Covid at one year: tourist taxes, student housing still exposed
After a year of the pandemic, hotel tax bonds and student housing projects remain among the most stressed municipal sectors, and recovery prospects vary.
After a year of the pandemic, the impact on municipal bond sectors remains uneven with hotel tax bonds and student housing projects remaining two of the most stressed credit types. Mostly resilient thus far, credit quality will be tested if travel restrictions and campus lockdowns continue for much of the year.
- Join Moody's analysts as we explore differing patterns of credit resilience and recovery prospects within these sectors.
- Hotel and tourism tax revenues under pressure for a second year
- Reserve funds, refinancing, expected recovery drive credit resilience
- Parent government support more likely after American Rescue Plan Act of 2021?
- Student housing projects face occupancy challenges, health & safety concerns
- University support, internal resources differentiate project resilience
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Tim Blake is a Managing Director in Moody’s Public Finance Group responsible for US state ratings as well as local government ratings in the Eastern region. He also oversees ratings for US transit systems and a specialist team on government pension analysis. Tim has thirty years of experience in the municipal market.
Prior to joining Moody’s, Tim was a credit risk manager and ratings advisor at Goldman Sachs, and a credit and liquidity facility specialist at NatWest Markets.
He is a graduate of the State University of New York at Albany.
Valentina Gomez is a Vice President/Senior Analyst for the New York Local Governments Ratings Team. She is the state lead for Florida and Virginia.
Prior to joining Moody’s, Valentina was a Senior Budget Analyst in New York City’s Office of Management & Budget and an Analyst at Morgan Stanley. Valentina holds an MPA from New York University and a BA in Economics from Tufts University.
Kimberly Lyons is a Vice President-Senior Analyst on the Local Government RatingsTeam. Prior to (re)joining Moody’s, she served as SVP-Head of Municipal FinanceCredit Risk at Dexia Credit Local. Before her tenure at Dexia, Kimberly spent the bulk of her career at Moody’s as an analyst on the State Ratings Team. In addition to her professional role she also serves as co-president of NortheastWomen in Public Finance (NEWPF), which provides mentoring, career development, educational and networking opportunities for women in the public finance industry. Kimberly graduated from the University at Albany – State University of New York with a Bachelor’s degree in Sociology and received a Master’s in Public Administration from the University at Albany Rockefeller College of Public Affairs and Policy, where she has also been honored with the “Distinguished Young Alumna in Public Administration and Policy “and was named to the Rockefeller College of Public Affairs AlumniAdvisory Board.
Jacqueline McFadyen is an Assistant Vice President in Moody’s Public Finance Housing & State Revolving Fund Team. She serves as a lead analyst for a broad range of affordable housing credits. Prior to joining Moody’s Housing Team, Jacqueline worked at the New Jersey Educational Facilities Authority as part of the team that managed the authority’s debt issuances. Earlier in her career, she worked as an analyst in Moody’s Sub-Sovereign and Sovereign Risk Groups. Jacqueline has an M.B.A. in finance from New York University, an M.A. in international relations and Asia from Johns Hopkins University and a B.A. from the University of Alberta.