In this session, Moody’s analysts will review the approach to the new Paper & Forest Products ESG, Issuer Profile and Credit Impact Scores, and provide an overview of key business trends facing the industry in 2022.
- Integration of ESG considerations into credit ratings.
- Case studies exemplify each end of the 1-5 scale.
- Expectations of demand and supply trends across various paper and forest product subsectors.
Important Details about the New Scores
Issuer Profile Scores (IPS) are separate environmental, social and governance scores that assess an entity’s exposure to the categories of ESG that MIS regards as the most material to credit. The assessment of the exposure to E, S and G risks or benefits is based on the general ESG principles described in the methodology, and the scores provide a consistent way to express this assessment.
ESG Credit Impact Scores (CIS) reflect the impact of ESG considerations on the rating of an issuer or transaction. Whereas the E, S and G profile scores are based on an issuer’s or transaction’s outright exposure to ESG risks or benefits and ESG specific mitigants, the CIS places ESG considerations in the context of the issuer’s other credit drivers that are material to a given rating.
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SpeakersMartina Gallardo Barreyro VP-Senior Analyst Moody’s Investors Service
Anke Rindermann Associate Managing Director, Corporate Finance Moody's Investors Service
Ed Sustar Senior Vice President Moody’s Investors Service
Ana Rayes Vice President – Senior Analyst, ESG Moody’s Investors Service
Anastasija Johnson Vice President - Senior Credit Officer, Corporate Finance Group Moody’s Investors Service
Oliver Giani Vice President – Senior Analyst Moody’s Investors Service
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Anke Rindermann is an Associate Managing Director in the Corporate Finance Group and has been with Moody’s in Frankfurt since 2007.
Anke is managing a team of analysts covering Moody’s European real estate franchise. In addition, she is leading a team of analysts focusing on leisure, shipping, auto suppliers and forest products industries.
Prior roles at Moody’s included lead analyst responsibility for European paper and forest products companies, industrial gases manufacturers and cross-over packaging companies in EMEA.
Before joining Moody’s, Anke spent several years working in Credit Risk Management at Commerzbank in Frankfurt and New York and before that at Deutsche Bank. She studied at Frankfurt School of Finance and Management and at the University of Queensland in Australia, and holds a degree in Business Administration. Anke is a chartered Financial Risk Manager and a Certified Credit Analyst (DVFA).
Ed Sustar joined Moody’s Corporate Finance Group in April, 2007, and is the lead global paper and forest products analyst. Ed is based in our Toronto office where he covers a portfolio of U.S. and Canadian based paper and forest products companies and also leads the Canadian leverage finance practice. Prior to joining Moody’s, Ed most recently worked as a Managing Director for a distressed debt hedge fund in Toronto. Previously, Ed managed the global corporate finance and credit functions of Inco Limited as an Assistant Treasurer. Ed also worked in corporate and investment banking at JP Morgan Chase and National Bank Financial, in which he originated, structured and executed many different types of financial transactions in a variety of industries including forest products.
Ed has a Masters in Chemistry from the University of Toronto, an MBA in Strategic Management and Finance from the Schulich
Ana Rayes is a Vice President – Senior Analyst in Moody's Investors Service Environmental, Social and Governance (ESG) group. In this role, Ms. Rayes is a pivotal contributor to the rating agency's strategy to systematically and transparently integrate ESG factors into credit ratings. This includes the development of carbon transition frameworks and assessments, the rollout of the ESG scores, and the publication of ESG credit thematic research, which received three awards in 2020 and 2021. She has broad ESG expertise and serves as a spokesperson at various internal and external events.
Ms. Rayes has more than ten years of experience in the financial sector. Prior to joining Moody's, Ms. Rayes was responsible for the investor relations team at CSN, one of the world's largest steel and mining companies. Ana also held various positions as an Equity Research Analyst.
Ms. Rayes actively engages in Moody's diversity and inclusion initiatives and CSR activities. She holds a Masters degree in Economics from IBMEC Business School and a Certificate in Climate Investing from the CFA Society of the UK.
Anastasija Johnson is Vice President – Senior Credit Officer in Moody’s Corporate Finance Group, covering a portfolio of investment-grade and speculative-grade companies in the chemical, paper and forest product industries. In her non-portfolio responsibility, Anastasija leads Moody’s paper and forest product industry outlook and research efforts. Prior to joining Moody’s in 2008, Anastasija reported on corporate and municipal bond markets for Thomson Reuters and The Bond Buyer. Anastasija holds an MBA from New York University’s Leonard N. Stern School of Business and a BA from the University of Latvia.
Oliver Giani, Vice President in Moody’s European Corporate Finance Team, is based in Frankfurt and has lead responsibility for a diversified portfolio of companies with focus on the manufacturing sector across Europe.
Oliver joined Moody’s in 2005 as Senior Analyst. Since then he has been covering companies from a wide range of industrial sectors including European auto suppliers, passenger railway, rail network operators, business and consumer service, consumer durables, packaged goods, and retail.
Oliver joined Moody’s from BHF-BANK where he gained more than 15 years‘ experience in credit risk management covering corporates and financial institutions as well as the area of specialized finance.
Oliver holds a master degree in business administration (Diplom- Kaufmann) from Johann Wolfgang Goethe University in Frankfurt.