Hear from our analysts about how several key unusual factors have led to NTT Finance receiving the same issuer rating as its parent, NTT.
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Agenda14:00BST
NTT Finance: Behind the A1 rating on par with parent NTT
- What is so unique about NTT Finance business model and relationship with NTT?
- What are the reasons for rating NTT Finance on par with the parent without an explicit guarantee?
- What other exceptional examples are there of companies and parents or shareholders being rated on par?
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SpeakersMihoko Manabe Associate Managing Director, Corporate Finance Group Moody's Investors Service
セメトコ 真理子 ムーディーズ・ジャパン株式会社 コーポレート・ファイナンス アソシエイト・マネージング・ディレクター
Clara Lau Senior Vice President/ RPO, Credit Strategy & Standards Moody's Investors Service
Julien Haddad Vice President - Senior Analyst, Corporate Finance, Moody’s Investors Service
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Mihoko Manabe is Associate Managing Director of Moody’s Japan Kabushiki Kaisha. Based in Tokyo, Mihoko heads a team of Corporate Finance, Infrastructure Finance and Sub-sovereign analysts. She oversees ratings and research on over 100 Japanese issuers across a wide range of industrial, utility and public sectors and serves as rating committee chair. Mihoko is also a member of Moody’s Japan’s Board of Directors and Oversight Committee.
Prior to her appointment to her current position in 2017, Mihoko worked at Moody’s New York headquarters, where she was responsible for the ratings of North American utilities and energy companies and authored rating methodologies and global sector research.
Mihoko holds a B.A. in East Asian Studies from Wellesley College. A Chartered Financial Analyst, she is a member of the CFA Institute and the CFA Society Japan.
ムーディーズ・ジャパン株式会社のアソシエイト・マネージング・ディレクター。現在、東京を拠点とし、コーポレート・ファイナンスのリード・アナリストとして日本の商社・通信・運輸・自動車・投資持株会社を担当する。
ムーディーズ入社後、米国と日本の小売、アパレル、飲料、たばこ、包装品、耐久消費財、製造業など、広範にわたる業界を担当。投資適格企業とハイイールド企業の両方の分析経験を豊富に有する。
2013年、7年間勤めたニューヨーク本社から東京支社に異動。ムーディーズ入社以前は、AIGやみずほなどでクレジット業務に携わる。
ウィリアム・アンド・メアリー大学卒。
Clara Lau is the Group Credit Officer, Corporate Finance, Asia Pacific, based in Hong Kong. She is responsible for overseeing the quality and accuracy of corporate ratings in the region. She also coordinates the development of credit policies, rating methodologies and analytical initiatives, and ensures consistency in their application. Lau has extensive rating experience with a major focus on real estate companies, utilities and conglomerates. Before joining Moody’s in 1997, Lau was the Head of Credit with Credit Suisse in Hong Kong, responsible for assessing and sanctioning corporate credit in North Asia. She had also worked with HSBC in Hong Kong, Singapore and the UK. Lau has a Bachelor of Social Science, majoring in Economics, from the University of Hong Kong and is a CFA Charter holder.
Julien Haddad is a Vice President – Senior Analyst in Moody’s EMEA Corporate Finance Group based in Dubai. He primarily covers a portfolio of telcos, healthcare and oil and gas companies located in the GCC, with a particular focus on Saudi Arabia.
Julien holds a Master’s degree in Banking and Finance from the University of Lyon, France and a Master’s degree in Management, Finance and International Business from the University of Bergamo, Italy.