US States and Territories
Proposed Methodological Updates
A discussion on proposed changes to the methodology for US states and territories
Moody's released a Request for Comment on proposed changes to its methodology for US states and territories. Analysts will discuss the main changes and updates, the analytic reasoning behind them, and what they mean for ratings.
- Overview of the proposed methodology, including issuer and debt instrument ratings
- Analytical factors and considerations used to arrive at issuer ratings
- Debt instrument ratings and how we propose to notch them relative to the issuer rating
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SpeakersNaomi Richman Senior Vice President, US Public Finance Moody's Ratings
Matthew Butler Vice President - Senior Credit Officer, US Public Finance Moody's Ratings
Sarah Jensen Vice President - Senior Analyst Moody's Investors Service
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Naomi Richman is a Senior Vice President in Moody's US Public Finance Group. Naomi manages the Surveillance team and Data and Analytics team. She is also responsible for contributing to state and local government analytical initiatives, research and methodologies. Naomi was previously a Managing Director in US Public Finance and Chief Credit Officer for global public sector ratings. Naomi has over 35 years of experience in credit analysis at Moody's, covering state and local governments, housing, higher education, financial guarantors, and global sovereigns.
Prior to joining Moody's, Naomi spent four years with the New York City Department of Finance. Naomi holds an MPP from Harvard University and an AB from Bryn Mawr College.
Matthew Butler is a Vice President-Senior Credit Officer on the US State Ratings Team. He is lead analyst for several states, including California and Pennsylvania. He spent over seven years as a local government credit analyst and was previously lead analyst for the cities of Chicago and Detroit as well as others throughout the Midwest. Prior to joining Moody’s, Matthew was a budget analyst with the State of Michigan and an analyst with the Government Accountability Office in both Washington, DC and Chicago. Matthew holds an MPP degree from the University of Massachusetts and an undergraduate degree from Michigan State University.
Sarah Jensen is an AVP-Analyst for the Dallas Local Governments Ratings Team covering credits primarily in Louisiana and Texas. She is a member of various analytical working groups including the Bankruptcy Taskforce.
Prior to joining Moody’s, Sarah was a Teaching Assistant at the University of Texas Lyndon B. Johnson School of Public Affairs and an Intern for the internal audit division of the office of the Governor for the State of Texas. Sarah holds an MPA from the University of Texas at Austin and a BA in Public Affairs and Administration from the University of Oklahoma.