Podcasts about s p global ratings

  In the current landscape of geopolitical volatility and policy uncertainty, we're hearing stakeholders use the term “back to basics” to describe their approach to sustainability. In this episode of the All Things Sustainable podcast, we bring you interviews with three speakers from the annual S&P Global Sustainable1 Summit who describe how businesses are navigating this environment.   We sit down with Jessica Fries, executive chair of accounting for Sustainability (A4S), a not-for-profit that works with finance leaders to drive resilient business models and achieve a sustainable economy. She explains how financial decisionmakers are balancing near-term financial pressures with longer-term sustainability goals.   “We don't see business leaders and finance leaders backing down from those long-term goals. I think everyone is very clear of the consequences of a failure to act with the kind of scale and speed that we need on climate and nature,” she says.  We talk to Min Guan about how some companies are taking a pragmatic approach to balancing different energy sources and supply chains in the transition to a low-carbon economy. Min is head of systems insights at the Energy Transitions Commission, a global coalition of leaders across business, finance and the NGO space committed to reaching net-zero by 2050. She is also a director at sustainability consultancy and investment firm Systemiq.  And we hear directly from an energy company grappling with this balancing act in an interview with Alex Grant, UK country manager for Norway-based Equinor. The company is the largest supplier of energy to Europe and has a portfolio that includes oil and gas, renewables and low-carbon solutions. Alex calls net-zero by 2050 the company's “guiding star” but says the path won't be straightforward.    “The energy transition is going to be bumpy,” he says. “What does that mean in practicalities? It means investing across the energy space.”  Listen to podcast coverage of the 2025 CERAWeek conference hosted by S&P Global here: https://www.spglobal.com/esg/podcasts/energy-transition-discussions-shift-to-pragmatism-amid-policy-uncertainty   Learn more about the S&P Global Sustainable1 Summit in Singapore June 26, 2025: https://www.spglobal.com/esg/events/sustainable1-summit-2025     Learn more about S&P Global's Energy Transition data here: https://www.spglobal.com/esg/solutions/energy-transition?utm_source=All+Things+Sustainable+podcast&utm_medium=libsyn&utm_campaign=HSBCS1Summit&utm_id=All+Things+Sustainable+podcast   This piece was published by S&P Global Sustainable1 and not by S&P Global Ratings, which is a separately managed division of S&P Global.    Copyright ©2025 by S&P Global           DISCLAIMER     By accessing this Podcast, I acknowledge that S&P GLOBAL makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in this Podcast. The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice. Unless specifically stated otherwise, S&P GLOBAL does not endorse, approve, recommend, or certify any information, product, process, service, or organization presented or mentioned in this Podcast, and information from this Podcast should not be referenced in any way to imply such approval or endorsement. The third party materials or content of any third party site referenced in this Podcast do not necessarily reflect the opinions, standards or policies of S&P GLOBAL. S&P GLOBAL assumes no responsibility or liability for the accuracy or completeness of the content contained in third party materials or on third party sites referenced in this Podcast or the compliance with applicable laws of such materials and/or links referenced herein. Moreover, S&P GLOBAL makes no warranty that this Podcast, or the server that makes it available, is free of viruses, worms, or other elements or codes that manifest contaminating or destructive properties.     S&P GLOBAL EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY OR RESPONSIBILITY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR OTHER DAMAGES ARISING OUT OF ANY INDIVIDUAL'S USE OF, REFERENCE TO, RELIANCE ON, OR INABILITY TO USE, THIS PODCAST OR THE INFORMATION PRESENTED IN THIS PODCAST.

In this episode, Joe is joined by Ben Way, Group Head of Macquarie Asset Management and Andrea Quirk, Global Head of Credit Ratings at S&P Global Ratings. Discussion covered the explosion in growth of datacenters, how AI is driving demand for digital infrastructure and Ben's view of being present in the moment throughout your career.

