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Credit Currents - Moody's Ratings

Credit Currents - Moody's Ratings

Hosted by Giulia Calcabrini, Chandra Ghosal, Patrick Ronk

BusinessNewsInterviews guestsExplicit
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Episodes

120

Latest episode

Jul 2026

Language

EN

About the show

Join Moody’s Ratings’ analysts every other Thursday as they break down the biggest stories in credit and why they matter.

Listen to episodes

60 recent
July 23, 202614 min

Big Tech’s AI Spending Surge: What It Means for Credit Risk

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:  Hyperscalers' asset-heavy model spurs borrowing, equity sales https://www.moodys.com/research/Artificial-Intelligence-Technology-US-Hyperscalers-asset-heavy-model-spurs-borrowing-Sector-In-Depth--PBC_1490738 22 July 2026 Infographic: Massive CapEx feeding data center ecosystem https://www.moodys.com/research/doc--PBC_1486517 Hyperscaler capex to near $1 trillion in 2027, fueling AI growth, memory shortage https://www.moodys.com/research/Artificial-Intelligence-Data-Centers-US-Hyperscaler-capex-to-near-Sector-In-Depth--PBC_1483702 11 May 2026 Hyperscalers' reported AI-related lease commitments may understate economic risk https://www.moodys.com/research/Accounting-US-Hyperscalers-reported-AI-related-lease-commitments-may-understate-economic-Sector-In-Depth--PBC_1467708 23 February 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 9, 202610 min

Next-Gen Payments and Digital Frontiers: Speed, Risk and Adoption

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:  https://www.moodys.com/research/Digital-Transformation-Europe-A-significant-step-for-the-retail-digital-Sector-Comment--PBC_1486057 https://www.moodys.com/web/en/us/insights/credit-risk/digital-economy/tokenization-will-change-us-transaction-flows.html https://www.moodys.com/research/Financial-Institutions-Latin-America-Regions-adoption-of-digital-assets-expands-Sector-In-Depth--PBC_1454933 https://www.moodys.com/research/Digital-Economy-Cross-Region-AI-agents-with-digital-cash-would-Sector-In-Depth--PBC_1414649  © 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 18, 202619 min

Why the K-Shaped Economy Threatens US Growth

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:  Global Macro Outlook (May 2026 Update) - Global energy market stress weighs on growth prospects The State of the Consumer (March 2026) – US - Higher energy prices and a narrowing consumption base pose risks to spending The State of the Consumer (May 2026) – Europe - Middle East conflict will weaken consumer confidence and nascent economic recovery Geopolitical Risk – Global - Prolonged Strait of Hormuz disruption through autumn broadens credit stress  © 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 4, 202614 min

Private Credit: “Bad Vibes” and the Changing Conversation

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:  Marc Pinto, Managing Director, Global Head of Private Credit, Moody’s Ratings David Hamilton, Managing Director, Head of Asset Management Research, Moody’s Analytics   Related Research:  Private Credit – Global – Volatility will intensify focus on liquidity, transparency 22 April 2026 Private Credit – Global – Seven key ways private credit is changing 14 May 2026 Private Credit – US – Asset quality indicators point to emerging risk in private credit direct lending 28 April 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.

May 28, 202611 min

An Era of Pragmatic Transition: What’s Next for Energy Markets

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:  Sustainable bond issuance on track to be flat versus 2025 levels after mixed quarter (Data Story) 12 May 2026 Carbon Transition – Asia-Pacific – Transition finance to expand as credible pathways emerge 19 March 2026 APAC Sustainable Finance Summit 2026 (Replay) 24 March 2026 In Person Event: Unlocking Capital for Climate Resilience: From Data to Decisions - London Climate Action Week 24 June 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.

May 14, 202610 min

Stablecoins, Tokenization and the Future of Finance

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:  Financial Institutions – US: Tokenization will change US transaction flows; less likely to remove intermediaries,11 May 2026 Financial Institutions – US: US financial markets envision an inevitable shift to tokenized assets and digital money,12 May 2026 Digital Economy – Global: Growing stablecoin use highlights policy, liquidity and price vulnerabilities,13 May 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 16, 202612 min

Banking Rules are Changing: Here’s Why it’s Net Negative for Credit

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:  Banks – US – Proposed changes to risk-based capital requirements will likely be credit negative 18 March 2026 Banks – US – New philosophy of US banking supervision and regulation is credit negative 23 March 2026 Banks – US – A policy shift on liquidity regulation would have mixed credit implications 13 March 2026 Banking – US – Solid bank results likely in 2026, though sensitive to widening tail risk 16 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 9, 202611 min

US-Iran Ceasefire: The Risks Affecting Credit Markets

A temporary truce between the US and Iran is contingent on the reopening of the Strait of Hormuz, but disruptions to global supply chains, energy markets, oil prices and various sectors are still risks to credit quality.    In our latest episode of Credit Currents, taped hours before the news broke, we discuss the ways geopolitical shocks ripple through sectors, whether there could be an impact on issuer ratings or outlooks, and why some sectors like defense are less affected.   Host: Chandra Ghosal, Vice President, Senior Credit Officer, Moody’s Ratings   Guest: Nick Hill, Global Head of Credit Strategy and Guidance, Moody’s Ratings    Related Research:  Geopolitical risk – Global – Prolonged disruption in the Middle East would have global credit implications 26 March 2026 Corporate default rate would likely rise if Middle East conflict is prolonged 26 March 2026 Sovereigns – Global: Middle East shock will test sovereigns with limited credit buffers 8 April 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 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. 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 this 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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