The 2025 outlook for Canadian provinces is negative on rising trade tensions between Canada, the US and other key trading partners, which heighten downward risks for provincial trade and revenue. Join this webinar to learn more about Moody’s updated outlook and rationale behind it.
Questions to be discussed:
- What does the rising risk of trade disruptions mean for provincial economic growth, and how does it impact provincial budgeting and policy making?
- To what degree do disruptive physical climate events continue to shape credit, and what are the available mitigants?
- What is the provincial spending trajectory, and why do we believe that upward spending pressure is easing?
- How do easing inflation and interest rates impact provincial debt, given our expectation of rising debt for capital, and do we expect meaningful changes in specific provincial debt trajectories?
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SpeakersMichael Yake Associate Managing Director, Sub-Sovereign Moody's Ratings
Adam Hardi Vice President - Senior Credit Officer, 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 Credit Officer in Moody’s Global Sub-Sovereign group, based in Toronto. He is one of two lead analysts rating the Canadian provinces, municipalities, and a broad section of government-related issuers in Canada including universities, hospitals, and transit and finance authorities. Adam has broad experience in the public sector, as well as in cyber and digital economy.
Adam holds an MBA from the Rotman School of Management at the University of Toronto, and a B.A. in economics from the University of Manitoba. He is a CFA charterholder and has been teaching the CFA curriculum and writing content since 2008.