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Alastair Wilson
Global Managing Director

Thorsten Nestmann
Group Credit Officer

Asia Pacific and North America

Marie Diron
Associate Managing Director

Atsi Sheth
Managing Director


Yves Lemay
Managing Director

Dietmar Hornung
Associate Managing Director

Latin America

Mauro Leos
Vice President – Senior Credit Officer

Atsi Sheth
Managing Director

Africa and Middle East

Matt Robinson
Vice President – Senior Credit Officer

Yves Lemay
Managing Director

Supranational Entities/Multilateral Development Banks

Kathrin Muehlbronner
Senior Vice President

Yves Lemay
Managing Director

Sovereign & Supranational

Research on sovereign nations, sovereign-related agencies, and supranational institutions.


  • 3 Feb 2017
    • India Budget Continues Gradual Fiscal Consolidation, Targeted Public Investment
      The budget is consistent with the government's commitment to fiscal consolidation and balanced growth, a credit positive for the sovereign. We expect the government will meet its deficit targets. However, given significant spending commitments and structural hurdles to rapid increases in revenue collection, there will be limited room for slippage ... Full Report
  • 2 Feb 2017
    • Trans-Pacific Partnership Demise Represents Lost Opportunity for Asia
      The demise of the trade pact represents a lost opportunity for Vietnam and Malaysia in particular, as they would have substantially expanded their export access to major markets. Without the impetus of TPP ratification, reforms to state-owned enterprises and government procurement in Malaysia could also lose steam... Full Report
  • 24 Jan 2017
    • President Trump inherits modest deficit and healthy US economy, but debt challenges loom
      The new president of the United States (Aaa stable) inherits a debt position that is elevated but stable, and an economy that is growing at around 2% per annum. However, without policy and legislative actions to either reduce or finance the rising burden of entitlements spending, the cost of Social Security, Medicare, and Medicaid will rise significantly in the coming years and increasingly weigh on the US’s fiscal strength and therefore on its overall credit profile... Full Report
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