Moody’s Talks – The Big Picture

Hosted by William Foster, Gabriel Agostini, Paloma San Valentin

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Sep 2026

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On Moody’s Talks – The Big Picture, hosts William Foster, Paloma San Valentin and Gabriel Agostini bring you insights from Moody’s analysts around the world on hot topics across fixed-income markets. Each episode will illuminate Moody’s thinking on the latest credit and economic developments, ranging from technological disruption, political shifts, to climate change. Please join us as we explore what’s on the horizon for the global credit landscape.

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October 15, 202618 min

How Blended Finance is Key to Mobilizing Private Capital

Emerging markets need trillions of dollars to fund infrastructure and economic development, but those needs exceed the capacity of governments, institutions and philanthropies. And institutional investors are often reluctant to take on the risks directly. That's where blended finance comes in. It combines capital from the public and private sectors to meet each group’s needs and risk-return objectives, while also helping to fill the emerging market financing gap. In this episode, we explain how the model works and why credit ratings matter here. Join the conversation in person at our Development Finance Forum in London on 5 November: https://events.moodys.com/2026-development-finance-forum Host: Matt Robinson, Executive Director - Sovereign Risk and Development Finance Lead, Moody's Ratings Guests: Marie Diron, Managing Director, Global Head of Sovereign and Sub-Sovereign Risk, Moody's Ratings Kathrin Muehlbronner, Senior Vice President, Global Multilateral Development Bank (MDB) Lead, Moody's Ratings Related Research: Data Story: Blended finance mobilises private capital for development in emerging markets , 12 October 2026 Sustainable Finance – Global: Scaling climate blended finance will take more than credit enhancement , 12 October 2026 Sustainable Finance – Global: Linked environmental risks can limit diversification in blended finance portfolios , 12 October 2026 Emerging Markets – Global: Explanatory Comment — Targeted credit enhancements can unlock project financing , 15 July 2026 Sovereign & Supranational – Cross Region: Explanatory Comment — Key considerations in assessing blended finance structures , 1 July 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

September 24, 202621 min

Is the Credit Cycle Turning? The LevFin, CLO Markets Hold Clues

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 © 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

July 13, 202622 min

The Risks of Relying on Others for Critical Minerals

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: Atsi Sheth, Chief Credit Officer, Moody’s Ratings Claire Li, Senior Analyst, Credit Strategy, Moody’s Ratings Related Research: Sovereigns – Emerging Markets - Critical minerals boom offers a step up the value chain if structural constraints ease 13 July 2026 Flipbook: Critical mineral and material reliance poses risks to US, but policy support offers relief , 5 November 2025 Critical minerals – China: A detailed view of the sector , 12 June 2025 Artificial Intelligence – Rare earth metals: China’s dominance of critical minerals supply chain creates vulnerabilities for tech firms , 2 July 2025 Moody’s Emerging Markets Credit Risk Insights & Analysis © 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

June 8, 202616 min

How China’s Global Bet is Raising the Stakes

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: Macroeconomics – China: Overseas investment will accelerate, with focus on select sectors and destinations 30 June 2025 Trade – Asia-Pacific: US focus on origin of imports increases risks for Asia-Pacific supply chains 20 October 2025 Geopolitical risks and China’s excess capacity expose ASEAN economies’ vulnerabilities 2 July 2025 Moody’s Insights – China Growth and Credit © 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

May 4, 202628 min

Emerging Markets and Global Shocks: Why Credit Outcomes Are Uneven

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: Financial policy is key differentiator of credit quality amid global shocks , 07 May 2026 Low-rated sovereigns' credit quality is recovering but is weaker than a decade ago , 06 May 2026 Early policy reform and strong buffers support resilience to global shocks , 05 May 2026 Middle East Conflict – India: Energy shock fuels external, inflationary and sectoral risks , 20 April 2026 Corporates – Indonesia: Policy uncertainty will constrain credit strength as regulatory intervention rises , 16 April 2026 Sovereigns – Global: Middle East shock will test sovereigns with limited credit buffers , 7 April 2026 Sub-Saharan African Macro Monitor: Financing needs will remain broadly stable in 2026 , 31 March 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

April 27, 202633 min

Why Private Credit’s Volatility Won’t Stop Growth

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: Private Credit – Global Volatility will intensify focus on liquidity, transparency 22 April 2026 Business Development Companies – US – Outlook changes to negative on increased redemption pressures, higher leverage 7 April 2026 Private Credit – North America – Credit Estimates point to eroding credit quality among middle-market borrowers 13 April 2026 Banks – US – Aggregate loan exposure to non-depository financial institutions rises to $1.4 trillion 31 March 2026 Moody’s Private Credit Insights © 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

April 2, 202611 min

Why Netflix is Still a Winner After Bidding War with Paramount

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: Media, Telecommunications – US – Media's significant consolidation, streaming shift continue; more telecom competition 2 Feb 2026 Corporates | Media & Publishing - Netflix, Inc. - Credit Opinion – Update to credit analysis following affirmation and changing outlook to stable 29 Dec 2025 Media & Publishing – US – Large streamers thriving amid intense competition, smaller streamers at risk 16 April 2025 © 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

April 2, 20260 min

Introducing: Credit Currents, a new Moody's Ratings video podcast

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

March 25, 202616 min

US Tariffs Under IEEPA Struck Down: What’s Next for Credit

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: Tariffs – Global – Trade deal commitments and new tariffs diminish effects of IEEPA ruling 3 March 2026 Tariffs – US – FAQ: Trade uncertainty will persist after Supreme Court rules on IEEPA tariffs 19 Feb 2026 Government Policy – US – Midterm dynamics and 'America First' agenda to shape credit in 2026 19 Feb 2026 Moody’s Tariff Tracker © 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

February 25, 202616 min

AI, the Future of Work, and the Risks for Governments

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: Artificial Intelligence – Global – AI productivity gains to hinge on demographics and occupational structures 23 Feb 2026 Artificial Intelligence – Global – AI will reshape the nature of labor, with varying social risks across economies 24 Feb 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.