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Credit Currents

Featured Podcast

May 14 · 10 MIN

Tokenized Assets and the Future of Finance: Gradual Change, Big Implications

Tokenized assets and digital money like stablecoins could transform how money moves, but not overnight. In this episode of Credit Currents, we discuss regulatory developments, bank adoption, benefits of blockchain technology and the risks to financial stability. We also explore what these innovations mean for credit markets and why progress is likely to be steady rather than rapid.Host: Greg Sobel, Vice President, Senior Credit Officer, Moody’s RatingsGuest: Donald Robertson, Managing Director, Financial Institutions, Moody’s RatingsRelated Research:Financial Institutions – US: Tokenization will change US transaction flows; less likely to remove intermediaries, 11 May 2026 https://www.moodys.com/research/Finan... Financial Institutions – US: US financial markets envision an inevitable shift to tokenized assets and digital money, 12 May 2026 https://www.moodys.com/research/Finan... Digital Economy – Global: Growing stablecoin use highlights policy, liquidity and price vulnerabilities, 13 May 2026 https://www.moodys.com/research/Digit...

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Credit Currents

Banking Rules are Changing: Here’s Why it’s Net Negative for Credit

Banking Rules are Changing: Here’s Why it’s Net Negative for Credit

There could be big changes coming to longstanding bank regulations. With earnings season heating up, the discussion over capital rules is back in focus. 'Credit Currents' is on the ground in Washington, D.C. as the world's top policymakers and regulators attend meetings with the World Bank, International Monetary Fund (IMF) and Institute of International Finance (IIF). We unpack what looser capital requirements could mean, the implications for credit, and how regulators and the US Federal Reserve are responding.Host: Chandra Ghosal, Vice President, Senior Credit Officer, Moody’s RatingsGuest: Megan Fox, Associate Managing Director, Financial Institutions Group, Moody’s RatingsRelated Research:Banks – US – Proposed changes to risk-based capital requirements will likely be credit negative 18 March 2026 https://www.moodys.com/research/Banks...Banks – US – New philosophy of US banking supervision and regulation is credit negative 23 March 2026 https://www.moodys.com/research/Banks... Banks – US – A policy shift on liquidity regulation would have mixed credit implications 13 March 2026 https://www.moodys.com/research/Banks...Banking – US – Solid bank results likely in 2026, though sensitive to widening tail risk 16 March 2026 https://www.moodys.com/research/Banki...

Credit Currents

US-Iran Ceasefire: The Risks Affecting Credit Markets

US-Iran Ceasefire: The Risks Affecting Credit Markets

A temporary truce between the US and Iran is contingent on the reopening of the Strait of Hormuz, but disruptions to global supply chains, energy markets, oil prices and various sectors are still risks to credit quality. In our latest episode of 'Credit Currents', taped hours before the news broke, we discuss the ways geopolitical shocks ripple through sectors, whether there could be an impact on issuer ratings or outlooks, and why some sectors like defense are less affected.Host: Chandra Ghosal, Vice President, Senior Credit Officer, Moody’s RatingsGuest: Nick Hill, Global Head of Credit Strategy and Guidance, Moody’s RatingsRelated Research:Geopolitical risk – Global – Prolonged disruption in the Middle East would have global credit implications 26 March 2026 (https://www.moodys.com/research/Geopo...)Corporate default rate would likely rise if Middle East conflict is prolonged 26 March 2026 (https://www.moodys.com/web/resources/...)Sovereigns – Global: Middle East shock will test sovereigns with limited credit buffers 8 April 2026 (https://www.moodys.com/research/PBC_1...)

Latest episodes

Mr. Financial System

If you want to get the skinny on anything related to financial markets or the financial system, then you need to talk with Samim Ghamami, Chief Economist of the New York state Insurance Fund. That’s what Mark and Cris do on this podcast. The conversation begins with the outlook for interest rates, turns to a perspective on a popular AI narrative that artificial intelligence will push rates up further by spurring investment and reducing household savings, and closes with a timely look at private credit and the risks it may pose to the broader financial system.

