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Agenda14:05 - 14:50EST
Macroeconomic trends will shape the municipal credit environment in 2022 and beyond. What is the current macroeconomic outlook, and are there regional disparities in growth prospects? Is there more uncertainty about the outlook in the current environment?
14:55 - 15:20EST
- Outlook for economic growth, interest rates and inflation
- Regional disparities across the US
- Large cities versus suburbs versus small cities
E, S and G risks are prevalent in public finance, and how they are managed is a key determinant of an issuer’s credit trajectory. How do we define E, S and G risks? What is the dynamic between ESG risks and credit risk? What were the key takeaways from our first two rounds of ESG scoring?
15:20 - 15:30EST
- What are the characteristics of E, S and G risks for governments and governmental enterprises?
- How have the environmental risks affected states' credit quality?
- What social risks were exacerbated by the coronavirus pandemic, particularly for higher education and healthcare institutions?
- How do the governance decisions of public entities affect their environmental and social credit risks?
Pause15:30 - 16:10EST
Breakout Session: Interconnectedness of Social Risks: State & Local Governments and Service Providers
Social factors across the United States impact federal, state and local credit both positively and negatively. At the same time, government policy and funding drive the credit quality of the providers of social infrastructure, such as healthcare, education and housing.
15:30 - 16:10EST
- How do social risks influence Moody’s credit ratings?
- How does federal policy intersect with state and local policies to increase or mitigate risks?
- What are some concrete examples of where these risks have impacted credit quality?
Breakout Session: Governance Risks in Public Finance: Key Challenges Governments and Public Enterprises are Facing Today
Governments and public enterprises are confronting an ever-growing and changing panoply of risks. How can strong governance help to manage these risks, and what do missed governance opportunities mean for credit?
15:30 - 16:10EST
- Emerging risks such as cybersecurity and pandemic-related shutdowns
- Shifting federal policy priorities and funding allocation
- Budget management in the face of these risks
Nearly every region of the country faced negative impacts from climate events in the past year, from droughts, floods, storms and wildfires. How is climate change incorporated into our credit views of the largest issuers of municipal bonds? Do states, cities, counties and utilities share similar risks or have idiosyncratic ones? How do other environmental risks influence our credit opinions?
- Overview of Environmental Issuer Profile Scores (IPS) published so far: states, large cities and counties, electric/gas utilities (discuss why of the latter none in US has better than E-3)
- Physical climate risks influence our views the most but how much does carbon transition and other exposures weigh?
- How much do these risks drive ratings?
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