To understand how companies at the heart of the energy industry are approaching the energy transition, we took the All Things Sustainable podcast on the road to Houston, Texas to cover CERAWeek, the annual S&P Global conference informally known as the industry's “Super Bowl.”  As we'll hear from today's guests, many discussions at CERAWeek 2025 March 10-14 focused on pragmatism and realism.  We talk with S&P Global Ratings Chief Economist Paul Gruenwald about balancing near-term concerns around energy affordability, security and reliability with longer-term concerns about sustainability and climate change.   Paul also discusses the impact of tariff uncertainty in the US.  “Markets hate uncertainty, whether you're in the financial markets or you're in the energy markets and producing the energy that we all need,” Paul says. "Even if you align with the broad objectives of the new administration, I think all the back-and-forth and the drama around the tariffs have really put a damper on some of that excitement.”  We speak to Arshad Mansoor about how the world can meet demand for electricity to power growing AI usage. Arshad is President and CEO of the Electric Power Research Institute (EPRI), a research organization that focuses on US electricity generation and delivery.  To understand how energy companies are navigating the current transition landscape, we sit down with Cate Hight, a partner at global consultancy Bain & Company.   And we talk to Damian Beauchamp about the role of policy in enabling technology innovation. Damian is President and Chief Development Officer at 8 Rivers, a clean energy and climate technology company that develops sustainable infrastructure solutions like carbon capture to help the global energy industry achieve net-zero.  Listen to a replay of the S&P Global webinar, ‘Capturing $60T energy transition opportunities, while managing $25T climate risks'. Listen to our podcast episode, ‘Talking energy transition with the US Department of Energy'. Listen to our podcast interview with ExxonMobil at CERAWeek. Learn more about S&P Global's energy transition data here. This piece was published by S&P Global Sustainable1 and not by S&P Global Ratings, which is a separately managed division of S&P Global.   Copyright ©2025 by S&P Global          DISCLAIMER    By accessing this Podcast, I acknowledge that S&P GLOBAL makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in this Podcast. The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice. Unless specifically stated otherwise, S&P GLOBAL does not endorse, approve, recommend, or certify any information, product, process, service, or organization presented or mentioned in this Podcast, and information from this Podcast should not be referenced in any way to imply such approval or endorsement. The third party materials or content of any third party site referenced in this Podcast do not necessarily reflect the opinions, standards or policies of S&P GLOBAL. S&P GLOBAL assumes no responsibility or liability for the accuracy or completeness of the content contained in third party materials or on third party sites referenced in this Podcast or the compliance with applicable laws of such materials and/or links referenced herein. Moreover, S&P GLOBAL makes no warranty that this Podcast, or the server that makes it available, is free of viruses, worms, or other elements or codes that manifest contaminating or destructive properties.    S&P GLOBAL EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY OR RESPONSIBILITY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR OTHER DAMAGES ARISING OUT OF ANY INDIVIDUAL'S USE OF, REFERENCE TO, RELIANCE ON, OR INABILITY TO USE, THIS PODCAST OR THE INFORMATION PRESENTED IN THIS PODCAST.   

Leveraged Finance & CLOs Uncovered Podcast: The story behind Infragroup's positive outlook. Hina and Sandeep are joined by Christopher Ewert to discuss Infragroup's strong operating performance, our current outlook for the company, and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we're seeing in corporate credits and sectors that CLOs are exposed to.   Click here to view the related article.

In this episode, Joe is joined by John Zito, Co-President of Apollo Asset Management and Alex Birry, Global Head of Credit Research at S&P Global Ratings. Topics included views on private credit and the evolution of private markets, John's career trajectory to Apollo, Alex on global mega trends and John's advice for managing high performing teams.

In this episode, Joe is joined by Michael Arougheti, CEO & Co-Founder of Ares and Lynn Maxwell, Global Chief Commercial Officer at S&P Global Ratings. Topics included Mike's memories of co-founding Ares, the rise in popularity of private markets and how Mike was offered co-ownership of the Baltimore Orioles.  

Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we're seeing in corporate credits and sectors that CLOs are exposed to.

Nathan Hunt is joined Andrew O'Neill and Evan Gunter from S&P Global Ratings to discuss the rapidly expanding realm of private credit markets. Together, they explore the challenges facing private debt, including liquidity, transparency, and discuss how tokenization could transform this landscape. More from Evan and Andrew: Tokenized Private Credit: A New Digital Frontier for Real World Assets More S&P Global Content: More S&P Global Podcasts The Daily Update S&P Global Look Forward Report Credits: Host/Author: Nathan Hunt Producer/Editor: Patrick Moroney Published With Assistance From: Kyle May, Kurt Burger, Camille McManus www.spglobal.com

Seeing increasing financial risk, S&P Global Ratings placed Boeing on credit watch with negative implications. Jefferies analyst Sheila Kahyaoglu breaks down what it means and the potential upside in the stock. Former Tesla Board Member Steve Westly on GM's investor day and looks ahead to Tesla's Robotaxi day. Carli Lloyd, 2x Olympic Gold Medalist, teams up with Betterment CEO Sarah Levy to launch a financial wellness campaign. She describes her path to financial wellbeing and security. 

Paul Gruenwald, chief economist at S&P Global Ratings, discusses his 2024 fourth-quarter economic outlook, which suggests that the recent rally can continue especially as the economy transitions into what he expects will be its first soft landing in more than three decades. Gruenwald says the economy has been "super-resilient," and he expects that to continue unless the strong labor market falters and cracks, and the bond market stops absorbing U.S. debt at low interest rates. Gruenwald also agrees with some of the observations made by economists who took part in the National Association for Business Economics September 2024 Outlook Survey, which economist Mervin Jebaraj discusses with Chuck. In The NAVigator segment, Sean Feeley of the U.S. high yield investment group at Barings, talks about the impact the rate-cutting cycle will have on high-yield/junk investment, and Elysabeth Alfano, chief executive officer at VegTech — which runs the VegTech Plant-based Innovation & Climate ETF — brings her unique perspective on companies with wide-moat sustainable business models to the Money Life Market Call.

