Naomi Richman Senior Vice President, US Public Finance Moody's Ratings

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.

Mark Zandi Chief Economist Moody's Analytics

Mark M. Zandi is chief economist of Moody’s Analytics, where he directs economic research. Moody’s Analytics, a subsidiary of Moody’s Corp., is a leading provider of economic research, data and analytical tools. Dr. Zandi is a co founder of the company Economy.com, which Moody’s purchased in 2005.

Dr. Zandi’s broad research interests encompass macroeconomics, financial market sand public policy. His recent research has focused on mortgage finance reform and the determinants of mortgage foreclosure and personal bankruptcy. He has analyzed the economic impact of various tax and government spending policies and assessed the appropriate monetary policy response to bubbles in asset markets.

A trusted adviser to policymakers and an influential source of economic analysis for businesses, journalists and the public, Dr. Zandi frequently testifies before Congress on topics including the economic outlook, the nation’s daunting fiscal challenges, the merits of fiscal stimulus, financial regulatory reform, and foreclosure mitigation.

Dr. Zandi conducts regular briefings on the economy for corporate boards, trade associations and policymakers at all levels. He is on the board of directors of MGIC, the nation’s largest private mortgage insurance company, and The Reinvestment Fund, a large CDFI that makes investments in disadvantaged neighborhoods. He is often quoted in national and global publications and interviewed by major news media outlets, and is a frequent guest on CNBC, NPR, Meet the Press, CNN, and various other national networks and news programs.

Dr. Zandi is the author of Paying the Price: Ending the Great Recession and Beginning a New American Century, which provides an assessment of the monetary and fiscal policy response to the Great Recession. His other book, Financial Shock: A 360º Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis, is described by the New York Times as the “clearest guide” to the financial crisis.

Dr. Zandi earned his B.S. from the Wharton School at the University of Pennsylvania and his PhD at the University of Pennsylvania. He lives with his wife and three children in the suburbs of Philadelphia.

Leonard Jones Managing Director - Public Finance Moody's Investors Service

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.

Susan Fitzgerald Managing Director, Global Higher Education and Not-for-Profit Ratings Team Moody's Investors Service

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.

Nick Samuels SVP - Senior Credit Officer, States and High Profile Ratings Team Moody's Ratings

Nick Samuels is a Senior Vice President for the States and High Profile Ratings Team covering credits for the state of Texas, New York City, and the District of Columbia.

Prior to joining Moody’s, Nick worked for the National Association of State Budget Officers analyzing state fiscal and expenditure trends. Nick holds a BA degree in government from Skidmore College and a Master’s in Public Administration from the George Washington University.

Adebola Kushimo Vice President – Senior Credit Officer Moody's Investors Service

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.

Susan Fitzgerald Managing Director, Global Higher Education and Not-for-Profit Ratings Team Moody's Investors Service

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.

Dan Steingart VP-Senior Credit Officer, Public Finance Not-for-Profit Healthcare Moody's Investors Service

Dan joined Moody’s Healthcare Ratings team in 2007. He covers hospitals in Massachusetts, North Carolina, South Carolina, Alabama, California and Washington in addition to several other states. Dan is a 2018 recipient of the Bond Buyer’s Rising Stars award and is the author of multiple research publications including the Not-for-Profit Healthcare Sector Outlook for 2020, the Not-for-Profit Healthcare Rating Methodology and research on the topics of: the Affordable Care Act, academic medical centers, payer-provider consolidation, and investment liquidity. Prior to joining Moody’s, Dan worked as a researcher at a think tank in Washington, DC and in community development in Russia and Israel. He holds a B.A. in political science from Binghamton University, a Masters in International Affairs with a concentration in finance from Columbia University, and earned the Chartered Financial Analyst designation in 2011.

Rachel Cortez Associate Managing Director, US Public Finance Moody's Ratings

Rachel Cortez is an Associate Managing Director with the US Public Finance Group of Moody’s Investors Service. As the manager of Moody’s Chicago-based analytical team, Rachel oversees local government credits in ten Midwest states. She has extensive experience covering tax-backed and revenue-secured credits issued by US local governments and not-for-profit health care organizations.

Prior to joining Moody’s in 2005, Rachel spent five years with American Management Systems (now CGI Group), where she implemented budget and financial management systems for state and local governments. She was also a budget analyst with the State of Illinois Bureau of the Budget (now Office of Management and Budget) and spent several years working in development and fundraising for a Chicago not-for-profit organization.

Rachel is a former President of the Chicago Municipal Analysts Society (CMAS) and served on the Board of Governors of the National Federation of Municipal Analysts (NFMA). Rachel received an MPA from the Maxwell School of Syracuse University and a BA in Government from Cornell University.

Adebola Kushimo Vice President – Senior Credit Officer Moody's Investors Service

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.

