2025 Public Finance Conference
From Headlines to Horizons: Public Finance in an Era of Transformation
Uncover new horizons at the 2025 Annual Public Finance Conference. Join Moody’s Ratings' analysts as they examine critical credit issues across public finance sectors. We will explore how shifts in federal policy are shaping credit conditions in the U.S. and influencing long-term strategic planning. Following our panel discussions, attendees can engage in informal conversations with our sector experts over cocktails and light bites.
Agenda
Registration and Networking Lunch
Keynote: Under Unprecedented Uncertainty
This session dissects the uncomfortably high risk of recession, exploring the drivers, potential fallout, and key signposts to watch. Key themes will include the impact of trade and immigration policy, housing dynamics, monetary policy decisions, and the health of household and corporate balance sheets.
Networking Break
Affordability at a Crossroads: Navigating Policy, Credit, and Public Pressure
Governments and municipal enterprises are facing difficult trade-offs as high housing costs, property insurance spikes, and rising utility bills strain households. This panel will explore how affordability issues are reshaping governance, capital planning, and credit quality—highlighting Medicaid volatility, infrastructure financing, and local government funding decisions.
Conversations & Connections
Join us for light bites, refreshments, and the opportunity to connect directly with panelists and analysts from key sectors.
End of Event
Speakers
Janice Hofferber
Managing Director - Head of US Public Finance
Moody's Ratings
Mark Zandi
Chief Economist
Moody's Analytics
Timothy Blake
Managing Director
Moody's Ratings
Emily Raimes
Associate Managing Director
Moody's Ratings
Adebola Kushimo
Associate Managing Director
Moody's Ratings
William Foster
Senior Vice President, Sovereign Risk
Moody's Ratings
Lisa Martin
Senior Vice President
Moody's Ratings
Susan Shaffer
Senior Vice President
Moody's Ratings
Baye Larsen
Vice President - Senior Credit Officer
Moody's Ratings
Patrick Ronk
Vice President - Senior Analyst
Moody's Ratings
William Oh
Vice President - Senior Analyst
Moody's Ratings
Kenneth Surgenor
Vice President – Senior Analyst
Moody's Ratings
Dennis Gephardt
Vice President-Senior Credit Officer
Moody's Ratings
Denise Rappmund
Vice President - Senior Analyst
Moody’s Ratings
Venue
Moody's NY Office- 7 World Trade Center, 52nd floor
10007 New York
New York
United States
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Janice Hofferber is Head of US Public Finance for Moody’s Ratings overseeing ratings and research for over 12,000 State and Local Governments, Hospitals, Higher Education institutions, Charter Schools and other tax-exempt obligors.
Prior to this role, Janice was a Managing Director in the North America Corporate Finance Group leading analytical teams covering over 500 investment grade and high yield issuers in the Real Estate, Consumer, Retail, Gaming, Lodging, Apparel and Restaurant sectors since 2013.
In addition, Janice is a leader in several company wide initiatives including spearheading Moody’s efforts to deliver globally consistent and high-quality market and customer engagements, acting as an Ambassador for Ratings and Research support to improve recruitment and training for Moody’s young credit professionals. Janice is an active supporter of Moody’s inclusion efforts and served as the cochairperson of the Policy and Recruiting committee for the Veteran’s BRG where she helped to lead important changes to Moody’s leave policies for employees.
Janice also brings a wealth of knowledge from other senior positions held over the 25 years she worked in the investment banking fixed income and equity analytics sectors. She served in leadership positions at Fulcrum Global Partners, an independent equity research boutique, was a Director of Equity Research at Van der Moolen, the NYSE Specialist firm and served as Vice President in mergers and acquisitions and investment banking at JP Morgan Chase.
Janice holds a LEAD Certificate from Stanford University School of Business, an MBA in Finance from NYU, a BA in Psychology from Rutgers University and is a Chartered Financial Analyst.
Mark 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 cofounded Economy.com, which Moody’s purchased in 2005.
Dr. Zandi is on the board of directors of MGIC, the nation’s largest private mortgage insurance company, is the lead director of PolicyMap, a data visualization and analytics company used by policymakers and commercial businesses, and is a director of the Coleridge Initiative, a nonprofit that facilitates the exchange of data across governments.
He is a trusted adviser to policymakers and an influential source of economic analysis for businesses, journalists and the public. Dr. Zandi frequently testifies before Congress and conducts regular briefings on the economy for corporate boards, trade associations and policymakers at all levels.
Dr. Zandi is the author of Paying the Price: Ending the Great Recession and Beginning a New American Century, which assesses 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 is host of the Inside Economics podcast.
Dr. Zandi earned his BS from the Wharton School at the University of Pennsylvania and his PhD at the University of Pennsylvania.
