Susan Fitzgerald is a Managing Director in Moody’s Ratings Public Finance Group, overseeing the healthcare, higher education, housing and municipal supported products ratings teams. Previously, she managed Moody’s global higher education and nonprofit team, covering over 700 colleges, universities, and nonprofit institutions worldwide. She has also been involved in various initiatives related to ESG analysis, charter schools, and public-private partnerships.

 Susan’s other prior work experience includes managing the financial advisory practice at a boutique investment banking and advisory firm; serving as commercial credit analyst for a community bank; owning and operating an art gallery and a bed and breakfast; and as the assistant director of development, focused on foundation and corporate relations, for a graduate school. 

Susan holds a Master’s degree in International Studies (European Studies and Economics) from The Johns Hopkins University, School of Advanced International Studies. Her A.B. degree in Diplomacy and World Affairs, with a minor in Economics, is from Occidental College, Los Angeles.

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.

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

Lisa Cole is a Principal and senior municipal bond credit analyst for PGIM Fixed Income's Credit Research Group, covering tax-backed bonds issued by states and local governments, higher education, student housing, transportation and utility revenue bonds, and bonds issued by Canadian provinces.  She also has represented the municipal research team on PGIM Fixed Income’s ESG Ratings Committee.  Prior to joining Prudential in 2011, Ms. Cole spent eight years at Moody's Investors Service, where she was a member of Moody's rating committee and acted as lead analyst for a range of state and local government credits.  Ms. Cole has a Master of Public Administration degree from New York University and a BS from Cornell University.  She is on the board of Northeast Women in Public Finance and is a member of the Municipal Analysts Group of New York and the National Federation of Municipal Analysts.  In 2021, Ms. Cole was named a Trailblazer by Northeast Women in Public Finance.  

Mark D. Podgainy, Senior Managing Director, has more than 25 years of experience working with underperforming, stressed and distressed organizations, both as an advisor and as a member of the management team. He provides operations restructuring, business plan analysis, performance improvement, cash and vendor management, interim management, wind down, workout and bankruptcy consulting services. His clients have included management teams, boards of directors, private equity firms, lenders, creditors’ committees, and law firms, and he has worked in a variety of sectors, including education, real estate, hospitality, and non-profit.  He leads Getzler Henrich’s education and real estate and hospitality practices. 

Mark has an M.B.A. from Columbia University and a B.S. from Cornell University’s School of Hotel Administration.  He is currently a board member of Neighborhood Housing Services of New York City, Inc., a non-profit that revitalizes underserved neighborhoods by creating and preserving affordable housing; of 520 West 19th Street Condo Association; and of the New York City Chapter of the Turnaround Management Association.  He is a member of the American Bankruptcy Institute and the Cornell Hotel Society.  His articles on education, real estate, distressed M&A, and related topics have been published in a variety of industry trade publications.  He is a Certified Turnaround Professional.

Howard Cure is a partner and Director of municipal bond credit research for Evercore Wealth Management. Previously, he worked at Financial Guaranty Insurance Company, the investment banking firm of Prager & Co., Moody’s Investors Service, and the New York State Senate Finance Committee. He has also written topical pieces and quoted in The Wall Street Journal, Bloomberg News, Barron’s, Reuters, and The Financial Times and appeared on CNBC, National Public Radio, and Bloomberg News. 

Mr. Cure received a bachelor’s degree in economics from SUNY Albany and earned a joint master’s degree in public affairs from the LBJ School and a MBA both from University of Texas at Austin.

Susan Fitzgerald is a Managing Director in Moody’s Investors Service Public Finance Group, overseeing the healthcare, higher education, housing and municipal supported products ratings teams. Previously, she managed Moody’s global higher education and nonprofit team, covering over 700 colleges, universities, and nonprofit institutions worldwide. She has also been involved in various initiatives related to ESG analysis, charter schools, and public-private partnerships.

Susan’s other prior work experience includes managing the financial advisory practice at a boutique investment banking and advisory firm; serving as commercial credit analyst for a community bank; owning and operating an art gallery and a bed and breakfast; and as the assistant director of development, focused on foundation and corporate relations, for a graduate school.

