Environmental Risks of the Largest Municipal Issuers: A Regional Perspective
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?
Topics:
- 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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Agenda
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Nana Hamilton is a Vice President – Senior Analyst in Moody’s Global Project &Infrastructure Finance Group. She is responsible for a portfolio of US-based regulated electric and gas utilities. Prior to joining Moody’s in August 2017, Nana was a Vice President in the Power &Utilities investment banking group at J.P. Morgan where she provided financial and advisory services to electric and natural gas distribution companies. Nana holds an M.B.A from Harvard Business School and a B.A. in Computer Science and Mathematics from Mount Holyoke College.
Tim Blake is a Managing Director in Moody’s Public Finance Group responsible for US state ratings as well as local government ratings in the Eastern region. He also oversees ratings for US transit systems and a specialist team on government pension analysis. Tim has thirty years of experience in the municipal market.
Prior to joining Moody’s, Tim was a credit risk manager and ratings advisor at Goldman Sachs, and a credit and liquidity facility specialist at NatWest Markets.
He is a graduate of the State University of New York at Albany.
Nick Samuels is a Senior Vice President for the States and High Profile Ratings Team covering credits for the state of Texas, New York City, and the District of Columbia.
Prior to joining Moody’s, Nick worked for the National Association of State Budget Officers analyzing state fiscal and expenditure trends. Nick holds a BA degree in government from Skidmore College and a Master’s in Public Administration from the George Washington University.