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Credit Trends - Belgium

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Moody's are thrilled to bring an in-person Credit Trends event to Belgium in 2024. Join us to take the local view of global credit markets and gain unique insights into defaults.

Registration & Networking

Keynote Fireside Chat

Maarten Verwey Director-General for Economic and Financial Affairs, European Commission

Networking and Coffee Break

Credit Conditions ​

AI & Cyber

Olivier Panis Senior Vice President, Financial Institutions Moody's Ratings

Sarah Carlson Senior Vice President, Sovereign Risk Moody's Ratings

Jorge Rodriguez-Valez Senior Vice President, Credit Strategy & Research Moody's Investors Service

Sean Marion Managing Director, Structured Finance Moody's Ratings

Leroy Terrelonge Vice President - Senior Analyst, Cyber Credit Risk Moody's Ratings

David Beadle Vice President - Senior Credit Officer, Corporate Finance Moody's Ratings

Fabian Astic Managing Director, Global Head of Digital Economy Moody's Ratings

Maarten Verwey Director-General for Economic and Financial Affairs European Commission

Dea Markova Managing Director Forefront Advisers

Venue Details:

Venue Name: Hotel Amigo, Brussels

Address: Rue de l'Amigo 1, 1000 Bruxelles, Belgium

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Sarah Carlson Senior Vice President, Sovereign Risk Moody's Ratings

Sarah has been the lead analyst for most countries in the European Union, and is also a former lead analyst for the United States. She is currently the lead analyst for France and Italy, among other European countries. She is also one of the Sovereign Risk Group's global spokespeople. 

She joined Moody's in 2009 after completing a Sloan Fellowship at the London Business School. Prior to this academic sabbatical, she spent seven years at the Financial Services Authority in London where she headed the regulator's Risk Analysis area and acted as its chief macroeconomist. Before joining the FSA, she worked in Dun & Bradstreet's Economic Analysis Group for six years, where she was the organisation's Deputy Chief Economist. 

She holds an MA in European Studies (with a concentration in Economics and Finance) from the Elliott School of International Affairs at the George Washington University in Washington, DC and an AB with a double major in Government and History from Dartmouth College in Hanover, New Hampshire in the United States. She is a CFA Charterholder and is co-chair of the Macroeconomic Committee of the CFA Society France. She is a dual citizen of the United Kingdom and the United States and is based in Paris.

Sarah Carlson Senior Vice President, Sovereign Risk Moody's Ratings

Sarah has been the lead analyst for most countries in the European Union, and is also a former lead analyst for the United States. She is currently the lead analyst for France and Italy, among other European countries. She is also one of the Sovereign Risk Group's global spokespeople. 

She joined Moody's in 2009 after completing a Sloan Fellowship at the London Business School. Prior to this academic sabbatical, she spent seven years at the Financial Services Authority in London where she headed the regulator's Risk Analysis area and acted as its chief macroeconomist. Before joining the FSA, she worked in Dun & Bradstreet's Economic Analysis Group for six years, where she was the organisation's Deputy Chief Economist. 

She holds an MA in European Studies (with a concentration in Economics and Finance) from the Elliott School of International Affairs at the George Washington University in Washington, DC and an AB with a double major in Government and History from Dartmouth College in Hanover, New Hampshire in the United States. She is a CFA Charterholder and is co-chair of the Macroeconomic Committee of the CFA Society France. She is a dual citizen of the United Kingdom and the United States and is based in Paris.

Jorge Rodriguez-Valez Senior Vice President, Credit Strategy & Research Moody's Investors Service

Jorge Rodriguez-Valez is a Senior Vice President in Moody's Credit Strategy & Research team in London. Since he joined Moody's in 2014, he leads the Financial Analytics team, developing quantitative forward-looking analyses of sectors and institutions, including modelling asset quality trends and stress testing.

Prior to joining Moody's in 2014, Jorge worked as a macroeconomist responsible for forecasting and scenario analysis, and as a university lecturer in macroeconomics and econometrics.

Jorge is a PhD in Econometrics and holds degrees in Economics and in Business.

Jorge Rodriguez-Valez Senior Vice President, Credit Strategy & Research Moody's Investors Service

Jorge Rodriguez-Valez is a Senior Vice President in Moody's Credit Strategy & Research team in London. Since he joined Moody's in 2014, he leads the Financial Analytics team, developing quantitative forward-looking analyses of sectors and institutions, including modelling asset quality trends and stress testing.

Prior to joining Moody's in 2014, Jorge worked as a macroeconomist responsible for forecasting and scenario analysis, and as a university lecturer in macroeconomics and econometrics.

Jorge is a PhD in Econometrics and holds degrees in Economics and in Business.

