Moody's Head of Sovereign Risk in London Cailleteau Is Leaving, Firm Says

Pierre Cailleteau, who runs the group that assigns government credit ratings at Moody’s Investors Service, is leaving the firm.

Cailleteau, managing director of the sovereign risk group in London, notified the company he is leaving, spokesman Michael Adler said yesterday in an interview. Cailleteau’s decision to leave was his own, said Adler, who didn’t disclose a departure date. Cailleteau couldn’t immediately be reached for comment after regular business hours in London.

Cailleteau is leaving New York-based Moody’s as budget deficits threaten the ratings of Greece and Portugal and test the top Aaa rankings of the U.S. and U.K.

Greece, faced with “dismal” economic prospects, may have its credit rating lowered below investment grade as its leaders seek to close a budget deficit that reached 13.6 percent of gross domestic product last year, Moody’s analysts led by Cailleteau wrote in a May 10 report. Moody’s now rates Greece A3, the fourth-highest investment-grade rating. Standard & Poor’s cut Greece to one step below investment-grade last month.

The U.S. and the U.K. have moved “substantially” closer to losing their top Aaa ratings as the cost of servicing their debt rose, the Cailleteau-led group wrote in a March report.

To contact the reporter on this story: Shannon D. Harrington in New York at sharrington6@bloomberg.net

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