After the summer break, Hina and Sandeep are joined by John Finn to discuss our recent Structured Finance conference, new features in CLO documentation, recent CLO performance, and future challenges faced by the market. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we're seeing in corporate credits and sectors that CLOs are exposed to.

En este episodio platicamos con Alfredo Calvo, Managing Director en S&P Global Ratings, sobre el estado actual de las Instituciones Financieras No Bancarias (IFNB) en el país. Distribuido por Genuina Media babbel.com/MONEYTALKS

In this episode of FI15, Joe is joined by Mohamed El-Erian, President of Queens' College, University of Cambridge and Sudeep Kesh, Chief Innovation Officer at S&P Global Ratings. Topics discussed included the potential impact of AI on investing and portfolio management, how Mohamed incorporates data into his views, Sudeep on AI in movies and music and Mohamed's relationship with the Gen Z students at Queens'.

In this episode of FI15, Joe is joined by Jay Sammons, Co-Founder of SKKY Partners and Raam Ratnam, Managing Director at S&P Global Ratings. Topics included SKKY Partners investment process, Jay's experience founding the company with Kim Kardashian, staying on top of consumer culture and Raam's takeaways from his career as an accountant.  

In this episode, Nathan sits down with friend of the podcast Paul Grunewald, the Global Chief Economist for S&P Global Ratings, who shares his thoughts on the global macroeconomic picture and the specific economic landscape in China. More S&P Global Content: Working While Caregiving: It's Complicated The Daily Update Look Forward Credits: Host/Author: Nathan Hunt Producer/Editor: Patrick Moroney Published With Assistance From: Kyle May, Kurt Burger, Camille McManus www.spglobal.com

New Zealand's nascent private credit industry could account for up to 5% of business lending to operating companies over time, suggests Aotea Asset Management (AAM) executive director Will Carnachan.AAM, which launched three years ago, is a corporate debt fund manager organising wholesale investorsto contribute to direct secured loans to businesses. Private credit, a form of shadow banking, has made headlines in the US, Europe and Australia over the past couple of years. The International Monetary Fund estimates the fast growing "opaque" and " highly interconnected" private credit market topped US$2.1 trillion globally last year, and over time "could become a systemic risk for the broader financial system."In a new episode of interest.co.nz's Of Interest podcast, Carnachan says in NZ the largely unregulated private credit industry's probably a decade behind where it's at in larger economies, including Australia's."I don't necessarily think this industry will, or should, become heavily regulated over time because a big part of the driver here is to move risk away from deposit taking institutions which carry systemic risk. But it is really important, I think, for the longevity of the industry that managers are being really transparent around how they're conducting themselves, how they're valuing their assets," Carnachan says."There is huge potential for this industry to grow...If you look at that business lending segment in New Zealand, it's roughly $120 billion, a lot of that's property linked. If you say half of that relates to operating companies, $60 billion, I think realistically where private credit investors like ourselves could come in to help manage some of the risk it's really between 2% to 5% of that over time. A relatively small chunk of the market, but will create options for those great kiwi businesses that are looking to grow, looking to expand, looking to acquire."In the podcast Carnachan talks about who the private credit investors and borrowers are, the interest rates they earn and pay, how the floating rate loans are priced, loan covenants and syndications involved, the fees AAM charges, the impact of high interest rates and falling interest rates on private credit, where the sub-investment grade borrowers rank in S&P Global Ratings' methodology, how AAM's portfolio currently has no credit loss issues or impairment issues, and more."In terms of the return profile that we offer, we're a floating rate product, so we provide a spread or a margin above. We use the Official Cash Rate as the benchmark because it's well understood. So what that means is we are an inflation hedge because as inflation rises or falls, typically market rates move commensurately. But we can always lock in an attractive margin over that benchmark rate," says Carnachan."And I think it's important to understand in terms of that marginal credit spread, we do a lot of work around ensuring that that is driving really good risk adjusted returns for our investors, and also taking into account the fact that these underlying investments are relatively illiquid. So it's not a product that you can trade in and out of. It's a hold to maturity product.""We are effectively a fixed income product that provides, we think, a really attractive diversifier away from bonds and yield stocks."*You can find all episodes of the Of Interest podcast here.

Leveraged Finance & CLOs Uncovered Podcast: How ASDA's Parent, Bellis Finco PLC, compares with other food retailers in a highly competitive UK landscape. Hina & Sandeep have a discussion with Raquel on credit fundamentals of Asda and its recent refinancing and S&P's expectation for a future trajectory. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we're seeing in corporate credits and sectors that CLOs are exposed to.

