Moody’s Talks – The Big Picture

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...

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 b...

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 Fos...

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 epis...

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 cons...

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.

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...

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, Assis...

Climate-driven shocks are rippling across sectors, from rising insurance premiums to lower property prices and tax revenue.

With the costs of severe weather rising, Moody’s experts share their insights into key themes and possible solutions.

Learn more at https://www.moodys.com/outlooks

Explore our outlook: https://www.moodys.com/web/en/us/insights/credit-risk/outlooks/global-sustainable-finance.html
 

Want to know more on the sustainable finance trends in 2026? Join us:

New and emerging digital technologies are connecting previously siloed areas of finance.

The convergence of traditional finance with digital assets, the rapid evolution of blockchain and AI, and the growing influence of cyber risks across sectors will create both challenges and opportunities. 

In this episode, we speak with Moody’s experts to understand the risks, innovations, and financing needs shaping global financial markets.

Learn more at https://www.moodys.com/outlooks 

Host: William Foster, Senior Vice President, Sovereign Risk, Moody's Ratings 

Guests...

AI is fueling a boom in data centers, and the world’s biggest hyperscalers are pouring billions into building up their capacity. 

But risks of an AI bubble and circular deals involving companies like OpenAI and Microsoft are worrying investors.

Learn more about data center growth in 2026 and other sector outlooks: moodys.com/outlooks

Host: Paloma San Valentin, Managing Director, North America Corporate Finance, Moody’s Ratings 

Guests: John Medina, Senior Vice President, Moody's Ratings; Raj Joshi, Senior Vice President, Moody’s Ratings

Differing views on politics and the economy are making it harder for lawmakers to agree on issues like trade, immigration, regulation and fiscal policy. In this episode, Moody’s Ratings experts unpack the risk to credit in 2026 and repercussions for businesses and consumers. 

Learn more and watch the full episode at moodys.com/outlooks 

Host: Paloma San Valentin, Managing Director, North America Corporate Finance, Moody’s Ratings 

Guest: Atsi Sheth, Chief Credit Officer, Moody’s Ratings 

Related Research: 

Extreme weather is intensifying, and funding for adaptation measures remains a challenge. Emerging markets face growing economic and credit risks given limited resilience and insurance protection. 

In this new video podcast ahead of the COP30 meeting in Belém, Brazil, our Moody’s experts discuss whether innovative private and multilateral finance are the answers to bridging the gap.

Watch the full episode at: moodys.com/sustainable-finance

Host: Colin Ellis, Head of Centre for Credit Research, Moody’s Ratings

Guests: Rahul Ghosh, Global Head of Sustainable Finance, M...

As artificial intelligence reshapes workplaces and business strategies, firms increasingly depend on AI providers, making AI a tool of geopolitical influence. We'll discuss the impact across industries, as digital currencies affect monetary control and cyber threats challenge operational resilience.

Host: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings

Guests: Vincent Gusdorf, Associate Managing Director, Digital Finance and AI Analytics, Moody’s Ratings; Leroy Terrelonge, Vice President-Analyst, Cyber Credit Risk, Moody’s Ratings 

Related research:

Sub-Saharan Africa needs a lot of investment to support its development, but high funding costs are a constraint. We’ll explore the drivers of these costs and steps three of the region’s largest economies – South Africa, Nigeria and Kenya – are taking to reduce their cost of capital.  

Host: Colin Ellis, Head of Centre for Credit Research, Moody’s Ratings 

Guests: Christian Fang, Vice President - Senior Analyst, Moody’s Ratings; Mik Kabeya, Vice President - Senior Credit Officer, Moody’s Ratings 

Related research:  

Fueled by AI, cloud migration, streaming and gaming, Asia-Pacific's data center capacity will more than double by 2030. Moody’s analysts unpack regional trends, financing strategies, and how utilities are adapting to this power-hungry transformation.