David Beadle Vice President - Senior Credit Officer, Corporate Finance Moody's Ratings

David Beadle joined Moody's in 2014 and covers retail industry credits in the UK

and Western Europe as a Vice President - Senior Credit Officer in the EMEA

Corporate Finance Group in London.

He covers a number of UK retailers, including the grocers, Tesco and Wm Morrison,

fuel forecourt operator Euro Garages, and fashion businesses, House of Fraser,

Matalan and New Look. His coverage also includes French, German and Dutch

issuers.

Prior to joining Moody's David had spent more than 15 years as a credit analyst

and portfolio manager in the City, most recently with international specialist

banking and asset management group, Investec.

Olivier Panis Senior Vice President, Financial Institutions Moody's Ratings

Olivier Panis is a Senior Vice President in the EMEA Financial Institutions Group based in Paris, covering a portfolio of European Global Investment Banks (GIBs) and other banks in France and Benelux. 

Olivier joined Moody's in Dubai in 2013 where he assumed responsibility for a portfolio of financial institutions in the Gulf Cooperation Countries (GCC) and North Africa. Prior to joining Moody's in 2013, he was heading the Portfolio Management team for Corporate Banking Emerging Markets at Barclays. He started his career as a financial analyst at the French Ministry of Finance in Paris. Olivier Panis holds a MSc in Economics from the Université PARIS I (Sorbonne).

Sean Marion Managing Director, Structured Finance Moody's Ratings

Sean Marion heads up Moody's EMEA Structured Finance Group, based in London. He is responsible for overseeing both primary issuance and surveillance functions for Consumer Assets, Corporate Assets and Covered Bonds, with teams based in London, Frankfurt, Paris, Madrid and Milan.

Prior to joining the Structured Finance Group he was a London-based Managing Director in the Financial Institutions Group, responsible for ratings coverage in the Nordics, Baltics, South-Eastern Europe and emerging markets in the Middle East and Africa.

Before relocating to London in 2011, Mr. Marion held various positions of progressive responsibility in Moody's, including working in the firm's offices in Mexico City and Toronto. Before joining Moody's, Mr. Marion worked for The Economist Intelligence Unit, conducting research on macroeconomic and country risk. Mr. Marion holds graduate degrees in economics from the Université Paris I (Sorbonne) and the London School of Economics. He also holds an undergraduate degree from Bishop's University, Canada. Mr. Marion is fluent in French and Spanish.

Fabian Astic Managing Director, Global Head of Digital Economy Moody's Ratings

Fabian Astic serves on Moody's Ratings Senior Leadership Team as Managing

Director and Global Head of Decentralized Finance & Digital Assets, Cyber Credit Risk,

and AI Analytics. He leads the group responsible for the rating agency's preparedness

for the digitalization of the global economy, driven by transformative technologies

like AI and blockchain. Specific areas of focus for the group include analytics and

research, market and policy development, and process, data, and technology.

Fabian is widely recognized for his expertise in both traditional finance and digital

finance, often speaking at high-profile industry conferences and contributing to

leading trade association events and podcasts. He serves on the Digital Asset Markets

Subcommittee of the U.S. Commodity Futures Trading Commission's Global Markets

Advisory Committee, which focuses on digital finance and asset tokenization, and on

the board of QuantCube Technology, an AI company providing predictive analytics

and economic forecasts from alternative data. Additionally, he is the Secretary of the

board of the Hetrick-Martin Institute, a Moody's partner, which supports LGBTQ

youth. In 2018, Fabian was named as one of Business Equality Magazine's "40 LGBTQ

Leaders Under 40."

Prior to his current role, Fabian established and led the group responsible for

developing quantitative models and analytical tools used in Moody's rating process, as

well as innovation activities, including advanced capabilities in machine learning and

artificial intelligence.

Since joining Moody's in 2006, Fabian has held roles in Credit Policy Research and the

Structured Finance Group, analyzing various structured credit products and

contributing to rating methodologies.

Fabian holds a Ph.D. in Applied Mathematics with a focus on Mathematical Finance,

as well as a Master's Degree in Mathematics Applied to Economic Sciences and a

Bachelor's Degree in Applied Mathematics and Social Sciences from Université Paris

Dauphine. He also holds a Master's Degree in Science and Executive Engineering from

the Ecole des Mines de Paris, where he specialized in Quantitative Finance

Leroy Terrelonge Vice President - Senior Analyst, Cyber Credit Risk Moody's Ratings

Leroy Terrelonge is a Vice President - Senior Analyst in the Moody's Ratings Cyber Risk Group, where he is responsible for creating and executing a cyber-risk analytics and research agenda. He works collaboratively with stakeholders across Moody's to build cyber datasets and publish timely and relevant research on cyber risk and its impact on financial performance.

Leroy has more than 20 years of risk experience working in government, international education, tech startups and corporates. Prior to joining Moody's, Leroy led a team of analysts at Flashpoint, a threat intelligence company that researches cyber criminal communities, and previously worked as an analyst at the National Security Agency. 

