Moody's Investors Service named new global rating heads. Noel Kirnon became executive vice president responsible for global structured and U.S. public finance ratings. Michel Madelain was named executive vice president responsible for global fundamental ratings and Andy Kimball was appointed chief credit officer and chairman of credit policy at Moody's Investors Service. Kirnon is now responsible for the global structured finance rating business, including asset finance, derivatives and U.S. public finance ratings. Most recently, Kirnon was senior managing director of the structured finance group, responsible for global derivatives, managed funds and U.S. commercial real estate. Previously, he was a group managing director responsible for Moody's mortgage rating business, and before that, he was a managing director for the rating agency's structured finance ratings throughout Europe, Australia and Asia. Madelain will assume responsibility for all global fundamental ratings, including corporate finance, banking, insurance, financial guarantors and nonbanking finance. Previously, Madelain was group managing director for global banking. He also focused on Moody's corporate ratings in Europe, the Middle East and Africa and held several managing director positions in the U.S. and the U.K.. Kimball, in his new role, will assume responsibility for guiding and coordinating all aspects of the firm's credit policy framework, including credit policy research, rating system process management, performance measurement and oversight of the respective credit committees for the fundamental, public finance and structured finance rating groups. Kimball will have responsibility for communicating to the Moody's Corp. board of directors about developments in credit policy on a regular basis. Previously, Kimball was a senior managing director for Moody's global corporate finance group. Before that, he held senior management positions in Moody's risk management services, information technology and structured finance groups.
Credit Suisse is building up its U.K. fixed-income team while whittling down it U.S. buyside MBS team. In London, Michael Leonard has been appointed a U.K. fixed-income director and portfolio manager, and Vicki Gedge joined the European credit research team as a credit analyst. Leonard will be responsible for helping manage and increase U.K. fixed-income portfolios for institutional and retail clients globally. Gedge will cover sterling and European high-grade and high-yield bonds in the consumer goods and services, retail, tobacco, gaming and leisure sectors. The Zurich-based financial service company has also reported cutbacks in New York. "In line with the current environment and outlook, we have made targeted reductions, primarily within our mortgage-backed securities business," the company said in a statement. However, a source at the investment bank dismissed earlier reports that as many as 500 people had been let go. "It's closer to 150," she said.