Environmental, Social and Governance Risks: How They Affect Public Finance Issuers
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?
Topics:
- What are the characteristics of E, S and G risks for governments and governmental enterprises?
- How have the environmental risks in our largest states, California, Texas and Florida, affected their 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?
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Agenda
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Susan Fitzgerald is a Managing Director in Moody’s Investors Service Public Finance Group, overseeing the healthcare, higher education, housing and municipal supported products ratings teams. Previously, she managed Moody’s global higher education and nonprofit team, covering over 700 colleges, universities, and nonprofit institutions worldwide. She has also been involved in various initiatives related to ESG analysis, charter schools, and public-private partnerships.
Susan’s other prior work experience includes managing the financial advisory practice at a boutique investment banking and advisory firm; serving as commercial credit analyst for a community bank; owning and operating an art gallery and a bed and breakfast; and as the assistant director of development, focused on foundation and corporate relations, for a graduate school.
Susan holds a Master’s degree in International Studies (European Studies and Economics) from The Johns Hopkins University, School of Advanced International Studies. Her A.B. degree in Diplomacy and World Affairs, with a minor in Economics, is from Occidental College, Los Angeles.
Leonard Jones is a Managing Director in Moody’s Public Finance Group and is co-manager of local government ratings in the US. He is responsible for managing the New York, Boston and San Francisco based local governments ratings teams. Mr. Jones also leads Moody’s PFG efforts in focusing on cybersecurity and environmental issues as well as charter school ratings.
Prior to joining Moody’s, Lenny was a Partner at Rice Financial Products Company, where he managed Rice Financials investment banking business and specialized in public infrastructure finance. He was also a Senior Consultant at ABT Associates, Chief Consultant to the Zambia Privatization Agency, Vice President at Morgan Stanley & Co., Inc., Vice President at Smith Barney, Harris Upham & Co. and Assistant Treasurer in the International Department of Chase Manhattan Bank. Lenny holds an MBA from the Stanford University Graduate School of Business and an AB in Economics from Dartmouth College.
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.
Bola Kushimo is a Vice President - Senior Credit Officer on the Southwest Local Government Ratings Team located in Dallas. She is responsible for credits in Oklahoma and Texas.
Prior to joining Moody’s, Bola worked for AmeriCredit Financial Services in Arlington TX. Bola holds a Masters in Public Administration from the University of North Texas, and a Honors B.S. in Psychology from University of Texas, Arlington.