 Moody's assigns definitive rating to Upstart Securitization Trust 2021-5 08:09PM (GMT+0100) 23 NOV 2021 Moody's changes outlook on Ericsson's Ba1 ratings to stable from positive following acquisition of Vonage 08:07PM (GMT+0100) 23 NOV 2021 Moody's assigns Aa1 to Camden County Improvement Authority, NJ's county-guaranteed bonds; outlook stable 07:39PM (GMT+0100) 23 NOV 2021 Moody's assigns A1 ENH to Butler CSD, KY's Revenue Bonds, Ser. 2021 07:38PM (GMT+0100) 23 NOV 2021 Moody's assigns a definitive Ba1 rating to ACI Airport Sudamérica, S.A.'s Gtd Senior Secured Notes; Outlook Stable 06:56PM (GMT+0100) 23 NOV 2021 Moody's assigns Aaa to East Hampton Housing Authority, NY's town-guaranteed refunding bonds; outlook stable 06:51PM (GMT+0100) 23 NOV 2021 Moody's assigns Aa3 to Ralston Public Schools, NE's GOULT bonds 06:31PM (GMT+0100) 23 NOV 2021 Moody's assigns definitive ratings to seven classes of refinancing notes issued by Hayfin Emerald CLO III DAC 06:24PM (GMT+0100) 23 NOV 2021 Moody's assigns provisional ratings to six classes of notes to be issued by LCM 36 Ltd. 06:15PM (GMT+0100) 23 NOV 2021 Moody’s rates Chubb’s shelf (senior unsecured at (P)A3) 06:13PM (GMT+0100) 23 NOV 2021 Moody's assigns definitive rating to Navient Private Education Refi Loan Trust 2021-G 06:10PM (GMT+0100) 23 NOV 2021 Moody's assigns first-time B2 CFR to Rimini BidCo S.p.A.; stable outlook 05:36PM (GMT+0100) 23 NOV 2021 Moody's assigns Ba2 to CDW's new notes; proceeds to fund acquisition of Sirius Computer 03:12PM (GMT+0100) 23 NOV 2021 Moody's Fully Supported Municipal & IRB Deals 02:06PM (GMT+0100) 23 NOV 2021 Moody's upgrades Bank CenterCredit's long-term deposit ratings to B1 from B2 01:02PM (GMT+0100) 23 NOV 2021 Moody's assigns definitive ratings to eight classes of refinancing notes issued by Dryden 69 Euro CLO 2018 DAC 12:43PM (GMT+0100) 23 NOV 2021 Moody's changes Lippo Karawaci's outlook to positive, affirms B3 rating 12:05PM (GMT+0100) 23 NOV 2021 Moody's changes Bharti's outlook to positive 11:58AM (GMT+0100) 23 NOV 2021 Moody's assigns a provisional rating to one class of notes to be issued by Greystone CRE Notes 2021-HC2, Ltd. 07:00AM (GMT+0100) 23 NOV 2021 Source: Moody'S Investors Service MOODY'S CREDIT OUTLOOK Latest Issue: 22 Nov 2021 Burger King, Tim Hortons parent's higher debt to finance acquisition will delay deleveraging Brown-Forman's special dividend is credit negative, but does not disrupt gross debt to EBITDA leverage decline Chinese corporate bond defaults will continue rising in 2022; restructuring process is evolving PREVIOUS ISSUES Source: Moody'S Investors Service WEEKLY MARKET OUTLOOK Latest Issue: 18 Nov 2021 Supply-Chain Stress Grows, But Relief Is Coming We preview economic reports and forecasts from the US, UK/Europe, and Asia/Pacific regions Upgrades Dominate U.S. Changes PREVIOUS ISSUE Source: Moody'S Analytics MOST READ Macroeconomics - Global: Coronavirus and the Economy: Alternative Data Monitor (Slides) 18 NOV 2021|MOODY'S INVESTORS SERVICE Energy – Global: Outlook stable as earnings expansion slows, pending return in investment in production 18 NOV 2021|MOODY'S INVESTORS SERVICE Nonfinancial Companies - China: Corporate bond defaults will continue rising in 2022; restructuring process is evolving 17 NOV 2021|MOODY'S INVESTORS SERVICE Property Developers — China: Tight credit conditions, slowing sales drive liquidity stress; profit margin will fall 18 NOV 2021|MOODY'S INVESTORS SERVICE Sovereigns – Euro area: 2022 outlook is stable given favourable economic and monetary conditions, but debt levels will remain elevated for many 17 NOV 2021|MOODY'S INVESTORS SERVICE MOST-VIEWED ISSUERS Hertz Corporation (The) Bank of America Corporation American Tower Corporation South Africa, Government of Canadian Pacific Railway Company EVENTS VIEW MORE MOODY'S INTEGRITY HOTLINE VIA THE INTERNET: https://Moodys.ethicspoint.com BY TELEPHONE FROM THE UNITED STATES: Dial 1-866-330-MDYS (1-866-330-6397) BY TELEPHONE FROM OUTSIDE THE UNITED STATES: Dial the AT&T Direct Dial Access® code for your location. 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