In this session, Moody’s analysts will present the approach to the new ESG scores for International Regional and Local Governments including an overview of Issuer Profile Scores and Credit Impact Scores.
- Overview of IPS and CIS
- How ESG considerations affect International RLGs’ ratings
- ESG factors have neutral to low credit impact on RLGs in advanced economies, and are negative for emerging markets
- Physical climate risk is the main source of exposure to environmental risk in both advanced and emerging countries
- Demographics, labour and income are the biggest challenges from a social perspective
- Governance poses limited risk or is a strength for most rated RLGs
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SpeakersMassimo Visconti Vice President - Senior Credit Officer/Manager Moody's Investors Service
Luca Rossi Associate Analyst Moody's Investors Service
Jennifer Wong Vice President – Senior Credit Officer Moody's Investors Service
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In his capacity as Vice President – Senior Credit Officer, Massimo is responsible for a team of 9 analysts in the Sub-Sovereign Sector. The group oversees over 100 regional and local governments and government related issuers in 19 European countries including Italy, Germany. As a team leader with over 16 years of experience in the sector Massimo is a regular speaker at conferences and in the media. He acts as a chair for sub-sovereign rating committees and signs off the publications of analyses in the sub-sovereign team. He joined Moody´s in 2006.
Immediately prior to joining Moody’s, he was senior analyst in Natixis Corporate and Investment Bank in Paris, responsible for rating advisory in Italy.
From 2000 through to 2005 he gathered a wide international experience and expanded his portfolio including Regional and Local Governments as well as Government Related Issuers in various European countries in Standard & Poor’s. He was Associate Professor at the Catholic University of Milan in 2001-2005, teaching public finance and member of CRANEC (Research Centre For Economic Analysis). He is also author of a book on access to funding in transition economies (ISBN: 88-14-08985-X).
From 1998 through 2000 he had various positions in an Italian leading financial institution and beforehand was a financial controller in Reuters and HP.
He began his professional career after graduating twice, magna cum laude. He holds two degrees in Economics and in Political Sciences with majors in macroeconomics and international finance; was awarded as the best graduate in the whole faculty in 1996. Now he is an MBA candidate at Bocconi University in Milan. He is fluent in English, German And French.
Luca Rossi is Associate Analyst in the Sub-Sovereign sector. Since 2019 he has covered a portfolio of Italian and Dutch regional and local governments, government related entities and housing associations. He is involved in credit and ESG research.
Luca worked previously as analyst at the macroeconomic research division at Natixis and as research analyst at the European Central Bank. Luca received a MSc Double Degree in Economics and Social Sciences from Bocconi University and Keio University and a BSc in Finance from University of Bologna.
Jennifer Wong is a VP-Senior Credit Officer in Moody’s Sub-Sovereign Group. Shei s responsible for research and analysis of issuers of various regional and local governments and government related issuers in the UK and China.
Jennifer has previously been the lead analyst on a number of sub-sovereign entities in Europe and Canada, including regional and local governments and government related issuers such as universities, transits and housing associations.
Prior to joining Moody’s, Jennifer worked as an Economic Adviser at Her Majesty’s Treasury in London, focusing on macroeconomic and fiscal policy issues. Jennifer holds a BASc in Electrical Engineering from the University of Waterloo in Canada and a MSc in Global Market Economics from the London School of Economics. She is a CFA Charter holder.