Public Finance Higher Education Roundtable (Virtual)
The New Pace of Change
Join Moody's for a roundtable focused on the credit outlook for US higher education at a pivotal moment of sector-wide change. Our analysts will examine the policy, market, and structural forces converging to reshape institutional strategy and credit trajectories across colleges and universities, with discussion topics including:
Discussion topics include:
- How demographic trends, tuition pressure, and expense growth are translating into measurable financial outcomes
- Whether institutional differentiation is accelerating — and what that means for consolidation, restructuring, and closure risk
- What the growing emphasis on reserves, cash flow adaptability, and capital discipline signals about the sector's direction
- How institutions are responding strategically to mounting pressure — and what those choices mean for credit
- What recent federal policy shifts portend for enrollment, liquidity, and long-term planning
Speakers
Susan Fitzgerald
Managing Director
Moody's Ratings
Emily Raimes
Associate Managing Director
Moody's Ratings
Dennis Gephardt
Vice President-Senior Credit Officer
Moody's Ratings
Sanjay Motwani
Assistant Vice President
Moody’s Ratings
Patrick Ronk
Vice President - Senior Analyst
Moody's Ratings
Confirm cancellation
An error occurred trying to play the stream. Please reload the page and try again.
CloseMoody's Events
close
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.
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.
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.