2025 States, Cities & Counties Outlook
Virtual Event
The 2025 stable outlook for US states and cities & counties reflects a "return to normal" revenue and expenditure growth. Low single-digit revenue growth, above the rate of inflation, is projected in both sectors for 2025.
- Revenue growth will normalize as lingering impacts of pandemic-era volatility fade
- Reserves remain high, although some drawdowns begin due to needed capital investment
- Demographic trends and growing physical climate risks will drive future economic prospects
- The biggest threats to credit in 2025? We look at potential changes in federal policies and possible impacts
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SpeakersHetty Chang Associate Managing Director Moody's Ratings
Bevin Erickson AVP - Analyst Moody's Ratings
Tatum Drazen Analyst Moody’s Ratings
Grayson Nichols Vice President - Senior Analyst Moody's Ratings
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Event Manager
If you have any questions about the event, please contact Suheylee Fragoso at Suheylee.Fragoso@moodys.com.
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Hetty is an Associate Managing Director for MIS Ratings and Research in the US Public Finance Group. She leads a team of analysts responsible for a portfolio comprising US States and Territories, Mass Transit and US Federal Leases.
Previously, Hetty led a team of Associate Analysts in Ratings and Research Support supporting lead analysts in the US Public Finance Group and the Financial Institutions Group in the Americas. Prior to that, she was a Team Leader of analysts in US PFG covering local governments in eight Midwest states and was based out of the Chicago, Illinois office. Hetty initially joined Moody’s as an analyst on the Midwest Local Government team in 2003.
Hetty has participated in various strategic initiatives, including kickstarting R&R Global Training Councils for the fundamental ratings teams and serving as an MCO Corporate Social Responsibility Impact Leader Chair. She has represented Moody’s as a member of the National Board of Directors of Women in Public Finance and as a board member of the Chicago Municipal Analyst Society, a local constituent of the National Federation of Municipal Analysts.
Prior to joining Moody’s, she was a senior consultant at KPMG LLP in the Dispute Advisory Services practice, providing accounting, valuation, and litigation arbitration services to corporate and public sector clients. Hetty has a BS in Human Development from Cornell University and an MS in Urban Policy from the New School University in New York City.
Bevin Erickson is an Assistant Vice President/Analyst on the States Rating Team and currently covers Arkansas, Iowa, Ohio, Oregon, South Carolina, South Dakota and West Virginia.
Prior to joining Moody’s, Bevin worked in both new business and surveillance at a bond insurer. Bevin hold a MPA from Pace University, a MBA from the University of Connecticut and BS in finance from Fairfield University.
Tatum Drazen covers credits primarily in Iowa, Minnesota, Nebraska, and Wisconsin.
Prior to joining Moody’s, Tatum worked in higher education, was a Program Director with the State of Florida, and worked for a Chicago-based not-for-profit organization. Tatum holds an MPA from the Askew School of Public Administration and Policy at Florida State University and a BA in Studio Art and Communications.
Grayson Nichols is a Vice President/Senior Analyst for the Dallas Local Governments Ratings Team covering credits primarily in Colorado and Texas. Grayson is also a member of Moody’s pension task force. Prior to joining Moody’s, Grayson was a commercial credit analyst in the banking industry. Grayson holds an MBA from Colorado State University and a BBA in Finance and Entrepreneurship from Baylor University.