Susan holds a Master’s degree in International Studies (European Studies and Economics) from The Johns Hopkins University, School of Advanced International Studies. Her A.B. degree in Diplomacy and World Affairs, with a minor in Economics, is from Occidental College, Los Angeles.

Meredith is an Assistant Vice President - Analyst in the Moody’s Health Care ratings group. Her responsibilities include assigning and monitoring healthcare ratings across the United States, with a focus on the Midwest and South. Meredith specializes nationally in children’s hospitals, rural hospitals and distressed credits. Meredith is based out of the Moody’s New York Office.

Prior to joining the Healthcare Ratings Team, Meredith held roles in both the Project Management Office and Business Planning Teams at Moody’s. Previously, she worked in corporate strategy for Comcast Cable and began her career as a financial advisor with Ameriprise Financial. She received a B.A in Economics from the University of Kansas.

Douglas Goldmacher is a Vice President/Senior Analyst in Moody's Credit Strategy and Guidance team with responsibility for monitoring ratings quality as well as assisting in the implementation of rating methodologies and practices for Moody's Public Finance Group.

Douglas joined Moody's in 2013, serving 10 years as an analyst on the Local Government team, eventually becoming the lead analyst for local government credits in New Jersey. He has experience in a diverse portfolio of local government, state, enterprise, federal lease, and mass transit credits.

Prior to joining Moody's, Douglas worked for Xerox. He received his BA from Duke University with a double major in History and French. He holds an MBA from the University of Rochester's Simon School of Business.

Sanjay Motwani is an Assistant Vice President in Moody’s Public Finance Group and is responsible for a diverse portfolio of higher education and not-for-profit credits across the United States.

Prior to joining the team, Sanjay served as Audit Manager at Moody’s with a focus on leading operational reviews across MIS credit rating services. Previously, he worked within Internal Audit at New York University and Chubb Limited. Sanjay holds an MBA from New York University’s Stern School of Business and a BS from Rutgers University in Finance and Economics

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.

Patrick McCabe covers a range of higher education and nonprofit institutions including private and public universities and nonprofit organizations.

In addition to his experience at Moody's, Patrick previously served as a municipal advisor working with higher education and nonprofit issuers. Patrick also spent several years working in enrollment management at Seton Hall University, with a focus on admissions and recruitment operations. Patrick graduated with B.A. in History and an M.B.A. with concentrations in Finance and Supply Chain Management, both from Seton Hall University.

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.

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.

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.

Meredith is an Assistant Vice President - Analyst in the Moody’s Health Care ratings group. Her responsibilities include assigning and monitoring healthcare ratings across the United States, with a focus on the Midwest and South. Meredith specializes nationally in children’s hospitals, rural hospitals and distressed credits. Meredith is based out of the Moody’s New York Office.

Prior to joining the Healthcare Ratings Team, Meredith held roles in both the Project Management Office and Business Planning Teams at Moody’s. Previously, she worked in corporate strategy for Comcast Cable and began her career as a financial advisor with Ameriprise Financial. She received a B.A in Economics from the University of Kansas.

Douglas Goldmacher is a Vice President/Senior Analyst in Moody's Credit Strategy and Guidance team with responsibility for monitoring ratings quality as well as assisting in the implementation of rating methodologies and practices for Moody's Public Finance Group.

Douglas joined Moody's in 2013, serving 10 years as an analyst on the Local Government team, eventually becoming the lead analyst for local government credits in New Jersey. He has experience in a diverse portfolio of local government, state, enterprise, federal lease, and mass transit credits.

Prior to joining Moody's, Douglas worked for Xerox. He received his BA from Duke University with a double major in History and French. He holds an MBA from the University of Rochester's Simon School of Business.

Sanjay Motwani is an Assistant Vice President in Moody’s Public Finance Group and is responsible for a diverse portfolio of higher education and not-for-profit credits across the United States.

Prior to joining the team, Sanjay served as Audit Manager at Moody’s with a focus on leading operational reviews across MIS credit rating services. Previously, he worked within Internal Audit at New York University and Chubb Limited. Sanjay holds an MBA from New York University’s Stern School of Business and a BS from Rutgers University in Finance and Economics

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.