In this episode of FI15, Joe is joined by Sebastien Page, Chief Investment Officer at T Rowe Price and Alexandra Dimitrijevic, Global Head of Analytical Research & Development at S&P Global Ratings. Topics included both guests views on global mega trends, the future glide path of interest rates and inflation, Sebastien's experience building a 40,000+ following on Linkedin and a new quick fire round.

In today's episode, Nathan is joined by S&P Global Ratings' Chief Innovation Officer Sudeep Kesh who addresses Nathan's general skeptisim towards artificial intelligence, and discusses the ways in AI could impact the greater world. Sudeep Kesh: Check out Sudeep's new podcast "Artificial intelligence Insights" on Apple Podcasts or Spotify More S&P Global Content: The Daily Update Look Forward Credits: Host/Author: Nathan Hunt Producer/Editor: Patrick Moroney Published With Assistance From: Kyle May, Kurt Burger, Camille McManus www.spglobal.com Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P) do not guarantee the accuracy, completeness or timeliness of any content, including ratings, analyses or data and are not responsible for errors and omissions, or for the results obtained from the use of such content. S&P disclaims any and all express or implied warranties. S&P's analyses, including ratings, are not statements of fact or recommendations to purchase, hold, or sell any securities, and should not be relied on when making investment or other business decision. S&P obtains information from sources it believes to be reliable, but does not audit and undertakes no duty of due diligence or independent verification of information it receives. S&P's opinions and analyses do not address the suitability of any security. Please read our full disclaimer on spglobal.com/ratings/en/regulatory/content/legal-disclaimer

In this episode of FI15, Joe is joined by Blackrock's Global Head of Private Debt James Keenan and Ruth Yang, Global Head of Thought Leadership at S&P Global Ratings. Topics included the rise in popularity of private markets, how both Blackrock and S&P Global Ratings approach the space, Jim's unpopular investment opinion and people inside and outside of S&P Global that inspire Ruth.

For our first episode in 2024, our host, Tom Schopflocher, is joined by Cian Chandler, S&P Global Ratings' Global Structured Finance Chief Analytical Officer, to introduce our “ABS Frontiers” article series. Throughout this year, these informative commentaries will explore sectors that are somewhat “out of the ordinary,” which, in addition to being interesting and possibly not broadly understood by the market, show potential for growth in origination and securitization. Some asset classes we've published on so far include C-PACE, music royalties, private credit funds, and bridging loan RMBS. In the episode, we discuss our reasons for embarking on this article series, which include providing market insight based on what we are seeing and what may come down the line. Click on the link below to access the series: ABS Frontiers Series

In this episode of FI15, Joe is joined by Real Estate mogul Ryan Serhant, Founder of SERHANT. and Gregg Lemos-Stein, Chief Analytical Officer – Corporates at S&P Global Ratings. The guests discuss the global real estate market, with Ryan sharing his expertise on leveraging social media and AI to drive success in the industry, and Gregg provides his experience of how large multi-national cooperations are currently utilizing AI to unlock new opportunities. Sign-up here to be notified as soon as future episode are published. View the series so far here.

Paul Gruenwald, chief economist at S&P Global Ratings, says that he doesn't see the economy going into a recession, allowing the Federal Reserve to cut rates "at a leisurely pace" and to get through inflation-reduction with a soft landing. Gruenwald recently raised his growth projection for the economy and he says the strong economy is letting the Fed take its time in cutting rates, but that current levels of 5.25 percent are too high. He doesn't expect the central bank to cut rates below 3 percent, which he expects it to reach with a few rate cuts this year starting in June and four to five cuts next year. Larry Tentarelli, founder/chief technical strategist, Blue Chip Daily Trend Report says the market's upward trend has room to run. As a technician, Tentarelli says the most bullish signal is a market at new highs because there is no overhead resistance, and while he expects some small, normal pullbacks along the way, he expects the long-term move to be higher. Plus, David Trainer, president at New Constructs, revisits a meme stock in The Danger Zone and author Anne Lester discusses her new book, "Your Best Financial Life: Save Smart Now for the Future You Want."

In Episode 33, Scott Tan, Analytical Manager and Managing Director of U.S. Credit Estimates, along with Denis Rudnev, Director of Leveraged Finance at S&P Global Ratings, delved into critical insights from their discussion on "Testing Private Debt's Resilience Through The Credit Estimate Lens." They analyzed over 2,000 credit estimated (CE) issuers, totaling more than $400 billion in outstanding debt, to evaluate the resilience of middle-market issuers amidst the challenges posed by increasing interest rates and margin erosion. Related Document Link: Scenario Analysis: Testing Private Debt's Resilience Through The Credit Estimate Lens| S&P Global Ratings (spglobal.com)

In this FI15 podcast episode hear Lori Heinel, Global CIO at State Street Global Advisors, and Yann Le Pallec, Global Head of Rating Services at S&P Global Ratings, discuss key global economic trends and investment strategies with host Joe Cass. Topics include client engagement, investment opportunities, ESG considerations, public speaking tips, personal challenges in the industry and the role of AI in investing.

