US Public Finance Conference

Transforming Credit Perspectives Across US Public Finance

Risks to the US Public Finance sector are evolving as issuers face a credit landscape that has been reshaped by record inflation, volatile markets and lasting impacts of the pandemic.


08:30 - 09:00

Breakfast and Registration

09:05 - 09:45

How a shifting global credit cycle impacts US public finance

The Muniland podcast comes to life! Nick Samuels, host of Muniland – Moody’s US public finance podcast – is joined by Atsi Sheth, Managing Director and Global Head of Strategy and Research at Moody’s Investors Service, to discuss the dominant macroeconomic trends affecting US public finance. A shifting global credit cycle and the possibility of a recession will expose certain issuers to a more challenging credit environment. What can we expect as the credit cycle turns? 

    Weakening credit conditions as inflation rises, interest rates move higher and growth slows
    The possibility of a recession as GDP declines
    What will the impacts on employment, spending and personal income mean for credit?

09:45 - 10:30

Trends and transitions in the rockiest areas of the credit landscape

Over the last two years, certain aspects of the public finance sector have changed in unpredictable ways. During this session, we’ll place a spotlight on the most acute changes, including:

    General observations on the transforming credit landscape
    Shifting commuting patterns and lasting ridership declines in the mass transit sector
    The impact of changing enrollment dynamics and expense pressures on the higher education sector
    How inflation will drive up pension and OPEB costs, but higher interest rates will cause liabilities to go down

10:30 - 10:45

Networking Break

10:45 - 11:30

Compounding impacts of Covid and prospects for recovery in healthcare

The healthcare sector has taken the sharpest turn in the credit cycle, with compounding negative effects of the pandemic, labor shortages and inflation leading to challenging credit conditions. This session will focus on how we are assessing hospital credit in a period of extreme operating stress, including:

    Key drivers and mitigants of recent hospital performance
    Red flags, bright spots and covenant breaches
    Our expectations for fiscal year 2022 and beyond
    Near-term trends and issues for hospitals

11:30 - 12:00

Ask us anything: Senior leaders forum

Ask managers responsible for state, local government, infrastructure, higher education, healthcare and housing credit all of your pressing questions. What are the latest trends that Moody’s is following? What are Moody’s latest insights on the ties between legal security and fundamental credit risk? What ESG factors do we anticipate will drive credit rating actions in the next five years?  What else is new on the horizon?