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.
William (Bill) Foster is a Senior Vice President in Moody's Sovereign Risk Group in New York, where he currently serves as lead analyst on a portfolio of sovereign and supranational credits that include: the United States, Canada, Israel, Dominican Republic, Bolivia, Honduras, the IFC and FONPLATA. He previously served as lead analyst for India, Pakistan, Sri Lanka, Bangladesh, Kazakhstan, Chile and the World Bank. Bill is global head of Moody's Sovereign and Sub-Sovereign Cyber Risk Working Group and also serves as co-host of fv/oody's Talks- The Big Picture podcast series.
Bill joined Moody's in August 2016, following 10 years at the U.S. Department of the Treasury. He most recently served as Senior Advisor for International Financial Markets based in New York, where he was the Office of International Affairs' first dedicated liaison to New York's international financial community. From August 2012 to March 2015, he served as U.S. Financial Attache to India at the U.S. Embassy in New Delhi. Bill joined Treasury's Office of International Affairs as an international economist in 2006 and covered a range of geographies during his tenure, including Latin America, South and East Asia. Prior to joining Treasury, he worked as a management consultant at Accenture.
Bill holds a Master of International Affairs degree in International Financial and Economic Policy from Columbia University's School of International and Public Affairs (SIPA) and a BA from Wesleyan University.
Baye Larsen is a Vice President/Senior Credit Officer on the State Ratings Team covering credits primarily for the states of New York, Pennsylvania, Rhode Island and Tennessee. Baye is also the lead analyst for the New York MTA, SEPTA and the Port Authority of Allegheny County, as well as a number of federal lease transactions. She has contributed to several analytical development projects at Moody’s, including the PFG Cybersecurity Task Force and publication of the Mass Transit Methodology and the Federal Lease Methodology.
Prior to joining the State Ratings Team, Baye worked for the US Project and Infrastructure Finance Team, where she covered a portfolio of utility and infrastructure issuers, and on the Local Governments Ratings Team providing ratings for local governments and water and sewer utilities. Baye holds an MPA from New York University and a BA in government from Georgetown University.
Denise Rappmund is a Vice President/Senior Analyst on the States Rating Team, currently covering several state governments, mass transits and state-sponsored property insurance issuers, including Florida, Kentucky, Massachusetts, West Virginia, North Carolina, MBTA and DART. Prior to joining the States Team, Denise was a lead analyst on the Southwest Local Government team, and covered Texas, Colorado and Kansas, during which time she was the state lead for Kansas, lead for the City of Dallas, and headed up the team’s Colorado metropolitan district sector.
Prior to joining Moody’s in 2014, Denise was a public finance investment banker with Piper Jaffray in California. Over the course of her nearly two-decade career in public finance, she has developed expertise in a broad range of sectors and complex structures, spanning macro areas like international trade and the economies of the US-Mexico border, to concentrated economies in sectors like energy or tourism; as well as real estate and project-specific expertise in special district transactions covering hotels, convention centers, commercial and residential developments.
Denise holds a B.A. in economics and international affairs from the University of Colorado, Boulder.
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.
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.
Patrick Ronk is an Associate Vice President - Analyst for the Higher Education and Not-for-Profits Ratings Team.
Prior to joining Moody's, Patrick worked as a Research Associate for the Citizens Budget Commission, a think tank and good government group focused on New York City and State's public services. Prior to that, he was a Senior Associate at Cornerstone Government Affairs, a bipartisan lobbying and government relations firm in Washington, DC. Patrick holds an MPA from the London School of Economics and Political Science and a BA in Government and Politics from the University of Maryland.
Adebola (Bola) Kushimo is responsible for a team of analysts covering credits in Arkansas, Colorado, Kansas, Louisiana, Missouri, New Mexico, Oklahoma, and Texas.
She is currently the Chair for the Southern Municipal Finance Society and remains a board member for the National Federation of Municipal Analysts (NFMA) where she leads membership outreach.
Prior to joining Moody’s, Bola worked for AmeriCredit Financial Services in Arlington TX.
Bola holds an MPA from the University of North Texas and an Honors BS in Psychology from University
of Texas, Arling
Lisa is a Senior Vice President in Moody’s Health Care ratings group. Her responsibilities include assigning and monitoring healthcare ratings within the states of Pennsylvania, Ohio, Illinois, Texas, New York, Indiana, Connecticut and Maine.
Lisa’s specializes nationally in children’s hospitals, physician practice groups and USDA-financed projects. Lisa has expertise in liquidity and debt structure analysis, including self-liquidity programs. At Moody’s, Lisa also has several years of experience as a member of the Higher Education and Other Not-For-Profits ratings group, specializing in rating higher education institutions in Ohio and Pennsylvania and cultural institutions nationally.
