Higher education: Proposed Methodological Updates
| Proposed changes to Moody's higher education methodology include combining two methodologies, revisions to the scorecard, and assignment of issuer level ratings. |
Analysts will discuss proposed changes to the existing higher education methodology. These include combining the existing higher education and community college methodologies, revising the scorecard to include different ratios and more qualitative subfactors, assigning issuer level ratings, and providing more detailed placement guidance for individual debt securities relative to the issuer level rating.
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Kendra Smith is the Managing Director responsible for several teams in Moody's Public Finance Group including Healthcare, Global Higher Education, Not-For-Profits,US Housing, and Municipal Supported Products. For several years prior, Kendra served as the Managing Director in Moody’s Corporate Finance Group leading the High Yield Team, which covered over 30 industries, and also the Retail, Apparel, Restaurants,Gaming and Lodging Team covering the full ratings spectrum.At Moody’s for approximately 20 years, Kendra has served as a Vice President and Senior Analyst in the Corporate Finance Group covering a myriad of industries serving as both a lead analyst and a Ratings Chairperson. Over the years at Moody’s, Kendra has authored Special Comments on topics such as refunding risk and needs for nonfinancial US Corporates and rating methodologies.Prior to her tenure at Moody’s, Kendra received formal credit training at The Chase Manhattan Bank and then worked in global corporate finance for several years in commercial banking.At Moody’s, Kendra serves on the Diversity Council (CEO, ex-officio); is the senior advisor to the Black Inclusion Group; a presenter and participant in various Employee Resource Group events. Kendra is also a founding member, and past co-chair, of the Women’s Employee Resource Group.Kendra is a graduate of Harvard University with an A.M. degree in Russian Studies. She also participated in the Harvard Business School Executive Education Program. She received a B.A. degree in Foreign Affairs from the University of Virginia.
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.
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.
Adam Hardi is a Vice President - Senior Analyst in Moody’s Sub-Sovereign group in Toronto. Adam is one of two lead analysts responsible for the portfolio of Canadian regional and local governments, including the provinces, as well as government related issuers in Canada.
Adam joined Moody’s in 2015. He had previously spent over a decade at Royal Bank of Canada, Toronto Dominion Bank, and Canadian Imperial Bank of Commerce, in Toronto and Vancouver. He held various credit and trading roles in sub-sovereign and financial institutions credit risk analysis and credit risk policy, as well as institutional equity and derivatives trading.
Adam holds an MBA from the University of Toronto (Rotman) and a BA in Economics from the University of Manitoba. Adam is also a CFA charter holder and has been teaching the CFA curriculum since 2008.ess.
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.