ESG Scores Explained: US - Large Counties and Cities
Navigating the five-point scale
Moody’s updated Environmental, Social and Governance (ESG) Cross Sector Methodology introduces ESG Issuer Profile and Credit Impact Scores for issuers and transactions across public finance and other Moody's rated sectors.
In this session, Moody’s analysts will review the approach to the new ESG Issuer Profile and Credit Impact Scores and provide some key highlights from its analysis about the impact of ESG on credit.
Discussion Topics
- How do the scores enhance integration of ESG considerations into credit ratings?
- Which case studies exemplify each end of the 1-5 scale?
- What underlying data sources were used in the methodology?
- Important Details about the New Scores
Issuer Profile Scores (IPS) are separate environmental, social and governance scores that assess an entity’s exposure to the categories of ESG that MIS regards as the most material to credit. The assessment of the exposure to E, S and G risks or benefits is based on the general ESG principles described in the methodology, and the scores provide a consistent way to express this assessment.
ESG Credit Impact Scores (CIS) reflect the impact of ESG considerations on the rating of an issuer or transaction. Whereas the E, S and G profile scores are based on an issuer’s or transaction’s outright exposure to ESG risks or benefits and ESG specific mitigants, the CIS places ESG considerations in the context of the issuer’s other credit drivers that are material to a given rating.
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SpeakersNaomi Richman Senior Vice President, US Public Finance Moody's Ratings
Leonard Jones Managing Director - Public Finance Moody's Investors Service
Adebola Kushimo Vice President – Senior Credit Officer Moody's Investors Service
Coley Anderson Vice President - Senior Analyst US Public Finance Group, 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.
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.
Bola Kushimo is a Vice President - Senior Credit Officer on the Southwest Local Government Ratings Team located in Dallas. She is responsible for credits in Oklahoma and Texas.
Prior to joining Moody’s, Bola worked for AmeriCredit Financial Services in Arlington TX. Bola holds a Masters in Public Administration from the University of North Texas, and a Honors B.S. in Psychology from University of Texas, Arlington.
Coley Anderson is a Vice President - Senior Analyst for the Chicago Local Government Ratings Team covering credits in Illinois, Minnesota, Iowa and Indiana. He is the state lead for Illinois local governments as well as the lead analyst for Cook County and Chicago Public Schools.
Prior to joining Moody’s, Coley was a Senior Financial Analyst in healthcare and local government. Coley holds a Masters and BA degree from the University of Southern Illinois.