Rebecca Karnovitz Vice President - Senior Credit Officer, ESG Moody’s Ratings

Rebecca is a Vice President – Senior Credit Officer in Moody’s Environmental, Social and Governance (ESG) group. Rebecca is responsible for publishing thematic and issuer-specific research on ESG risks relevant to credit analysis. She also serves as a visible subject matter expert to internal and external stakeholders and supports outreach and engagement with market participants.

Prior to joining the ESG team, Rebecca was a member of the Strategy and Research team at MIS, where she led cross-sector research and analytics on the credit implications of key macroeconomic and policy developments in North America. Rebecca first joined Moody’s in 2011 as an associate analyst in the Sovereign Risk Group.

She holds a dual Master’s Degree in International Affairs from Columbia University (SIPA), in New York, and Institut d’Etudes Politiques (Sciences Po), in Paris, as well as a BA in International Relations from the University of Pennsylvania.

Dennis Gephardt VP-Sr Credit Officer Moody's Investors Service

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.

Nick Samuels SVP - Senior Credit Officer, States and High Profile Ratings Team Moody's Ratings

Nick Samuels is a Senior Vice President for the States and High Profile Ratings Team covering credits for the state of Texas, New York City, and the District of Columbia.

Prior to joining Moody’s, Nick worked for the National Association of State Budget Officers analyzing state fiscal and expenditure trends. Nick holds a BA degree in government from Skidmore College and a Master’s in Public Administration from the George Washington University.

Nana Hamilton Vice President - Senior Analyst Moody's Investors Service

Nana Hamilton is a Vice President – Senior Analyst in Moody’s Global Project &Infrastructure Finance Group. She is responsible for a portfolio of US-based regulated electric and gas utilities. Prior to joining Moody’s in August 2017, Nana was a Vice President in the Power &Utilities investment banking group at J.P. Morgan where she provided financial and advisory services to electric and natural gas distribution companies. Nana holds an M.B.A from Harvard Business School and a B.A. in Computer Science and Mathematics from Mount Holyoke College.

Timothy Blake Managing Director, Public Finance Group Moody's Ratings

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.

Nana Hamilton Vice President - Senior Analyst Moody's Investors Service

Nana Hamilton is a Vice President – Senior Analyst in Moody’s Global Project &Infrastructure Finance Group. She is responsible for a portfolio of US-based regulated electric and gas utilities. Prior to joining Moody’s in August 2017, Nana was a Vice President in the Power &Utilities investment banking group at J.P. Morgan where she provided financial and advisory services to electric and natural gas distribution companies. Nana holds an M.B.A from Harvard Business School and a B.A. in Computer Science and Mathematics from Mount Holyoke College.

Michael Rowan Managing Director Public Finance, Moody’s Investors Service

As Managing Director of the Global Public, Project and Infrastructure Finance Group, Mike is responsible for the rating activities in those segments across the Americas, EMEA and Asia. In this capacity Mike is also the Head of the US Public Finance Group. Previously, Mike was the Managing Director of the Global Commercial Group of Moody’s Investors Service, from 2010 through 2012, where he oversaw management of the firm’s relationships with existing issuers, as well as business development and strategic planning for the rating agency. In 2008 and 2009, Mike was the Managing Director of the Global Corporate Finance Group, which conducts all of Moody’s non-financial corporate ratings activities. This followed five years as Managing Director and co-head of the Americas Corporate Finance Group. Mike’s other responsibilities at Moody’s have included serving as Managing Director and co-head of the Leveraged Finance team, responsible for syndicated loan and high yield bond analysis. He joined Moody’s in 1996 as a senior analyst for Leveraged Finance, coming from Bank of America, where he was Vice President in the corporate banking division. Mike earned a B.S. degree in finance from Siena College and an M.B.A. in finance from Iona College. He is also a Chartered Financial Analyst as well as a member of the CFA Institute, the CFA Society of New York, the Fixed Income Analysts Society and the National Federation of Municipal Analysts. 

Dan Steingart VP-Senior Credit Officer, Public Finance Not-for-Profit Healthcare Moody's Investors Service

Dan joined Moody’s Healthcare Ratings team in 2007. He covers hospitals in Massachusetts, North Carolina, South Carolina, Alabama, California and Washington in addition to several other states. Dan is a 2018 recipient of the Bond Buyer’s Rising Stars award and is the author of multiple research publications including the Not-for-Profit Healthcare Sector Outlook for 2020, the Not-for-Profit Healthcare Rating Methodology and research on the topics of: the Affordable Care Act, academic medical centers, payer-provider consolidation, and investment liquidity. Prior to joining Moody’s, Dan worked as a researcher at a think tank in Washington, DC and in community development in Russia and Israel. He holds a B.A. in political science from Binghamton University, a Masters in International Affairs with a concentration in finance from Columbia University, and earned the Chartered Financial Analyst designation in 2011.