Host: Sarah Carlson - Senior Vice President, Moody’s Ratings

Guests: Nidhi Dhruv - Vice President, Senior Credit Officer, Moody’s Ratings; Abhishek Tyagi - Vice President, Senior Credit Officer, Moody’s Ratings

Related research:

What started as a niche alternative could become a nearly $3 trillion juggernaut by 2028. In this conversation, we explore where the money is coming from, how borrowers and lenders are coping with tough conditions, and what lies ahead for the asset class—including possible new regulations. 

Host: Colin Ellis, Head of Centre for Credit Research, Moody’s Ratings

Guest: Christina Padgett, Associate Managing Director, Corporate Finance Group, Moody’s Ratings

Related Research:
• Private Credit – Cross Region – Private market retail to fuel opportunity but intensify liquidity, asset quality risks 10 June 2025
• Private Credit Insights – Global – Private...

In this episode, our analysts explain exposure to trade uncertainty for debt issuers across emerging markets -- and why many in India are more insulated than their peers.

Host: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings

Guests: Nicky Dang, Senior Vice President, Credit Strategy & Guidance, Moody’s Ratings; Kaustubh Chaubal (KC), Senior Vice President, Corporate Finance Group, Moody’s Ratings

Related research:

Economists and investors are speculating about potential changes to US financial and exchange rate policies from a ‘Mar-a-Lago accord’, a set of ideas which include weakening the dollar to boost US manufacturing. We'll dive into what it is and the potential impact on the global financial system.

Host: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings

Guests: Mark Sobel, US chairman, Official Monetary and Financial Institutions Forum (OMFIF); Steven Kamin, Senior Fellow, American Enterprise Institute (AEI)

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Five years ago, the World Health Organization declared COVID-19 a pandemic. In this episode, we delve into the performance of corporate credit quality since then, including the sectors that thrived or struggled, the hidden credit stories and strategies that improved resilience.

Guests: Merxe Tudela, Associate Managing Director, Credit Strategy & Research, Moody’s Ratings; Jessica Gladstone, Managing Director, Credit Strategy and Guidance, Moody’s Ratings 

Host: Sarah Carlson, Senior Vice President, Sovereign Risk Group, Moody's Ratings

Related Research:

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A barrage of executive orders and tariff actions are keeping markets on edge. We’ll dive into implications for a US economy that has outperformed expectations, the independence of government institutions and the Federal Reserve, and the outlook for already large fiscal deficits and debt. 

Guests: Nathan Sheets, Global Chief Economist, Citi; Robert Sockin, Senior Global Economist, Citi

Host: 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/glo...

In this follow-up episode on the wildfires in southern California, we explore the consequences for the utilities sector of the City of Los Angeles. We'll dive into the immediate financial effects of disaster relief and lost revenue, as well as the risks from potential legal liabilities which could cost the city billions.  

Guests: John Medina, Senior Vice President, Moody’s Ratings; Lori Treviño, Assistant Vice President, Moody’s Ratings 

Host: Colin Ellis, Head of Centre for Credit Research, Moody’s Ratings

© 2026 Moody’s Corporation and/or its licensors and affili...

The devastating ongoing wildfires in Los Angeles County are set to become the worst in California's history. In this episode, we discuss the effects on property owners, insurers and the state government, and what the damage could mean for the future of the insurance market in the state.

Guests: Jasper Cooper, Vice President, Senior Credit Officer, Moody’s Ratings; Matt Butler, Vice President, Senior Credit Officer, Moody’s Ratings 

Host: Colin Ellis, Head of Centre for Credit Research, Moody’s Ratings

© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights...

In this episode, we unpack the new Moody’s Ratings forecasts for the global economy and explain why there could be bright spots amid a myriad of risks. Join our analysts as they delve into topics like potential changes in US policy, the effects of stimulus on the Chinese economy, and whether Europe is headed for stagnation.

