Credit Currents - Moody's Ratings

Hosted by Giulia Calcabrini, Chandra Ghosal, Patrick Ronk

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117

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Jun 2026

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About the show

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

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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.

November 25, 202420 min

Emerging market credit conditions will continue gradual, fragile improvement in 2025

Corporate and sovereign default rates are decreasing as GDP growth, slowing inflation and monetary easing aid debt management. But EMs face a number of credit risks including potential US tariffs.Guest: Vittoria Zoli, Analyst, Credit Strategy & Guidance, Moody’s RatingsHost: Colin Ellis, Managing Director, Credit Strategy & Guidance, Moody’s RatingsRelated Research:Emerging Markets – Global: 2025 Outlook - Stable but fragile, with looming credit risks  © 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.

October 10, 202419 min

How the US election could shape global credit conditions

In this joint Big Picture-Emerging Markets Decoded episode, our regional analysts highlight the key US policy areas to watch in Europe, Asia-Pacific and Latin America -- and discuss which economies and sectors could be at risk if policies were to dramatically change.Guests: Sarah Carlson, Senior Vice President, Sovereign Risk Group, Moody's Ratings; Gong Cheng, Managing Director, Credit Strategy, Moody's Ratings; Ariane Ortiz-Bollin, Vice President - Senior Credit Officer, Credit Strategy, Moody's RatingsHost: William Foster, Senior Vice President, Sovereign Risk Group, 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.

October 2, 202417 min

Positive credit stories emerging in a handful of Sub-Saharan African countries

Institutional reforms, policy reversals, debt restructurings and the prospect of new hydrocarbon production are leading to gradual improvement in some sovereigns’ creditworthiness from weak levels.Guest: John Walsh, Analyst, Sovereign Risk Group, Moody's RatingsHost: Vittoria Zoli, Analyst, Credit Strategy & Guidance, Moody's RatingsRelated Research:Sovereign – Sub-Saharan Africa: Governance is key to realising credit benefits for new hydrocarbon producersSovereign – Sub-Saharan Africa: Institutional reforms are supporting creditworthiness for select sovereigns  © 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.