Lisa joined Moody’s in 1993. Previously, she worked as a credit risk manager at J.P. Morgan & Co. and as a financial analyst at The Dun & Bradstreet Corporation. Lisa holds an M.B.A., with a concentration in finance, from New York University and a B.S. in mechanical engineering from the Massachusetts Institute of Technology.
William Oh covers credits for public power, transportation, and project finance. Will joined Moody’s in 2011 as an analyst for the Local Governments ratings team and covered a wide variety of municipal credits, primarily in the Western US.
Prior to joining Moody’s, Will was an analyst for the Department of Defense in Washington, DC, working for both the Joint Staff as well as the Navy Staff. Will holds an MBA from Yale University and an AB from Georgetown University.
Ken Surgenor is the analytical lead for credits in Texas, Kansas and Colorado metropolitan districts. Ken has served as analytical lead in Missouri and New Mexico and has also covered charter school credits nationally.
Prior to joining Moody’s, Ken worked for the City of San Antonio in the Office of Management and Budget. Ken holds a Master of Public Service and Administration degree from the Bush School at Texas A&M University
Janice Hofferber is Head of US Public Finance for Moody’s Ratings overseeing ratings and research for over 12,000 State and Local Governments, Hospitals, Higher Education institutions, Charter Schools and other tax-exempt obligors.
Prior to this role, Janice was a Managing Director in the North America Corporate Finance Group leading analytical teams covering over 500 investment grade and high yield issuers in the Real Estate, Consumer, Retail, Gaming, Lodging, Apparel and Restaurant sectors since 2013.
In addition, Janice is a leader in several company wide initiatives including spearheading Moody’s efforts to deliver globally consistent and high-quality market and customer engagements, acting as an Ambassador for Ratings and Research support to improve recruitment and training for Moody’s young credit professionals. Janice is an active supporter of Moody’s inclusion efforts and served as the cochairperson of the Policy and Recruiting committee for the Veteran’s BRG where she helped to lead important changes to Moody’s leave policies for employees.
Janice also brings a wealth of knowledge from other senior positions held over the 25 years she worked in the investment banking fixed income and equity analytics sectors. She served in leadership positions at Fulcrum Global Partners, an independent equity research boutique, was a Director of Equity Research at Van der Moolen, the NYSE Specialist firm and served as Vice President in mergers and acquisitions and investment banking at JP Morgan Chase.
Janice holds a LEAD Certificate from Stanford University School of Business, an MBA in Finance from NYU, a BA in Psychology from Rutgers University and is a Chartered Financial Analyst.
Mark 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 cofounded Economy.com, which Moody’s purchased in 2005.
Dr. Zandi is on the board of directors of MGIC, the nation’s largest private mortgage insurance company, is the lead director of PolicyMap, a data visualization and analytics company used by policymakers and commercial businesses, and is a director of the Coleridge Initiative, a nonprofit that facilitates the exchange of data across governments.
He is a trusted adviser to policymakers and an influential source of economic analysis for businesses, journalists and the public. Dr. Zandi frequently testifies before Congress and conducts regular briefings on the economy for corporate boards, trade associations and policymakers at all levels.
Dr. Zandi is the author of Paying the Price: Ending the Great Recession and Beginning a New American Century, which assesses 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 is host of the Inside Economics podcast.
Dr. Zandi earned his BS from the Wharton School at the University of Pennsylvania and his PhD at the University of Pennsylvania.
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.
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.
Adebola (Bola) Kushimo is responsible for a team of analysts covering credits in Arkansas, Colorado, Kansas, Louisiana, Missouri, New Mexico, Oklahoma, and Texas.
She is currently the Chair for the Southern Municipal Finance Society and remains a board member for the National Federation of Municipal Analysts (NFMA) where she leads membership outreach.
Prior to joining Moody’s, Bola worked for AmeriCredit Financial Services in Arlington TX.
Bola holds an MPA from the University of North Texas and an Honors BS in Psychology from University
of Texas, Arling
William (Bill) Foster is a Senior Vice President in Moody's Sovereign Risk Group in New York, where he currently serves as lead analyst on a portfolio of sovereign and supranational credits that include: the United States, Canada, Israel, Dominican Republic, Bolivia, Honduras, the IFC and FONPLATA. He previously served as lead analyst for India, Pakistan, Sri Lanka, Bangladesh, Kazakhstan, Chile and the World Bank. Bill is global head of Moody's Sovereign and Sub-Sovereign Cyber Risk Working Group and also serves as co-host of fv/oody's Talks- The Big Picture podcast series.