Guests: Marie Diron, Global Head of Sovereign and Sub-Sovereign Risk at Moody’s Ratings; Madhavi Bokil, Head of Macro Research at Moody’s Ratings

Host: Colin Ellis, Head of Center for Credit Research, Moody’s Ratings

Policymakers and key stakeholders will soon converge on Baku, Azerbaijan for the 29th United Nations Climate Change Conference to find ways of boosting spending on climate initiatives. Rahul Ghosh, Global Head of Sustainable Finance, and Marie Diron, Global Head of Sovereign and Sub-Sovereign Risk at Moody’s Ratings, discuss the challenges, potential solutions, and expectations.

Speakers: Rahul Ghosh, Global Head of Sustainable Finance at Moody's Ratings; Marie Diron, Global Head of Sovereign and Sub-Sovereign Risk at Moody’s Ratings

Host: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings

©...

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 Ratings

Host: William Foster, Senior Vice President, Sovereign Risk Group, Moody's Ratings

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Sarah Carlson is joined by the lead analyst for the US, William Foster, and Chief Credit Officer for the Americas, Elena Duggar, to discuss their expectations for fiscal, trade and immigration policy under both US presidential candidates, and what they could mean for the US economy and credit.

Speakers: William Foster, Senior Vice President at Moody's Ratings; Elena Duggar, MD-Credit Strategy at Moody's Ratings

Host: Sarah Carlson, Senior Vice President at Moody's Ratings

© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages...

In today’s episode, we’re joined by Hans Peter Lankes, Managing Director of the think tank ODI, as well as Kathrin Muehlbronner from Moody’s Ratings to discuss the effectiveness of recent reform proposals in increasing the lending capacity of multilateral development banks (MDBs) and what they think is needed for MDBs to better address global challenges like climate change, poverty, and inequality.

Speakers: Hans Peter Lankes, Managing Director of ODI; Kathrin Muehlbronner, Senior Vice President at Moody's Ratings

Host: Sarah Carlson, Senior Vice President at Moody's Ratings

© 2026...

China has rapidly become the largest producer of electric vehicles (EV) globally, with a nearly 40% increase in sales volume last year. In this episode, Colin Ellis talks with our analyst Gerwin Ho about the drivers behind this growth, how a drive to boost scale amid intense domestic competition has prompted them to look elsewhere and the difficulties they will encounter in boosting exports and setting up overseas production.

Speaker: Gerwin Ho, VP-Senior Credit Officer, Corporate Finance Group at Moody's Ratings

Host: Colin Ellis, MD-Global Credit Strategist at Moody's Ratings

Related Research:

China has rapidly become the largest producer of electric vehicles (EV) globally, with a nearly 40% increase in sales volume last year. In this episode, Colin Ellis talks with our analyst Gerwin Ho about the drivers behind this growth, how a drive to boost scale amid intense domestic competition has prompted them to look elsewhere and the difficulties they will encounter in boosting exports and setting up overseas production.

Speaker: Gerwin Ho, VP-Sr Credit Officer at Moody's Ratings

Host:  Colin Ellis, MD-Global Credit Strategist at Moody's Ratings

Related Research:

With macroeconomic matters moderating, geopolitics has taken center stage with conflicts in the Middle East and elsewhere threatening the world order. In this episode, host Colin Ellis calls on NATO advisor and geopolitics expert Klaus Dodds to assess today’s political and environmental flash points. Dodds sees a “world full of wicked problems” and considers some pragmatic outcomes, including potential Ukrainian concessions to Russia.

Speaker: Klaus Dodds, Executive Dean and Professor of Geopolitics of the School of Life Sciences at Royal Holloway, University of London

Host:  Colin Ellis, MD-Global Credit Strategist at Moody's Ratings

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We forecast growing demand for cloud services, the adoption of new AI products and cryptocurrencies will see investment in new data center capacity exceed $2 trillion globally over the next five years. But real customer demand and continued technological improvements could limit the amount of data center capacity that is actually needed over the longer term. In this episode, John Medina explains what risks this uncertainty poses to investors in the corporate credit, leveraged loan, bank, CMBS, ABS, private credit and project finance markets.