Embrace the future of finance and dive into an insightful discussion with Wei Li, Global Chief Investment Strategist at Blackrock, and Martina Cheung, President at S&P Global Ratings. Together, they dissect the 2024 market landscape, offering expert perspectives on emerging trends, AI integration, and leadership insights.

Segunda hora de Capital Intereconomía en la que miramos a la información económica y de los mercados. En la entrevista Capital hablamos con Marko Mrsnik, el Director de Rating Soberano para Europa de S&P Global Ratings. En la Tertulia Capital están con nosotros David Henche, Profesor de estrategia en ICEMD/ESIC; Carlos Arenas, Doctor en Economía; y Victor Sunkel, abogado penalista. En la preapertura Jesús Sánchez Quiñones, Director General de RENTA 4 Banco, nos explica las principales referencias a tener en cuenta en la sesión de hoy.

In Episode 32, Steve H Wilkinson, Managing Director of Leveraged Finance at S&P Global Ratings, discusses an interesting case study of Trinseo's creative debt structuring that helped the firm procure new debt financing to address pending near-term maturities.  Related Document Link: Leveraged Finance: Creative Structuring Helps Trinseo PLC, Comes With Lowered Recovery Prospects And Higher Costs | S&P Global Ratings (spglobal.com)

Alexandra Dimitrijevic, Global Head of Research & Development at S&P Global Ratings joins the Essential Podcast to talk about conditions in the global credit market and the economic outlook in 2024 for regions around the world.

Rohit Sipahimalani, CIO at Temasek and Martina Cheung, President of S&P Global Ratings join host Joe Cass on this episode of Fixed Income in 15. The discussion centred around disruptive investment areas, macro outlooks, private credit, the impact of Generative AI and the rise of India.

In episode 31, Minesh Patel, the U.S. sector lead of leveraged finance at S&P Global Ratings, and Daniel Pianki, the director of U.S. corporate ratings, discuss one of the most significant leveraged buyout transactions this year and Worldpay's credit rating rationale.

In Episode 27, Minesh Patel, the U.S. sector lead of leveraged finance at S&P Global Ratings, and Hanna Zhang, the director of U.S. leveraged finance and recovery, discuss Hanna's article titled: Disparities Emerge By Sector, Rating, Company Size, And Debt Cushion. Key takeaways from the article include: Earnings pressures were evident in the quarter as the momentum in revenue growth decelerated. However, the lower-rated 'B' category exhibited solid year-over-year EBITDA growth. To some extent, these entities even outperformed higher-rated 'BB' peers, particularly those operating in subsectors most susceptible to interest rates (homebuilders and real estate), navigating secular headwinds (TV and radio), or facing challenging comparisons (energy and commodity, retail discretionary).  As the impact of cumulative monetary tightening takes hold, smaller and lower-rated companies face the highest ratings pressure. We found that borrowers with the smallest scale show much worse interest coverage, exacerbated by persistent free operating cash flow deficits. Their particularly weak credit measures differentiate them from larger counterparts. About 21% of 'B-' rated borrowers had EBITDA interest coverage of less than 1x in the 12 months ended on March 31, 2023. First-lien loans with a 30% or more debt cushion hold a significant advantage over those with a negligible or nonexistent cushion (i.e., a first-lien-only debt structure). We calculated an average gap of about 30% in our first-lien lender recovery estimate between the two. However, having a priority claim ahead of the first lien will result in an average reduction of another 2.5%. View related article: U.S. Leveraged Finance Q2 2023 Update: Disparities Emerge By Sector, Rating, Company Size, And Debt Cushion

In episode 30, Minesh Patel, the U.S. sector lead of leveraged finance at S&P Global Ratings, and Hanna Zhang, the director of U.S. leveraged finance and recovery, discuss Hanna's article titled: Disparities Emerge By Sector, Rating, Company Size, And Debt Cushion. Key takeaways from the article include: Earnings pressures were evident in the quarter as the momentum in revenue growth decelerated. However, the lower-rated 'B' category exhibited solid year-over-year EBITDA growth. To some extent, these entities even outperformed higher-rated 'BB' peers, particularly those operating in subsectors most susceptible to interest rates (homebuilders and real estate), navigating secular headwinds (TV and radio), or facing challenging comparisons (energy and commodity, retail discretionary). As the impact of cumulative monetary tightening takes hold, smaller and lower-rated companies face the highest ratings pressure. We found that borrowers with the smallest scale show much worse interest coverage, exacerbated by persistent free operating cash flow deficits. Their particularly weak credit measures differentiate them from larger counterparts. About 21% of 'B-' rated borrowers had EBITDA interest coverage of less than 1x in the 12 months ended on March 31, 2023.   First-lien loans with a 30% or more debt cushion hold a significant advantage over those with a negligible or nonexistent cushion (i.e., a first-lien-only debt structure). We calculated an average gap of about 30% in our first-lien lender recovery estimate between the two. However, having a priority claim ahead of the first lien will result in an average reduction of another 2.5%.   Link to the article discussed in the podcast: U.S. Leveraged Finance Q2 2023 Update: Disparities Emerge By Sector, Rating, Company Size, And Debt Cushion: https://www.spglobal.com/ratings/en/research/articles/230727-leveraged-finance-u-s-leveraged-finance-q2-2023-update-disparities-emerge-by-sector-rating-company-size-12802865

