No Return to Normal for Colleges and Universities in Fall 2021
Universities confront another volatile operating year, even as financial conditions are credit supportive.
The 2021-2022 academic year is off to another uncertain start, as colleges face the ongoing impact of the pandemic, along with governance, cyber, and environmental risks. However, supportive governmental funding and favorable financial market performance provide some runway to navigate the volatility. Analysts will also discuss how Moody's updated higher education methodology incorporates these evolving factors in our credit analysis.
- What are the ongoing and future impacts of the pandemic for higher education?
- What other risks are facing the sector over the next one to two years?
- How are colleges positioned to navigate the uncertainty?
- What are longer term trends to watch?
- How does Moody's updated methodology incorporate these emerging risks and trends?
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SpeakersSusan Fitzgerald Managing Director – Public Finance Moody's Investors Service
Christopher Collins VP-Senior Analyst Moody's Investors Service
Debra Roane VP-Senior Credit Officer Moody's Investors Service
Dennis Gephardt VP-Sr Credit Officer Moody's Investors Service
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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.
Chris is a Vice President/Senior Analyst on Moody’s Global Higher Education and Nonprofit Team. He serves as lead analyst for a diverse group of higher education and nonprofit credits across the U.S., ranging from large public university systems with academic medical centers to small private colleges. Chris has written publications on a range of topics and authored the Higher Education Methodology published in August 2021. He is a member of the public-private partnership and infrastructure task forces. Before joining Moody’s, he worked for the City of New York’s Mayor’s Office of Management and Budget on a task force overseeing the Department of Education’s budget. Prior to the City of New York, Chris was a social studies teacher in Massachusetts. Chris has a B.A. from the University of Massachusetts at Dartmouth and an M.P.P. from Brown University.
Debra Roane is a Vice President/Senior Credit Officer for the Higher Education and Not-for-Profits Ratings Team covering higher education and not-for-profit institutions across the United States including large public university systems, complex academic medical centers and prominent not-for-profit organizations. Debra was instrumental in expanding Moody’s coverage in the high profile sector for sub-sovereign ratings in Australia and New Zealand and, in particular, in the Australian and Singaporean universities sectors. She also helped Moody’s to strengthen its presence in the Chinese regional and local government sector by leading the initiative to develop a knowledge base, research and outreach, and credit architecture from an early stage.
Prior to joining Moody’s, Debra worked for the Federal Transportation Administration in Washington, DC as a Presidential Management Intern and in New York City as a Project Manager. Debra holds an MA from the New School for Social Research in Urban Affairs and Policy Analysis and a BA from McGill University in Montreal in Geography
Dennis Gephardt is a Vice President – Senior Credit Officer on Moody’s Higher Education and Not-for-Profit Team with over one dozen years of experience in the industry. He is the lead analyst for a diverse portfolio of colleges and universities as well as a variety of not-for-profit organizations. He serves on Moody’s liquidity and charter school task force groups. Dennis was the lead author for the several rating methodologies, including the one for Not-for-Profit Organizations (other than Healthcare and Higher Education). He has authored publications on various higher education topics including liquidity, the credit challenges of small colleges, and mergers within the sector.
Dennis graduated from the Fuqua School of Business at Duke University with an MBA. Dennis holds a BA and an MA in History from the New College of Florida and the College of William and Mary, respectively.