Moody's Canadian Provinces Briefing
Significant trade uncertainty with the US – including a changing tariff landscape – will slow Canadian and provincial growth this year. This, coupled with rising spending, will weigh on fiscal balances and debt burdens.
Topics include:
- What are the implications of US trade and policy actions on Canada’s credit profile?
- How will the recently elected federal government’s policies impact Canada’s fiscal position and debt affordability?
- How much resilience do Canadian provinces retain to absorb the impacts of slower growth and rising spending?
- What emerging risks and opportunities will shape the Canadian and provincial credit profiles?
Speakers
Michael Yake
Associate Managing Director, Sub-Sovereign
Moody's Ratings
Adam Hardi
Vice President - Senior Credit Officer, Sub-Sovereign
Moody's Ratings
William Foster
Senior Vice President, Sovereign Risk
Moody's Ratings
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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.
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.