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.
Topics:
- 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?
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Agenda
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Dan joined Moody’s Healthcare Ratings team in 2007. He covers hospitals in Massachusetts, North Carolina, South Carolina, Alabama, California and Washington in addition to several other states. Dan is a 2018 recipient of the Bond Buyer’s Rising Stars award and is the author of multiple research publications including the Not-for-Profit Healthcare Sector Outlook for 2020, the Not-for-Profit Healthcare Rating Methodology and research on the topics of: the Affordable Care Act, academic medical centers, payer-provider consolidation, and investment liquidity. Prior to joining Moody’s, Dan worked as a researcher at a think tank in Washington, DC and in community development in Russia and Israel. He holds a B.A. in political science from Binghamton University, a Masters in International Affairs with a concentration in finance from Columbia University, and earned the Chartered Financial Analyst designation in 2011.
Rachel Cortez is an Associate Managing Director with the US Public Finance Group of Moody’s Investors Service. As the manager of Moody’s Chicago-based analytical team, Rachel oversees local government credits in ten Midwest states. She has extensive experience covering tax-backed and revenue-secured credits issued by US local governments and not-for-profit health care organizations.
Prior to joining Moody’s in 2005, Rachel spent five years with American Management Systems (now CGI Group), where she implemented budget and financial management systems for state and local governments. She was also a budget analyst with the State of Illinois Bureau of the Budget (now Office of Management and Budget) and spent several years working in development and fundraising for a Chicago not-for-profit organization.
Rachel is a former President of the Chicago Municipal Analysts Society (CMAS) and served on the Board of Governors of the National Federation of Municipal Analysts (NFMA). Rachel received an MPA from the Maxwell School of Syracuse University and a BA in Government from Cornell University.
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.
| William (Bill) Foster is a Vice President-Senior Credit Officer in Moody’s Sovereign Risk Group in New York, where he serves as lead analyst on the United States, Canada, India, and World Bank Group credits. Bill joined Moody’s in August 2016, following 10 years at the U.S. Department of the Treasury. He most recently served as Senior Advisor for International Financial Markets based in New York, where he was the Office of International Affairs’ first dedicated liaison to New York’s international financial community. From August 2012 to March 2015, he served as the U.S. Financial Attaché to India at the U.S. Embassy in New Delhi, where he represented the U.S. Government as its primary economic expert and financial diplomat in India. Bill joined Treasury’s Office of International Affairs as an international economist in 2006, and covered a wide range of geographies during his tenure, including Latin America, South and East Asia. Prior to joining Treasury, he worked as a management consultant at Accenture. Bill holds a Master of International Affairs degree in International Financial and Economic Policy from Columbia University’s School of International and Public Affairs (SIPA) and a BA from Wesleyan University. He is a member of The Economic Club of New York and an Industry Advisory Board Member for Columbia Business School’s India Business Initiative. |