He has been cited in both domestic and international media on cyber risk issues and has presented at cybersecurity conferences around the world. Leroy graduated from the Fletcher School of Law and Diplomacy with a Masters in International Business and holds an A.B. in Near Eastern Languages and Civilizations cum laude from Harvard University. He also served as a Princeton-in-Asia fellow in Almaty, Kazakhstan.

Dea Markova Managing Director Forefront Advisers

Dea leads Forefront Advisers' political risk products in Digital Assets and Emerging Technologies. She joined Forefront having grown and led the digital assets client portfolio for FTI Consulting Brussels. Dea relocated back to Europe after her post in the Monetary Authority of Singapore, where she developed innovation programmes and infrastructure in the MAS Financial Technology and Innovation Group. She was also Head of Programmes for Innovate Finance, the UK FinTech trade association. Dea holds MSc Financial Regulation from the London School of Economics.

Sarah Carlson Senior Vice President, Sovereign Risk Moody's Ratings

Sarah has been the lead analyst for most countries in the European Union, and is also a former lead analyst for the United States. She is currently the lead analyst for France and Italy, among other European countries. She is also one of the Sovereign Risk Group's global spokespeople. 

She joined Moody's in 2009 after completing a Sloan Fellowship at the London Business School. Prior to this academic sabbatical, she spent seven years at the Financial Services Authority in London where she headed the regulator's Risk Analysis area and acted as its chief macroeconomist. Before joining the FSA, she worked in Dun & Bradstreet's Economic Analysis Group for six years, where she was the organisation's Deputy Chief Economist. 

She holds an MA in European Studies (with a concentration in Economics and Finance) from the Elliott School of International Affairs at the George Washington University in Washington, DC and an AB with a double major in Government and History from Dartmouth College in Hanover, New Hampshire in the United States. She is a CFA Charterholder and is co-chair of the Macroeconomic Committee of the CFA Society France. She is a dual citizen of the United Kingdom and the United States and is based in Paris.

Olivier Panis Senior Vice President, Financial Institutions Moody's Ratings

Olivier Panis is a Senior Vice President in the EMEA Financial Institutions Group based in Paris, covering a portfolio of European Global Investment Banks (GIBs) and other banks in France and Benelux. 

Olivier joined Moody's in Dubai in 2013 where he assumed responsibility for a portfolio of financial institutions in the Gulf Cooperation Countries (GCC) and North Africa. Prior to joining Moody's in 2013, he was heading the Portfolio Management team for Corporate Banking Emerging Markets at Barclays. He started his career as a financial analyst at the French Ministry of Finance in Paris. Olivier Panis holds a MSc in Economics from the Université PARIS I (Sorbonne).

Sarah Carlson Senior Vice President, Sovereign Risk Moody's Ratings

Sarah has been the lead analyst for most countries in the European Union, and is also a former lead analyst for the United States. She is currently the lead analyst for France and Italy, among other European countries. She is also one of the Sovereign Risk Group's global spokespeople. 

She joined Moody's in 2009 after completing a Sloan Fellowship at the London Business School. Prior to this academic sabbatical, she spent seven years at the Financial Services Authority in London where she headed the regulator's Risk Analysis area and acted as its chief macroeconomist. Before joining the FSA, she worked in Dun & Bradstreet's Economic Analysis Group for six years, where she was the organisation's Deputy Chief Economist. 

She holds an MA in European Studies (with a concentration in Economics and Finance) from the Elliott School of International Affairs at the George Washington University in Washington, DC and an AB with a double major in Government and History from Dartmouth College in Hanover, New Hampshire in the United States. She is a CFA Charterholder and is co-chair of the Macroeconomic Committee of the CFA Society France. She is a dual citizen of the United Kingdom and the United States and is based in Paris.

Jorge Rodriguez-Valez Senior Vice President, Credit Strategy & Research Moody's Investors Service

Jorge Rodriguez-Valez is a Senior Vice President in Moody's Credit Strategy & Research team in London. Since he joined Moody's in 2014, he leads the Financial Analytics team, developing quantitative forward-looking analyses of sectors and institutions, including modelling asset quality trends and stress testing.

Prior to joining Moody's in 2014, Jorge worked as a macroeconomist responsible for forecasting and scenario analysis, and as a university lecturer in macroeconomics and econometrics.

Jorge is a PhD in Econometrics and holds degrees in Economics and in Business.

Sean Marion Managing Director, Structured Finance Moody's Ratings

Sean Marion heads up Moody's EMEA Structured Finance Group, based in London. He is responsible for overseeing both primary issuance and surveillance functions for Consumer Assets, Corporate Assets and Covered Bonds, with teams based in London, Frankfurt, Paris, Madrid and Milan.