Speaker: John Medina, Senior Vice President at Moody's Ratings

Host: Colin Ellis...

On 7 July, France held the second and final round of legislative elections, which produced a shock upset for Marine Le Pen’s Rassemblement National party after strong first round. But with no clear path to a majority and France’s inexperience with broad political coalitions, the country now faces an uncertain political future. 

Sarah Carlson discusses what this could mean for the French sovereign rating and the rest of Europe.

Speaker: Sarah Carlson, Senior Vice President at Moody's Ratings

Host: William Foster, Senior Vice President at Moody's Ratings

Related Research:

The digital transformation of the global economy offers big opportunities for companies and governments but also increases their exposure to private and state-backed cyberattacks. In this episode, we talk about the recent rise in these attacks, how new advances like Gen AI are making them more sophisticated, their effects on our assessment of credit risk, and the strategies companies are adopting to protect themselves.

Speaker: Leroy Terrelonge, VP-Analyst/Cyber Credit Risk at Moody's Ratings

Host: William Foster, Senior Vice President at Moody's Ratings

© 2026 Moody’s Corporation and/or its licensors and...

The lead analyst for the UK sovereign rating, Evan Wohlmann, joins Colin Ellis to discuss the potential outcomes, policy changes, and the role of Brexit and immigration in shaping the sovereign’s future rating trajectory.

Speaker: Evan Wohlmann, VP-Sr Credit Officer at Moody's Ratings

Host: Colin Ellis, MD-Global Credit Strategist at Moody's Ratings

Related Research:

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Last week, President Biden announced that the US will increase tariffs on $18 billion of imports from China in sectors like electric vehicles, semiconductors and solar panels. In this episode, we review the implications of these measures on the US and Chinese economies, the individual sectors we rate, and for the future of US-China trade ties.

Speakers: Dima Cvetkova, Analyst/CSR at Moody's Ratings, Elena Duggar, MD-Credit Strategy at Moody's Ratings

Host: William Foster, Senior Vice President at Moody's Ratings

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The world of finance is always changing. There’s always a new kid on the block, and one of the fastest growing asset classes in recent years is this thing called private credit. But what exactly is private credit and what kind of risks does it pose? That’s the topic we will be discussing today with Christina Padgett, an associate managing director in our Corporate Finance Group. 

Speaker: Christina Padgett, Associate Managing Director at Moody's Ratings

Host: Colin Ellis, MD-Global Credit Strategist at Moody's Ratings

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Following updates in the first quarter of this year, positive outlooks now outnumber the negative ones we assign to industry sectors globally. In this episode, we speak to Edmond DeForest about the drivers behinds these recent improvements despite the challenges facing the global economy and our expectations for business conditions in the next 12 to 18 months.

Speaker: Edmond DeForest, Senior Vice President at Moody's Ratings

Host: Colin Ellis, MD-Global Credit Strategist at Moody's Ratings

© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/page...

The tone has shifted since the meetings last year to cautious optimism about a soft landing for the global economy. But stubborn inflation, budget constraints and geopolitics present growing concerns, particularly in light of recent events in the Middle East. In this episode, we sit down with Marie Diron and Sarah Carlson from the sovereign team to discuss what this means for the future direction of sovereign ratings.

Speakers: Marie Diron, MD-Global Sovereign Risk at Moody's Ratings; Sarah Carlson, Senior Vice President at Moody's Ratings

Host: William Foster, Senior Vice President at Moody's Ratings

It’s a long way to global net zero emissions but some industrial efforts are getting traction. Proof-of-concept has been established in steelmaking, where hydrogen can help replace coal, and in aviation, where some planes are taking to the skies on biofuel. In this episode, we discuss the early stages of this transformation and what it will take to keep it going.

Speaker: Rebecca Karnovitz, Vice President, Senior Credit Officer – ESG Group, Moody’s Ratings

Host: Sarah Carlson, Senior Vice President – Sovereign Risk Group, Moody’s Ratings 

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