Bill joined Moody's in August 2016, following 10 years at the U.S. Department of the Treasury. He most recently served as Senior Advisor for International Financial Markets based in New York, where he was the Office of International Affairs' first dedicated liaison to New York's international financial community. From August 2012 to March 2015, he served as U.S. Financial Attache to India at the U.S. Embassy in New Delhi. Bill joined Treasury's Office of International Affairs as an international economist in 2006 and covered a range of geographies during his tenure, including Latin America, South and East Asia. Prior to joining Treasury, he worked as a management consultant at Accenture.
Bill holds a Master of International Affairs degree in International Financial and Economic Policy from Columbia University's School of International and Public Affairs (SIPA) and a BA from Wesleyan University.
Lisa is a Senior Vice President in Moody’s Health Care ratings group. Her responsibilities include assigning and monitoring healthcare ratings within the states of Pennsylvania, Ohio, Illinois, Texas, New York, Indiana, Connecticut and Maine.
Lisa’s specializes nationally in children’s hospitals, physician practice groups and USDA-financed projects. Lisa has expertise in liquidity and debt structure analysis, including self-liquidity programs. At Moody’s, Lisa also has several years of experience as a member of the Higher Education and Other Not-For-Profits ratings group, specializing in rating higher education institutions in Ohio and Pennsylvania and cultural institutions nationally.
Lisa joined Moody’s in 1993. Previously, she worked as a credit risk manager at J.P. Morgan & Co. and as a financial analyst at The Dun & Bradstreet Corporation. Lisa holds an M.B.A., with a concentration in finance, from New York University and a B.S. in mechanical engineering from the Massachusetts Institute of Technology.
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.
Baye Larsen is a Vice President/Senior Credit Officer on the State Ratings Team covering credits primarily for the states of New York, Pennsylvania, Rhode Island and Tennessee. Baye is also the lead analyst for the New York MTA, SEPTA and the Port Authority of Allegheny County, as well as a number of federal lease transactions. She has contributed to several analytical development projects at Moody’s, including the PFG Cybersecurity Task Force and publication of the Mass Transit Methodology and the Federal Lease Methodology.
Prior to joining the State Ratings Team, Baye worked for the US Project and Infrastructure Finance Team, where she covered a portfolio of utility and infrastructure issuers, and on the Local Governments Ratings Team providing ratings for local governments and water and sewer utilities. Baye holds an MPA from New York University and a BA in government from Georgetown University.
Patrick Ronk is an Associate Vice President - Analyst for the Higher Education and Not-for-Profits Ratings Team.
Prior to joining Moody's, Patrick worked as a Research Associate for the Citizens Budget Commission, a think tank and good government group focused on New York City and State's public services. Prior to that, he was a Senior Associate at Cornerstone Government Affairs, a bipartisan lobbying and government relations firm in Washington, DC. Patrick holds an MPA from the London School of Economics and Political Science and a BA in Government and Politics from the University of Maryland.
William Oh covers credits for public power, transportation, and project finance. Will joined Moody’s in 2011 as an analyst for the Local Governments ratings team and covered a wide variety of municipal credits, primarily in the Western US.
Prior to joining Moody’s, Will was an analyst for the Department of Defense in Washington, DC, working for both the Joint Staff as well as the Navy Staff. Will holds an MBA from Yale University and an AB from Georgetown University.
Ken Surgenor is the analytical lead for credits in Texas, Kansas and Colorado metropolitan districts. Ken has served as analytical lead in Missouri and New Mexico and has also covered charter school credits nationally.
Prior to joining Moody’s, Ken worked for the City of San Antonio in the Office of Management and Budget. Ken holds a Master of Public Service and Administration degree from the Bush School at Texas A&M 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.
Denise Rappmund is a Vice President/Senior Analyst on the States Rating Team, currently covering several state governments, mass transits and state-sponsored property insurance issuers, including Florida, Kentucky, Massachusetts, West Virginia, North Carolina, MBTA and DART. Prior to joining the States Team, Denise was a lead analyst on the Southwest Local Government team, and covered Texas, Colorado and Kansas, during which time she was the state lead for Kansas, lead for the City of Dallas, and headed up the team’s Colorado metropolitan district sector.
Prior to joining Moody’s in 2014, Denise was a public finance investment banker with Piper Jaffray in California. Over the course of her nearly two-decade career in public finance, she has developed expertise in a broad range of sectors and complex structures, spanning macro areas like international trade and the economies of the US-Mexico border, to concentrated economies in sectors like energy or tourism; as well as real estate and project-specific expertise in special district transactions covering hotels, convention centers, commercial and residential developments.
Denise holds a B.A. in economics and international affairs from the University of Colorado, Boulder.