Emily Raimes is an Associate Managing Director in Moody’s Ratings Public Finance Group, overseeing the global higher education and nonprofit team, covering over 700 colleges, universities, and nonprofit institutions worldwide.

Previously, she managed the States Team, covering state credits across the US. Prior to joining Moody’s in 2006, Emily spent seven years at the New York City Office of Management and Budget, working primarily in Economic Analysis. Emily holds a BA degree in government from Wesleyan University and a Master’s in Public Administration from New York University.

Michael Osborn covers a diverse portfolio of colleges and universities as well as a variety of not-for-profit organizations primarily in the Midwest and Western United States. Michael has authored various sector related publications, including the Higher Education Outlook and extensive research on the impact of cyber security in higher education. His higher education experience extends to time spent in banking and working directly for a small liberal arts college. Michael was a Vice President in the Education and Not-for-Profit practice at Wells Fargo Bank. He was also the Senior Director of Admissions and Financial Aid at a private college. Michael holds an MBA from Fordham University and a BA from Michigan State University

Susan Shaffer manages a portfolio of highly complex higher education and nonprofit institutions across the United States, particularly in the northeastern and southern US. She also oversees the department’s nonprofit sector and special credit and operations projects. In addition, Susan is a regular speaker at a variety of industry conferences and has become widely recognized as one of the leading voices for higher education and nonprofit organization credit nationally. Her authorship of research pieces covers topics such as the higher education outlook, leadership and governance challenges, pricing strategies, and self-liquidity issuance.

Prior to joining Moody’s, Susan managed financial incentive programs that support New York State businesses and major institutions as part of New York State’s economic development agency, Empire State Development. Her higher education sector expertise includes roles in admissions and marketing at Tulane University and New York University. Susan holds an MBA from New York University’s Stern School of Business and a BA in Classics from Tulane University.

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.

Nicole Addalli Serrano is a Vice President – Senior Credit Officer for Moody’s Higher Education and Not -For -Profit Team. She covers the ratings of a diverse portfolio of institutions, including large public university systems and private schools as well as nationally prominent not -for -profit organizations primarily in the Southern US. Before joining the Higher Education Team, Nicole worked in both the Local Government and Housing Groups at Moody’s.

Prior to joining Moody’s, Nicole worked in credit risk for BNP Paribas. Nicole holds an MPA from New York University’s Robert F. Wagner Graduate School of Public Service and a BA from Pace University.