Sovereign Credit Insights EMEA Edition
May Spotlight: Increased inflationary pressures and an update on Ireland and Norway
- Credit implications of increased inflationary pressures
- Update on Ireland’s credit profile after the upgrade to A1 with positive outlook
- Update on Norway (Aaa stable) following the recent rating affirmation
Credit implications of increased inflationary pressures
What are Moody’s expectations with respect to the inflationary outlook? What credit effects are anticipated via wages, spending and growth?
Update on Ireland’s credit profile after the upgrade to A1 with positive outlook
What are the drivers of Ireland’s recent rating action? How is the Irish credit profile impacted by the Russia-Ukraine military conflict?
Update on Norway (Aaa stable) following the recent rating affirmation
What were the drivers of the rating affirmation and which factors could change the outlook to negative?
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SpeakersDietmar Hornung Associate Managing Director, Sovereign Risk Moody's Ratings
Heiko Peters Vice President - Senior Analyst, Sovereign Risk Moody's Ratings
Colin Ellis Managing Director, Global Credit Strategist Moody's Ratings
Samia Benkirane Associate Analyst, Sovereign Risk Group Moody's Investors Service
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Dietmar Hornung, Associate Managing Director, leads the Sovereign Risk Group’s European team, covering the European countries and the European supranationals. Prior to his appointment as team leader, Dietmar was Moody’s lead analyst on a number of European sovereign credits, including Germany, France, Italy, Ireland, Russia, EU, EFSF and ESM.
Before joining Moody’s in 2007, Dietmar was Head of Emerging Market Research for DekaBank in Frankfurt.
Dietmar holds a Doctorate summa cum laude in Economics from Otto-von-Guericke University in Magdeburg. He received a Masters degree from Christian-Albrechts University in Kiel after studies in Kiel, at the University of Miami, and at the Eberhard-Karls University in Tübingen.
Dietmar is a Certified EFFAS Financial Analyst (CEFA).
| Heiko Peters is a Vice President - Senior Analyst in Moody’s Sovereign Risk Group, and is based in the Frankfurt office. He has Lead Analyst responsibilities for a number of European sovereigns and supra-nationals, producing ratings and research related to their creditworthiness. Heiko joined Moody’s from Deutsche Bank AG, where he was Senior Economist - Vice President in the European Economics Team of Deutsche Bank Research for more than five years. He published research on economic and political topics, including global trade, labour markets, demographics and migration, and covered in particular the economies of Germany and Austria. Prior to that he had worked from 2009 to 2011 as an Economist for the German Council of Economic Experts in Wiesbaden, reporting to the Chair of the Council. Moreover, his professional background includes stints at the Deutsche Bundesbank (Visiting Researcher), Germany’s Monopolies Commission and the German Institute for Economic Research (DIW), both as a Visiting Fellow. He holds a PhD, a Master’s level diploma and a BSc in Economics from the University of Muenster. |
Colin Ellis is Moody’s first Global Credit Strategist, and a Managing Director in the Credit Strategy team.
In his current role, Colin provides thought leadership for the rating agency that deepens the understanding of ratings and debt capital markets through rigorous and quantitative research. He leads Moody’s teams working on default and ratings analytics and on global financial analysis, including bank projections and stress testing. Colin is also a member of Moody’s Macroeconomic Board, which sets the global forecasts that underpin Moody’s universe of ratings.
Colin joined Moody’s in February 2012, initially leading the work of the Macroeconomic Board and authoring the quarterly Global Macro Outlook. He subsequently worked in the Financial Institutions Group, developing quantitative forward-looking analyses. For 8 years he was the Chief Credit Officer for EMEA, leading analysis and coordination of credit and ratings across all rating franchises in the region. He was also the ‘Head of UK’ for MIS, responsible for the running of Moody’s UK operations, from 2019-2022 including the COVID-19 pandemic.
Prior to joining Moody’s, Colin held roles at the Bank of England, Daiwa Capital Markets, the BVCA and at Birmingham University. He has published papers on a range of topics including corporate investment and pricing, credit risk, private equity, data uncertainty, stress testing, financial contagion and monetary policy. Colin holds degrees from York University, the London School of Economics and Political Science, and Middlesex University. He is a Visiting Professor at Hult International Business School and LSBU, and is also a Fellow of the RSA.
Samia Benkirane is an Associate Analyst 3 in the Moody’s Sovereign Risk Group and is based in Paris. She covers a portfolio of sovereign and supranational entities in Europe and Africa.
Samia holds a dual Master’s degree in Economics, Public Policy and Public Administration from the London School of Economics and Sciences Po Paris, and an undergraduate degree in Economics and Middle-eastern studies from Sciences Po Paris. Prior to Moody’s, Samia worked for the French Treasury in multilateral affairs and development in Sub-Saharan Africa and the public sector coverage team of Société Générale CIB.
She is fluent in French and Arabic and has basic knowledge of Spanish and Farsi.