An update on Canada and the provinces: Debt affordability, fiscal policy and growth
High inflation, increased borrowing costs and slow economic growth have pressured Canadian sovereign and sub-sovereign government fiscal positions over the past two years. How will Canada and the provinces navigate these challenges over the short and medium terms?
This webinar will discuss:
- What impact have higher interest rates had on Canada’s debt affordability?
- What are the economic and fiscal prospects of Canada and the provinces?
- How do immigration and population growth trends impact provinces?
- Are federal/provincial policy disagreements testing the effectiveness of the institutional framework?
- What emerging risks and opportunities will shape the Canadian and provincial credit profiles?
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SpeakersMichael Yake Associate Managing Director, Sovereign Risk Moody's Ratings
Adam Hardi Vice President - Senior Analyst, Sub-Sovereign Moody's Ratings
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Event Manager
If you have any questions about the event, please contact Nina Zhukovskaya at Nina.Zhukovskaya@moodys.com.
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Michael Yake is Associate Managing Director in the Sub-Sovereign Group for Moody’s Ratings. Based in Toronto, Michael leads the team of analysts for the Canadian Sub-Sovereign portfolio which covers provinces, municipalities and a wide selection of government related issuers in Canada. He is also a co-manager of the non-US portfolio of Moody’s Global Higher Education group which includes institutions in Canada, Singapore, Australia and the United Kingdom. He joined Moody’s in 2011.
Michael also assumed the role of Moody's Ratings Country Manager for Canada in 2022,overseeing Moody's activities in the country and acting as senior point of contact to issuers and other market participants.
Michael has a broad background in public policy, finance and economics. Prior to joining Moody’s, he was a Senior Economist with the Bank of Canada in their Quebec regional office. He has also held various positions with other federal government departments.
Michael holds an M.A. in economics from Queen’s University and a B.A. in economics from the University of Western Ontario.
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.