Prior to joining the Structured Finance Group he was a London-based Managing Director in the Financial Institutions Group, responsible for ratings coverage in the Nordics, Baltics, South-Eastern Europe and emerging markets in the Middle East and Africa.

Before relocating to London in 2011, Mr. Marion held various positions of progressive responsibility in Moody's, including working in the firm's offices in Mexico City and Toronto. Before joining Moody's, Mr. Marion worked for The Economist Intelligence Unit, conducting research on macroeconomic and country risk. Mr. Marion holds graduate degrees in economics from the Université Paris I (Sorbonne) and the London School of Economics. He also holds an undergraduate degree from Bishop's University, Canada. Mr. Marion is fluent in French and Spanish.

Leroy Terrelonge Vice President - Senior Analyst, Cyber Credit Risk Moody's Ratings

Leroy Terrelonge is a Vice President - Senior Analyst in the Moody's Ratings Cyber Risk Group, where he is responsible for creating and executing a cyber-risk analytics and research agenda. He works collaboratively with stakeholders across Moody's to build cyber datasets and publish timely and relevant research on cyber risk and its impact on financial performance.

Leroy has more than 20 years of risk experience working in government, international education, tech startups and corporates. Prior to joining Moody's, Leroy led a team of analysts at Flashpoint, a threat intelligence company that researches cyber criminal communities, and previously worked as an analyst at the National Security Agency. 

He has been cited in both domestic and international media on cyber risk issues and has presented at cybersecurity conferences around the world. Leroy graduated from the Fletcher School of Law and Diplomacy with a Masters in International Business and holds an A.B. in Near Eastern Languages and Civilizations cum laude from Harvard University. He also served as a Princeton-in-Asia fellow in Almaty, Kazakhstan.

David Beadle Vice President - Senior Credit Officer, Corporate Finance Moody's Ratings

David Beadle joined Moody's in 2014 and covers retail industry credits in the UK

and Western Europe as a Vice President - Senior Credit Officer in the EMEA

Corporate Finance Group in London.

He covers a number of UK retailers, including the grocers, Tesco and Wm Morrison,

fuel forecourt operator Euro Garages, and fashion businesses, House of Fraser,

Matalan and New Look. His coverage also includes French, German and Dutch

issuers.

Prior to joining Moody's David had spent more than 15 years as a credit analyst

and portfolio manager in the City, most recently with international specialist

banking and asset management group, Investec.

Fabian Astic Managing Director, Global Head of Digital Economy Moody's Ratings

Fabian Astic serves on Moody's Ratings Senior Leadership Team as Managing

Director and Global Head of Decentralized Finance & Digital Assets, Cyber Credit Risk,

and AI Analytics. He leads the group responsible for the rating agency's preparedness

for the digitalization of the global economy, driven by transformative technologies

like AI and blockchain. Specific areas of focus for the group include analytics and

research, market and policy development, and process, data, and technology.

Fabian is widely recognized for his expertise in both traditional finance and digital

finance, often speaking at high-profile industry conferences and contributing to

leading trade association events and podcasts. He serves on the Digital Asset Markets

Subcommittee of the U.S. Commodity Futures Trading Commission's Global Markets

Advisory Committee, which focuses on digital finance and asset tokenization, and on

the board of QuantCube Technology, an AI company providing predictive analytics

and economic forecasts from alternative data. Additionally, he is the Secretary of the

board of the Hetrick-Martin Institute, a Moody's partner, which supports LGBTQ

youth. In 2018, Fabian was named as one of Business Equality Magazine's "40 LGBTQ

Leaders Under 40."

Prior to his current role, Fabian established and led the group responsible for

developing quantitative models and analytical tools used in Moody's rating process, as

well as innovation activities, including advanced capabilities in machine learning and

artificial intelligence.

Since joining Moody's in 2006, Fabian has held roles in Credit Policy Research and the

Structured Finance Group, analyzing various structured credit products and

contributing to rating methodologies.

Fabian holds a Ph.D. in Applied Mathematics with a focus on Mathematical Finance,

as well as a Master's Degree in Mathematics Applied to Economic Sciences and a

Bachelor's Degree in Applied Mathematics and Social Sciences from Université Paris

Dauphine. He also holds a Master's Degree in Science and Executive Engineering from

the Ecole des Mines de Paris, where he specialized in Quantitative Finance

Dea Markova Managing Director Forefront Advisers

Dea leads Forefront Advisers' political risk products in Digital Assets and Emerging Technologies. She joined Forefront having grown and led the digital assets client portfolio for FTI Consulting Brussels. Dea relocated back to Europe after her post in the Monetary Authority of Singapore, where she developed innovation programmes and infrastructure in the MAS Financial Technology and Innovation Group. She was also Head of Programmes for Innovate Finance, the UK FinTech trade association. Dea holds MSc Financial Regulation from the London School of Economics.

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