Earl Heffintrayer Vice President-Senior Credit Officer, Global Project and Infrastructure Finance Moody's Investors Service

Earl Heffintrayer is the U.S. airport sector lead analyst and covers a diversified portfolio concentrated in transportation. In addition to Earl’s work in the airport sector, he actively leads new ratings on bids in the US public private partnership market. Prior to joining Moody’s in June, 2011, Earl worked at the Port Authority of New York and New Jersey where he primarily analyzed alternative capital project delivery methods. Earl began his career as a civil engineer on large infrastructure projects in the New York City region. Earl is a CFA charter holder. Earl holds a BS in Civil and Environmental Engineering from the University of Rhode Island and an MBA from Stern School of Business at New York University.

Andrew Blease Associate Managing Director, Project & Infrastructure Finance Moody's Investors Service

Andrew Blease is an Associate Managing Director in Moody’s EMEA Infrastructure team, based in Paris, and responsible for a team of analysts covering transport infrastructure across EMEA and utilities in central and eastern Europe.

Over the course of a long career at Moody’s, Andrew has acted as lead analyst for a broad range of infrastructure and project finance issuers. He has followed the transport infrastructure sector since joining Moody’s in 2000, and has been instrumental in the development of Moody’s rating methodologies, having authored the first global airport methodology and co-authored the first PFI/PPP construction period methodology. He played a key role in the development of the EMEA Infrastructure team having been involved in the first ratings in the sector and subsequently in building the franchise. Andrew is a frequent speaker at conferences and other events, and has been called as an expert witness to various Government related enquiries through the course of his Moody’s career.

Prior to joining Moody’s Andrew spent his career in international banking, predominantly at Bank of Tokyo-Mitsubishi. Over this period he was involved in both the advisory and debt-arranging of project finance transactions, predominantly in the PFI and transport sectors.

Andrew studied finance at London Metropolitan University and is a member of the Chartered Institute of Bankers

Joanna Fic Senior Vice President, Infrastructure Finance Moody's Investors Service

Joanna Fic is a Senior Vice President in Moody’s EMEA Infrastructure Finance team, based in London. She is currently responsible for a portfolio of utilities and transport infrastructure companies in the United Kingdom and Africa, in addition to certain transport infrastructure companies in Norway and Turkey. With extensive credit experience across both the utility and infrastructure sectors, Joanna has a deep understanding of both conventional and complex structured financing arrangements.

Over the course of her career at Moody’s, Joanna has written extensively on transport infrastructure credit, covering airports, ports and toll roads. She has contributed to the development of a number of transport infrastructure methodologies and was the author of Moody’s Rating Methodology for Privately Managed Toll Roads, published in October 2017. Joanna has also published widely on European utilities, including in Germany, United Kingdom and Central and Eastern Europe. A highly regarded analyst and respected commentator, Joanna is a frequent speaker at conferences, investor roundtables and other events.

Prior to joining Moody’s in 2007, Joanna was a credit risk manager at Citigroup in Warsaw, where she was responsible for a diversified portfolio of corporates. Joanna holds a master’s degree in Finance and Banking from Warsaw School of Economics.

Ursula Cassinerio Analyst, Public Project & Infrastructure Finance Group Moody's Investors Service

Ursula Cassinerio is an Analyst within the Latin America Public Project &

Infrastructure Finance Group. Based in Buenos Aires, Argentina, Ursula is a lead

analyst covering projects, corporates, P3s and regional and local governments in

South America. Ursula’s portfolio consists mainly of renewable power projects,

utilities, toll roads, and regional governments in Uruguay, Chile and Argentina.

Prior to joining Moody’s, Ursula worked as an analyst for Fitch Ratings’ local

affiliate and Standard & Poor’s Ratings. Ursula holds a BA from Universidad de

Buenos Aires, a Master’s degree in Finance from Universidad de San Andrés and an

executive certificate in Infrastructure from Harvard Kennedy School.