In this episode, Ramki Muthukrishnan from S&P Global Ratings joins Brandon and Jocelyn to talk about what is driving demand for middle market CLOs and the growth in direct lending. Ramki, an expert on leveraged finance, discusses the difference between credit estimates and corporate ratings, why credit estimates are important for CLO managers, and which sectors are growing the fastest in the middle market. Stay in touch: Subscribe to the Private Markets 360 newsletter.

In episode 29, Nishit Madlani, the U.S. sector lead for business services and autos at S&P Global Ratings and Ben Hirsch, an associate director within the S&P's U.S. business services team, discuss their latest article titled: Cash Flow Drought, Refinancing Wall Heighten Rating Risks In Business And Technology Services; But Some Sectors Are An Oasis. Key takeaways from the article include: Looming refinancing risks and weaker cash flow prospects amid tight credit conditions will weigh on the business and technology services sector through 2025. About 57% of U.S. issuers are projected to generate weaker free operating cash flow (FOCF) in 2023 due to higher interest costs, potentially complicating refinancing efforts. With a large majority of the sector coverage rated 'B' or below, we expect an increase in downgrades to the 'CCC' category as distressed exchanges and payment default scenarios intensify. Distributors, facilities maintenance providers, and software and information services providers are most vulnerable to downside risks, while providers of education and publishing services, security and safety services, and payment and insurance services remain relatively resilient.   Links to articles discussed in the podcast: Cash Flow Drought, Refinancing Wall Heighten Rating Risks In Business And Technology Services; But Some Sectors Are An Oasis: https://www.spglobal.com/ratings/en/research/articles/230627-cash-flow-drought-refinancing-wall-heighten-rating-risks-in-business-and-technology-services-but-some-sector-12768327 What Rising Interest Rates Could Mean For U.S. Business And Technology Services Companies Rated 'B' And 'B-': https://www.spglobal.com/ratings/en/research/articles/230118-what-rising-interest-rates-could-mean-for-u-s-business-and-technology-services-companies-rated-b-and-b-12613219

We sit down with Erin Kitson, director of structured finance at S&P Global Ratings to discuss the current state of mortgage arrears and the prospects for the Australian property market. Tune in to find out: How current arrears levels compare to historic levels The trends in arrears across different geographical areas How house prices may trend in the coming year And much more!

Paul Gruenwald, chief economist for S&P Global Ratings, says that the economy must land but the question is 'Can it land in a reasonably smooth way or do we have a sharp correction downward' that triggers a recession. Gruenwald says the Federal Reserve has been surprising the market with its determination to reach its goals, and that while it puts off rate cuts for the next six to 12 months the market will adjust in ways that result in a slowdown and some profit-taking. Also on the show, Kimberly Flynn of XA Investments discusses the rapid growth in interval funds holding alternative investments, noting that the industry is in the 'second inning' of a dramatic growth cycle. And in the Market Call, David Barse of Xout Capital discusses the ins and outs of a system that seeks to invest in the best of the stock market's top companies.

In this discussion, Minesh Patel, the US sector lead of Leveraged Finance at S&P Global Ratings, teams up with the Director of Leveraged Finance, Hanna Zhang, to explore the key insights presented in Hanna's latest commentary, titled "U.S. Leveraged Finance Q1 2023 Update: Ch-Ch-Ch-Changes -- Material Shifts In Key Credit Stats Drove Downgrades To 'B-' And 'CCC', And Upgrades To 'B-'." Key takeaways from the article include: Within 12 months leading to a rating action, higher debt service costs and slower profit growth were often the leading factors in downgrades to 'B-' and the 'CCC' category (CCC+/CCC/CCC-). Median leverage for companies downgraded to the 'CCC' category rose to 15.5x as EBITDA all but dried up. It was 8x for entities rated 'B-'. We estimate that roughly 37% of 'B' rated issuers employ interest rate hedges. Interest rate sensitivity for 'B-' rated companies is much higher, with roughly 19% employing hedges and 90% floating-rate debt exposure. Speculative-grade borrowers may be returning to cash preservation, but 2022 was loaded with shareholder rewards and heavy working capital investment for companies rated 'B+' and higher. Issues with recovery expectations within the 50%-70% range account for two-thirds of total new issuance in the first quarter of 2023, although average recovery expectations remain near the low end of the post-2017 average.  The commentary to the related article: https://www.spglobal.com/ratings/en/research/articles/230504-leveraged-finance-u-s-leveraged-finance-q1-2023-update-ch-ch-ch-changes-material-shifts-in-key-credit-st-12711927 The hyperlink to the interactive dashboard. https://www.spglobal.com/ratings/en/research-insights/sector-intelligence/interactives/us-leveraged-finance-q1-2023      

