Sovereign Credit Insights EMEA Edition
December Spotlight: An update on France, Ghana and Togo
- Update on France (Aa2 stable) following rating affirmation, outlook stable
- Update on Ghana (Ca stable) following government’s intention to restructure its debt
- Examining Togo’s (B3 stable) key credit challenges
Update on France (Aa2 stable) following rating affirmation, outlook stable
What is the outlook for the French economy in the context of high energy prices? What are Moody’s expectations for the trajectory of debt and affordability metrics?
Update on Ghana (Ca stable) following government’s intention to restructure its debt
What are Moody’s expectations for default scenarios and losses to private creditors?
Examining Togo’s (B3 stable) key credit challenges
What are the prospects of Togo arresting the fiscal deterioration currently weighing on creditworthiness?
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SpeakersDietmar Hornung Associate Managing Director, Sovereign Risk Group Moody's Investors Service
Lenaic Couderc Associate Analyst, Sovereign Risk Group Moody's Investors Service
Lucie Villa Vice President – Senior Credit Officer, Sovereign Risk Group Moody's Investors Service
Jacob Kasel Associate Analyst, Sovereign and Sub-Sovereign 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).
Lenaic Couderc is an Associate Analyst in the Sovereign Risk Group for Moody’s Investors Service, covering a number of credits in Europe including the United Kingdom, France, Italy, Russia, Turkey and Ukraine.
Lenaic holds a Master’s degree in Economics from the Ecole Normale Superieure Paris-Saclay.
Lucie is the lead analyst for several Sub-Saharan African sovereigns and supranational issuers and is a senior member of Moody’s Africa Sovereign Ratings team. Prior to January 2015, she covered a variety of advanced and emerging market European sovereign credits, having joined the Sovereign Risk Group in early 2011 from Moody’s Sub-Sovereign Group.
Prior to joining Moody’s in 2007, Lucie spent two years at the French Ministry of Finance in the Forecast division, responsible for projections and analyses of France’s government finances.
Lucie holds a postgraduate degree in Probability and Statistics from a French Engineering School (ENSAI) and a Master’s degree in Economics from the Panthéon-Sorbonne University in Paris.
Jacob Kasel is an associate analyst at Moody’s Investor Service’s sub-sovereign group. He is responsible for a variety of public sector ratings across Togo, France, Portugal, Greece, and Czech Republic.
Jacob holds a master’s in international development from Sciences Po, where he was a Michel David-Weill scholar, as well as an undergraduate degree from Emory University.