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.

Lisa Cole is a Principal and senior municipal bond credit analyst for PGIM Fixed Income's Credit Research Group, covering tax-backed bonds issued by states and local governments, higher education, student housing, transportation and utility revenue bonds, and bonds issued by Canadian provinces.  She also has represented the municipal research team on PGIM Fixed Income’s ESG Ratings Committee.  Prior to joining Prudential in 2011, Ms. Cole spent eight years at Moody's Investors Service, where she was a member of Moody's rating committee and acted as lead analyst for a range of state and local government credits.  Ms. Cole has a Master of Public Administration degree from New York University and a BS from Cornell University.  She is on the board of Northeast Women in Public Finance and is a member of the Municipal Analysts Group of New York and the National Federation of Municipal Analysts.  In 2021, Ms. Cole was named a Trailblazer by Northeast Women in Public Finance.  

Mark D. Podgainy, Senior Managing Director, has more than 25 years of experience working with underperforming, stressed and distressed organizations, both as an advisor and as a member of the management team. He provides operations restructuring, business plan analysis, performance improvement, cash and vendor management, interim management, wind down, workout and bankruptcy consulting services. His clients have included management teams, boards of directors, private equity firms, lenders, creditors’ committees, and law firms, and he has worked in a variety of sectors, including education, real estate, hospitality, and non-profit.  He leads Getzler Henrich’s education and real estate and hospitality practices. 

Mark has an M.B.A. from Columbia University and a B.S. from Cornell University’s School of Hotel Administration.  He is currently a board member of Neighborhood Housing Services of New York City, Inc., a non-profit that revitalizes underserved neighborhoods by creating and preserving affordable housing; of 520 West 19th Street Condo Association; and of the New York City Chapter of the Turnaround Management Association.  He is a member of the American Bankruptcy Institute and the Cornell Hotel Society.  His articles on education, real estate, distressed M&A, and related topics have been published in a variety of industry trade publications.  He is a Certified Turnaround Professional.

Patrick McCabe covers a range of higher education and nonprofit institutions including private and public universities and nonprofit organizations.

In addition to his experience at Moody's, Patrick previously served as a municipal advisor working with higher education and nonprofit issuers. Patrick also spent several years working in enrollment management at Seton Hall University, with a focus on admissions and recruitment operations. Patrick graduated with B.A. in History and an M.B.A. with concentrations in Finance and Supply Chain Management, both from Seton Hall University.

Susan Fitzgerald is a Managing Director in Moody’s Ratings Public Finance Group, overseeing the healthcare, higher education, housing and municipal supported products ratings teams. Previously, she managed Moody’s global higher education and nonprofit team, covering over 700 colleges, universities, and nonprofit institutions worldwide. She has also been involved in various initiatives related to ESG analysis, charter schools, and public-private partnerships.

 Susan’s other prior work experience includes managing the financial advisory practice at a boutique investment banking and advisory firm; serving as commercial credit analyst for a community bank; owning and operating an art gallery and a bed and breakfast; and as the assistant director of development, focused on foundation and corporate relations, for a graduate school. 

Susan holds a Master’s degree in International Studies (European Studies and Economics) from The Johns Hopkins University, School of Advanced International Studies. Her A.B. degree in Diplomacy and World Affairs, with a minor in Economics, is from Occidental College, Los Angeles.

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.

Howard Cure is a partner and Director of municipal bond credit research for Evercore Wealth Management. Previously, he worked at Financial Guaranty Insurance Company, the investment banking firm of Prager & Co., Moody’s Investors Service, and the New York State Senate Finance Committee. He has also written topical pieces and quoted in The Wall Street Journal, Bloomberg News, Barron’s, Reuters, and The Financial Times and appeared on CNBC, National Public Radio, and Bloomberg News. 

Mr. Cure received a bachelor’s degree in economics from SUNY Albany and earned a joint master’s degree in public affairs from the LBJ School and a MBA both from University of Texas at Austin.

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.