Mary Pryshlak, Head of Investment Research at Wellington Management, joined Alexandra Dimitrijevic, Global Head of Research & Development at S&P Global Ratings and host Joe Cass on this episode of Fixed Income in 15. Discussion focused on the potential role of Generative AI in credit research, leadership experiences from Alexandra and Mary and books that have fundamentally changed our guests' lives.

Saira Mailk, CIO of Nuveen joins Ruth Yang, Global Head of Thought Leadership at S&P Global Ratings and host Joe Cass on this episode of Fixed Income in 15. Discussion focused on Saira's experience breaking into finance, the next big risks for investors, Ruth's leadership experience and Saira and Ruth's strategies when educating their children on finance.

Ellie Price is a corporate credit analyst at S&P Global Ratings, and prior was an Associate Director in public finance at Fitch Ratings. Previously, she was the Chief Operating Officer at Iris Light Technologies, a silicon photonics startup company spun out of Argonne National Lab.   While at University of Chicago's Harris School of Public Policy, Price worked as an investment banking summer associate at Credit Suisse, and apprenticed as a venture capital associate.    Prior to grad school, Price directed The Locus Coalition of 14 NGOs, convening international development funders, policymakers, and practitioners to promote the design and evaluation of evidence-based, locally owned, and integrated global development programs. Price represented Locus members' best practices as a speaker and moderator on pals at the UN, think tanks and other forums, and she oversaw all operations and activities of the Coalition and its Research and Learning Working Groups. Price also served as co-chair of the Society for International Development Young Professionals Network Washington DC Chapter. Prior to Locus, Price was a Crisis Response Program Officer at FHI 360, where she supported the launch of a humanitarian response unit and rapid response capabilities with the US Office of Foreign Disaster Assistance in Borno State, Nigeria. She also served as an Urban Leaders Fellow in Denver, Colorado.   Price holds a Master's in Public Policy from the University of Chicago, a bachelor's degree in international development studies from Calvin College and studied East African politics and religion at Uganda Christian University. During her undergraduate studies, Price performed research, fundraising strategy, and project design for nonprofits working with immigrant populations in Michigan. As a consultant for a healthcare management firm, she designed an impact evaluation for its international nonprofit arm, adapting training materials for healthcare managers in Dubai and sub-Saharan Africa.    Ellie  is on on twitter.   The songs picked by all our guests can be found via  our playlist #walktalklisten here.    Please let me/us know via our email innovationhub@cwsglobal.org what you think about this new series. We would love to hear from you.   Please like/follow our Walk Talk Listen podcast and follow mauricebloem on twitter and instagram.  Or check us out on our website 100mile.org.  We also encourage you to check out the special WTL series Enough for All about an organization called CWS.  The 11th 100 mile walk campaign will continue until the summer, find more info via de 100mile.org website. Or go straight to our fundraising page.

The Environmental Protection Agency (EPA) tells residents in an Ohio town they are safe after a train spilled hazardous chemicals there earlier this month. But many are still scared and concerned. Tesla is recalling all of its “full self-driving” vehicles. What's the potential problem, and what's Tesla doing about it? U.S. household debt jumps to a record high–seeing the largest quarterly increase in 20 years. The Congressional Budget Office is warning that the United States could soon default on its debt if Congress doesn't act. What's the holdup? The tech sector is seeing weakening demand, and companies are reducing inventory. How's the outlook for this year? We get an overview from S&P Global Ratings. Americans are losing even more faith in the news media, according to a new report. How many still have a good opinion of newsrooms? Chick-fil-A is opening a rest station for delivery workers in New York City. ⭕️ Watch in-depth videos based on Truth & Tradition at Epoch TV

PIMCO CEO Emmanuel Roman and Martina Cheung, President of S&P Global Ratings, joined Joe Cass on this episode of the FI15 podcast. Discussion spanned investing in 2023, private debt, working culture at PIMCO after Bill Gross, Davos, ChatGPT and Arsenal FC.

Louis Kuijs, Chief APAC Economist at S&P Global Ratings, discusses the latest on the markets. He spoke with hosts Doug Krizner and Juliette Saly on "Bloomberg Daybreak Asia."See omnystudio.com/listener for privacy information.

Evan Gunther of S&P Global Ratings and Leon Sinclair of S&P Global Market Intelligence join the Essential Podcast to talk about the growth and evolution of private debt markets.

