Drought, Hurricane and Wildfire Impact on State and Local Credit
We will discuss credit risks of drought, hurricane, and wildfire to state and local governments, areas of vulnerability, and current and future credit impacts.
The frequency and severity of extreme environmental events such as hurricanes, wildfire and drought are projected to worsen over the next 30 years. This will in turn increase state and local government exposure to the physical impacts of these hazards. We will discuss the current state of these environmental risks events, areas of greatest vulnerability and the impact of these challenges on US municipal credit.
- Discuss the current status and projected trajectory of hurricanes, drought and wildfire?
- Which areas of the US are most exposed to the various climate risks?
- How are US state and local governments responding to environmental risks?
- How does Moody's incorporate this exposure into credit?
- What are the projected long-term credit impacts of hurricanes, drought, and wildfire?
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SpeakersLeonard Jones Managing Director - Public Finance Moody's Investors Service
Michael Wertz Vice President - Senior Analyst, Public Finance Group Moody's Ratings
Helen Cregger VP-Senior Credit Officer Moody's Investors Service
Denise Rappmund VP-Senior Analyst Moody’s Investors Service
Joseph Manoleas Assistant Vice President/Analyst Moody's Ratings
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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.
Michael Wertz is a Vice President/Senior Analyst for the Eastern Local Governments Ratings Team. His primary coverage responsibilities include cities, towns, counties, and school districts in Connecticut and Mississippi, for both of which he is the state lead, as well as New York and various water and sewer utilities throughout the Eastern United States. As a senior member of Moody’s ESG task force, Michael has published commentary on Moody’s approach to incorporating exposure to climate change in local government ratings and on the impact of drought on credit quality. He has also published research about community colleges and city pension reform.
Prior to joining Moody’s, Michael was a public sector consultant focusing on federal and local government projects. Michael holds an MPA from the Maxwell School of Citizenship and Public Affairs at Syracuse University and a BA in Political Science from the University of the Incarnate Word in San Antonio.
Helen Cregger is a Vice President/Senior Credit Officer in Moody’s San Francisco office. She covers local government credits primarily in California including cities, counties, enterprise systems, and school districts. Helen also rates charter schools nationally and serves as the lead analyst for charter schools primarily in Colorado, Arizona and California. She was a co-author of Moody’s charter school methodology. In addition to her analytical work, Helen heads up Moody’s municipal utility task force, supporting research and internal training for these credits.
Prior to rejoining Moody’s, Helen was an investment banker for Piper Jaffray & Co.’s and among other issuers worked with the State of Colorado on its BEST K12 capital construction program. Prior to her initial tenure at Moody’s, Helen was an analyst for the US General Accountability Office in the International Trade, Finance and Competitiveness Division. Helen holds an MPA from the School of International and Public Affairs at Columbia University and a BA in Latin American Studies from Northwestern University.
Denise Rappmund is a Vice President/Senior Analyst on the States Rating Team, currently covering several state governments, mass transits and state-sponsored property insurance issuers, including Florida, Kentucky, Massachusetts, West Virginia, North Carolina, MBTA and DART. Prior to joining the States Team, Denise was a lead analyst on the Southwest Local Government team, and covered Texas, Colorado and Kansas, during which time she was the state lead for Kansas, lead for the City of Dallas, and headed up the team’s Colorado metropolitan district sector.
Prior to joining Moody’s in 2014, Denise was a public finance investment banker with Piper Jaffray in California. Over the course of her nearly two-decade career in public finance, she has developed expertise in a broad range of sectors and complex structures, spanning macro areas like international trade and the economies of the US-Mexico border, to concentrated economies in sectors like energy or tourism; as well as real estate and project-specific expertise in special district transactions covering hotels, convention centers, commercial and residential developments.
Denise holds a B.A. in economics and international affairs from the University of Colorado, Boulder.
Joe Manoleas covers a portfolio of transportation and public power credits in California and across the western United States. Prior to his current role, he worked for the Local Governments team covering primarily cities/counties, municipal utilities, and school districts.
Before joining Moody’s Joe worked for New York University’s Office of Government and Community Affairs. Joe holds a Master of Public Administration from NYU and a Bachelor of Arts from the University of California at Los Angeles.