Rebecca Karnovitz Vice President - Senior Credit Officer, ESG Moody’s Ratings

Rebecca is a Vice President – Senior Credit Officer in Moody’s Environmental, Social and Governance (ESG) group. Rebecca is responsible for publishing thematic and issuer-specific research on ESG risks relevant to credit analysis. She also serves as a visible subject matter expert to internal and external stakeholders and supports outreach and engagement with market participants.

Prior to joining the ESG team, Rebecca was a member of the Strategy and Research team at MIS, where she led cross-sector research and analytics on the credit implications of key macroeconomic and policy developments in North America. Rebecca first joined Moody’s in 2011 as an associate analyst in the Sovereign Risk Group.

She holds a dual Master’s Degree in International Affairs from Columbia University (SIPA), in New York, and Institut d’Etudes Politiques (Sciences Po), in Paris, as well as a BA in International Relations from the University of Pennsylvania.

Mark Zandi Chief Economist Moody's Analytics

Mark M. Zandi is chief economist of Moody’s Analytics, where he directs economic research. Moody’s Analytics, a subsidiary of Moody’s Corp., is a leading provider of economic research, data and analytical tools. Dr. Zandi is a co founder of the company Economy.com, which Moody’s purchased in 2005.

Dr. Zandi’s broad research interests encompass macroeconomics, financial market sand public policy. His recent research has focused on mortgage finance reform and the determinants of mortgage foreclosure and personal bankruptcy. He has analyzed the economic impact of various tax and government spending policies and assessed the appropriate monetary policy response to bubbles in asset markets.

A trusted adviser to policymakers and an influential source of economic analysis for businesses, journalists and the public, Dr. Zandi frequently testifies before Congress on topics including the economic outlook, the nation’s daunting fiscal challenges, the merits of fiscal stimulus, financial regulatory reform, and foreclosure mitigation.

Dr. Zandi conducts regular briefings on the economy for corporate boards, trade associations and policymakers at all levels. He is on the board of directors of MGIC, the nation’s largest private mortgage insurance company, and The Reinvestment Fund, a large CDFI that makes investments in disadvantaged neighborhoods. He is often quoted in national and global publications and interviewed by major news media outlets, and is a frequent guest on CNBC, NPR, Meet the Press, CNN, and various other national networks and news programs.

Dr. Zandi is the author of Paying the Price: Ending the Great Recession and Beginning a New American Century, which provides an assessment of the monetary and fiscal policy response to the Great Recession. His other book, Financial Shock: A 360º Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis, is described by the New York Times as the “clearest guide” to the financial crisis.

Dr. Zandi earned his B.S. from the Wharton School at the University of Pennsylvania and his PhD at the University of Pennsylvania. He lives with his wife and three children in the suburbs of Philadelphia.

Naomi Richman Senior Vice President, US Public Finance Moody's Ratings

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.

Susan Fitzgerald Managing Director – Public Finance Moody's Investors Service

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.

Nick Samuels SVP - Senior Credit Officer, States and High Profile Ratings Team Moody's Ratings

Nick Samuels is a Senior Vice President for the States and High Profile Ratings Team covering credits for the state of Texas, New York City, and the District of Columbia.

Prior to joining Moody’s, Nick worked for the National Association of State Budget Officers analyzing state fiscal and expenditure trends. Nick holds a BA degree in government from Skidmore College and a Master’s in Public Administration from the George Washington University.

Leonard Jones Managing Director - Public Finance Moody's Investors Service

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.

Dennis Gephardt VP-Sr Credit Officer Moody's Investors Service

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.

Timothy Blake Managing Director, Public Finance Group Moody's Ratings

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.

Rachel Cortez Associate Managing Director, US Public Finance Moody's Ratings

Rachel Cortez is an Associate Managing Director with the US Public Finance Group of Moody’s Investors Service. As the manager of Moody’s Chicago-based analytical team, Rachel oversees local government credits in ten Midwest states. She has extensive experience covering tax-backed and revenue-secured credits issued by US local governments and not-for-profit health care organizations.

Prior to joining Moody’s in 2005, Rachel spent five years with American Management Systems (now CGI Group), where she implemented budget and financial management systems for state and local governments. She was also a budget analyst with the State of Illinois Bureau of the Budget (now Office of Management and Budget) and spent several years working in development and fundraising for a Chicago not-for-profit organization.

Rachel is a former President of the Chicago Municipal Analysts Society (CMAS) and served on the Board of Governors of the National Federation of Municipal Analysts (NFMA). Rachel received an MPA from the Maxwell School of Syracuse University and a BA in Government from Cornell University.

Adebola Kushimo Vice President – Senior Credit Officer Moody's Investors Service

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.