4Q and FY 2022 Investor Presentation
Expecting Moderate Improvement in 2023 Issuance1
2023 Issuance Factors
POLITICS & POLICY
» Geopolitical risks
» Energy, trade, climate, tax and regulatory policies
點
INFLATION & CENTRAL BANK ACTIONS
» Inflation expectations, supply chain and wage trends
» Global monetary policy tightening cycle
09
CREDIT MARKETS & RATES
» Liquidity, sentiment and credit spreads
» Credit performance and default rates
>> Private credit markets
GROWTH & INVESTMENT
eel
» Global GDP: recession or recovery
»
Private equity 'dry powder'
FY 2023 Issuance Outlook 1,2
Total Issuance
Low-single-digit %
Investment Grade
~5%
High Yield Bonds
Leveraged Loans
Approximately flat
Financial Institutions
Approximately flat
Public, Project and
Infrastructure Finance
Low-single-digit %
Structured Finance
~5%
~25%
1. Guidance as of January 31, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Fourth Quarter and Full Year 2022; Sets Outlook for 2023" from January 31, 2023, for a complete list of
guidance, reconciliations between adjusted and organic measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance.
2.
Total issuance includes CFG, SFG, FIG and PPIF. MIS-rated issuance excludes sovereign debt issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle.
MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY.
4Q and FY 2022 Investor Presentation 25View entire presentation