Credit Currents - Moody's Ratings

Hosted by Giulia Calcabrini, Chandra Ghosal, Patrick Ronk

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124

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Oct 2026

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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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October 8, 202611 min

Why Canada May Rethink Its Global Trade Strategy

A raft of new US tariffs on Canadian goods has come into effect, raising questions about whether Canada can withstand the economic fallout from tensions with its key trading partner. Trade is sure to be top of mind in October, as Canadian Prime Minister Mark Carney prepares to meet with top European Union officials at a summit in Montréal. We speak with Moody’s Ratings’ lead analyst for Canada about the potential credit impact across sectors and whether the country could forge new alliances. Host: Patrick Ronk, Vice President, Moody’s Ratings Guest: Sarah Carlson, Senior Vice President, Moody’s Ratings Related Research: Targeted Canadian retaliation signals limits to tariffs without mutual escalation costs 31 August 2026 North American trade will remain integrated despite US-Canada tariff test 24 August 2026 Flipbook: 2026-27 outlook for Canadian provinces is negative on wider deficits and trade uncertainty 16 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.

October 1, 202610 min

Why Patent Cliffs Are Fueling Pharmaceutical M&A

Pharma M&A is on track to exceed $160 billion this year, its highest level since before the pandemic. With $300 billion of revenue exposed to patent expirations over the next five years, drugmakers are turning to acquisitions to replenish pipelines and replace lost revenue. GLP-1 weight-loss drugs, along with oncology and neuroscience, key areas driving deal activity. Host: Chandra Ghosal, Vice President, Moody’s Ratings Guest: Michael Weinstein, Executive Director, Moody’s Ratings Related Research: Stable outlook reflects moderate earnings growth and reduced US policy risks , 1 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.

September 17, 202612 min

Can the US power grid keep up with data center demand?

Data center growth is accelerating, but access to electricity is becoming a critical constraint. This episode of Credit Currents examines how utilities, developers and policymakers are adapting to unprecedented power demand driven by AI and cloud computing. Host: Patrick Ronk, Vice President, Moody’s Ratings Guest: Ryan Wobbrock, Senior Vice President, Moody’s Ratings Related Research: Data Centers – US: Power grid constraints, affordability-driven regulatory pushback create potential delays , 14 September 2026 Regulated Electric and Gas Utilities – US: Risk mitigation key as utilities harness data center demand growth to expand rate base , 15 September 2026 US data centers pivot to on-site power , 16 September 2026 Oil & Gas – US: Data center boom offers gains for natural gas producers and midstream operators , 16 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.

September 10, 202614 min

AI, Jobs and Productivity: What the Data Is Really Showing

AI adoption is accelerating across businesses and workplaces, but its economic impact remains difficult to measure. In this episode of Credit Currents , we examine the disconnect between rising AI usage and labor market and productivity outcomes. What are the drivers behind the gap, lessons we can use from the dot-com era, and the key metrics investors should watch as AI investment continues to grow? Listen now to find out. Host: Greg Sobel, Vice President, Moody’s Ratings Guests: Gabriel Agostini, Assistant Vice President, Credit Strategy and Standards, Moody’s Ratings Related Research: Widespread AI adoption is yet to affect labor market or productivity , 27 Jul 2026 AI brings competitive divergence and reshapes risks ,28 July 2026 Hyperscalers' asset-heavy model spurs borrowing, equity sales ,22 July 2026 Tokens are the currency of AI, and the smartest spenders will pull ahead , 13 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.

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.