Inside Economics

Inside Economics

He Said, Xi Said

Gaurav, Denise, Stefan and Andrew unpack the fallout from President Donald Trump’s closely watched meeting with President Xi Jinping in Beijing. With plenty of warm words but few concrete breakthroughs, the discussion turns to what this means for U.S.‑China trade, tariffs and the longer‑term reality of technological decoupling between the world’s superpowers. The team also explores the implications for Europe, the continued risks from the Iran conflict and disruption in global energy markets, and whether Asia’s AI‑fuelled growth boom can really offset rising oil prices and mounting geopolitical strain.

Global Economy Unwrapped

Global Economy Unwrapped

Trade Credit 101 | Back to basics

Trade credit is a critical but often overlooked part of managing business risk, sitting at the intersection of sales, finance, and cash flow. In this episode, we explore how trade credit has evolved into a strategic lever for organizations navigating today’s complex risk environment. Eefje Van Craen, Lead Strategist for Trade Credit at Moody’s, joins host Alex Pillow to unpack what trade credit really means in a B2B context and why it plays a central role in customer onboarding and risk management. They discuss how trade credit has shifted from a back-office control function to a forward-looking, data-driven discipline that supports growth while protecting cash flow. Key topics covered include: What trade credit is and why it underpins B2B transactions The evolution from “order to cash” to “lead to cash” How macroeconomic shocks, from the financial crisis to COVID-19, reshaped trade credit risk management The growing importance of forward-looking, integrated risk assessment beyond historical financials How data, automation, and emerging technologies like GenAI are influencing the future of trade credit decisions

Risk Reframed

Risk Reframed

Emerging Markets and Global Shocks: Why Credit Outcomes Are Uneven

Emerging markets have weathered a string of global shocks since 2019 with more resilience than in past cycles, supported by stronger policy frameworks, deeper local markets and larger buffers. We discuss why credit outcomes are increasingly uneven across EMs, how a more fragmented global economy is reshaping trade and financing, and why investors are focusing on country-by-country differentiation. Looking ahead, we explore what could test that resilience next, including high interest rates, debt-affordability pressures and the policy choices that will separate stronger credits from weaker ones.

The Big Picture

The Big Picture

Credit Risk Transfers a Net Positive for European and US banks, For Now

Transferring credit risk via these mostly fully collateralized transactions moderately reduces capital needs, though the deals are opaque and there is some concentration risk.

Focus on Finance

Focus on Finance

Industry Outlooks Turn Negative Amid Mounting Risks

Our view of credit fundamentals – a mix of financial and business conditions – has turned increasingly negative across sectors. We examine why industries like airlines and retail are under strain, while others like aerospace and defense are staying afloat.

Behind the Bonds

Behind the Bonds

Explore by series

Global Economy Unwrapped

Global Economy Unwrapped

Join Gaurav Ganguly, chief international economist at Moody’s Analytics, as he unpacks the forces shaping the global economy. In Global Economy Unwrapped, Gaurav is joined by members of Moody’s Analytics economic research team to discuss key indicators, underlying trends, and evolving risks—offering sharp, data-driven insights from a global perspective.

Inside Economics

Inside Economics

Join Chief Economist Mark Zandi, Marisa DiNatale and Cristian deRitis as they discuss key indicators and other aspects of the global economy. Contact us at [email protected]. Visit online at www.economy.com/economicview

Risk Reframed

Risk Reframed

Moody’s Talks: Risk Reframed is your gateway into the complex and ever-evolving universe of risk management. From discussions about financial crime and physical risk to forced labor and cybersecurity, from entity data to AI-led innovations, this podcast explores many of the critical risks organizations face today—along with strategies to navigate them and foster resilient growth. Join our constellation of thought leaders, authors, and practitioners as they decode the forces shaping an era of exponential risk and share insights to help organizations adapt and thrive.

The Big Picture

The Big Picture

On Moody’s Talks – The Big Picture, hosts William Foster, Paloma San Valentin and Gabriel Agostini bring you insights from Moody’s analysts around the world on hot topics across fixed-income markets. Each episode will illuminate Moody’s thinking on the latest credit and economic developments, ranging from technological disruption, political shifts, to climate change. Please join us as we explore what’s on the horizon for the global credit landscape.

Credit Currents

Credit Currents

Join Moody’s Ratings’ analysts every other Thursday as they break down the biggest stories in credit and why they matter.