The panelists discuss the latest figures on inflation released on quarter 3 of 2022, and analyze the likelihood of stagflation and recession as these inflationary pressures continue to impact the US economy as well as the outlook for states and municipalities and their budgets. Our panel of experts includes Alison Premo Black, senior vice president and chief economist, American Road & Transportation Builders Association; Beth Ann Bovino, US chief economist and managing director, S&P Global Ratings; Hughey Newsome, chief financial officer, Wayne County, Michigan; Gabriel Petek, legislative analyst, State of California; and Mark Zandi, chief economist, Moody's Analytics. Notable Quotes: “I don't see recession [in the] next six months or the next nine months, but now I have a 50/50 outlook by the latter part of 2023 going into 2024.” - Mark Zandi “There's no question that in terms of infrastructure investment, there are a couple of things that the industry has been dealing with in terms of those construction projects. There's no doubt the increase in prices is definitely impacting [projects] as well as material availability.” - Alison Premo Black “Our judgment was that historically speaking, it's been difficult for the Fed to navigate a soft landing when you have such a situation,” - Gabriel Petek “We've been able to kind of store some nuts away for the winter; that was somewhat on purpose but also somewhat on accident,” - Hughey Newsome Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

Bruce and Jeff push hard for answers to the questions we all have about the Financial Planning Association's efforts to turn the financial planner title into a protected and official designation. They talk with FPA CEO and secretary Patrick D. Mahoney about why the current actions were taken, what the process looks like, the plan for the long game, and how this new title will differ from the more than 225 designations that already exist across the financial services industry. Related Article:  FPA to push for ‘financial planner' title protectionGuest Bio:Patrick D. Mahoney is CEO and board secretary of the Financial Planning Association. He is an experienced CEO, association and business leader, and strategist with a background across diverse organizations in the financial services, technology, and mission-based sectors. He is recognized for building and mentoring diverse teams and creating growth strategies that integrate the passion and expertise of an organization's members, volunteer leaders, and employees to meet its goals and mission.Mr. Mahoney's career began in product development and management in the United States and Asia, later evolving to sales, marketing, and general management. He has held executive leadership positions with breakthrough global organizations embracing membership value, innovation, growth, and change management, such as the Financial Planning Association and S&P Global Ratings.

With the upheaval taking place in the cryptocurrency markets, there's a lot of confusion about the realities of DeFi. Charles Jansen, head of DeFi transformation for S&P Global Ratings, joins host Eric Hanselman to focus on the distance between the two and look at innovations aiming to manage risk as the industry matures. DeFi capabilities can speed transactions while reducing cost and are already finding their way into payments channels. Useful abstractions are powering innovation.

Paul Gruenwald, chief economist for S&P Global Ratings, says that despite the gloom being caused by high inflation, war and more, "If you step back, we're not in a terrible place." He notes that if inflation can be controlled and the labor market stays at current levels of full employment, that should lead to a good outcome once tensions ease. Gruenwald says that a big market decline, recession or proverbial day of reckoning is not a foregone conclusion; if the economy can be guided to a path where inflation reduces to Federal Reserve targets -- and growth hits those targets too -- he believes there is a reasonable glide path to better days ahead. Also on the show, money manager and author Adam Seessell discusses the continuing evolution of value investing and his book, "Where the Money Is: Value Investing in a Digital Age," plus Clark Kendall, president and chief executive officer at Kendall Capital discusses stock investing in the Market Call.

Alyssa Miller, Business Information Security Officer at S&P Global Ratings and author of the forthcoming book, “Cyber Defenders' Career Guide, is one of the most provocative, unfiltered and interesting voices in the cybersecurity community. She's essential reading on infosec Twitter and a regular draw at conferences around the world. In this episode, she dives into all sorts of issues in the cybersecurity community, from incoherent job postings to a lack of diversity—she covers it all. Tune in to find out how you can best address these problems and also learn how to reach out of your comfort zone and forge your own path to success. --------Why you should listen:* Figure out why most cybersecurity job postings “suck” and how the industry can help fix the issue.* Learn how to address key issues that come up during a cybersecurity job hunt.* Identify how to maximize opportunities for personal growth and realize your potential in the infosec community.* Understand how to be a better ally to underrepresented groups in the cybersecurity community.* Hear about the value of diversity and inclusion in cybersecurity. --------Key Quotes:* “Read the narrative at the beginning of the job description. If that sounds like something you can do and something you can learn and grow in, apply. The very worst thing they can do is tell you no."* "The difference between you experiencing success or not is in how you respond to opportunities. Do you take those moments and go after them or do you let them go by the wayside."* “If we want to be better at cybersecurity, having diversity matters.”* "You don't get diversity of thought by having 20 heterosexual white males sitting in a room talking about how to build cybersecurity defenses."--------Related Links:* Synack.com* https://www.synack.com/lp/cloud-security-solutions/*https://twitter.com/AlyssaM_InfoSec?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor* https://alyssasec.com/