Shifting geopolitics injects energy into Canadian infrastructure market
Canada’s infrastructure sector is at a critical turning point, shaped by shifting credit conditions, major nation‑building projects, diversifying supply chains, and rapid developments in energy, digital infrastructure and the data center ecosystem. Moody’s Canadian Briefing in Toronto will bring analysts together to examine these trends and assess how evolving federal and provincial priorities are influencing credit dynamics for governments, project sponsors, and investors.
Coverage areas include:
- How will the Canadian economy and geopolitics reshape infrastructure finance?
- How will the Major Projects Office and nation-building initiatives affect the infrastructure market and existing issuers?
- Will regulatory and environmental policy reforms have a significant impact on credit?
- Will private credit and Indigenous financing initiatives accelerate new investment?
- How is the Canadian power sector accommodating potential load growth from digitization?
- How does Canada compare to the US in the digital infrastructure build out and what sectors are affected?
Register to save your seat and stay tuned for program updates.
Speakers
Kurt Krummenacker
Associate Managing Director, Global Project and Infrastructure Finance
Moody's Ratings
Michael Yake
Associate Managing Director, Sub-Sovereign
Moody's Ratings
John Medina
Senior Vice President, Global Project and Infrastructure Finance
Moody's Ratings
Gavin MacFarlane
Vice President- Senior Credit Officer | Global Project and Infrastructure Finance
Moody's Ratings
Radi Annab
Vice President - Senior Analyst, Global Project & Infrastructure Finance Group
Moody's Ratings
Rebecca Adair
Vice President - Senior Analyst, Global Project & Infrastructure Finance
Moody's Ratings
Yulia Rakityanskaya
Assistant Vice President - Analyst
Moody's Ratings
Venue
Vantage Venues
M5H 1J9 Toronto
ON
Canada
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Kurt Krummenacker is an Associate Managing Director in the Americas Project Finance and Infrastructureteam, which covers a portfolio of transportation, public power, and project finance inNorth and Latin America. Prior to joining Moody’s in March 2006, Kurt worked inseveral departments of the Port Authority of New York and New Jersey. Kurt is aretired U.S. Army Captain who served as a Blackhawk Helicopter pilot andcommanding officer of several aviation, logistics, and administrative units primarily inthe 101st Airborne Division. Kurt holds a BS in Economics from the United StatesMilitary Academy at West Point, a Master of Aeronautical Science from Embry-RiddleUniversity, and an MBA in Finance from the Columbia University Business School.
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.
John is a Senior Vice President in Moody’s Global Project and Infrastructure Finance Team covering a diverse portfolio of project financings, public private partnerships (PPPs), and municipal infrastructure issuers in the transportation, energy and social infrastructure sectors. John chairs Moody’s Global PPP Task Force and is the sector lead for US toll roads, PPPs and generic project financings. John authors research across multiple sectors and annually leads several new rating assignments for new PPPs and project financings in the US and Canada. John was selected as one of the Bond Buyer’s 2017 Rising Stars. Before joining the Infrastructure and Project Finance Team in 2010, John spent two and a half years as a lead analyst for local governments and enterprises in the Eastern Regional Local Government Ratings Team where he was the lead for municipal issuers in Pennsylvania and New York while also covering New Jersey, Virginia, and Florida. Prior to joining Moody’s, John worked as a risk management analyst, a property and casualty insurance account manager, and a health care claims auditor. John is a founding member and was the first co-chair of Moody’s NY Multicultural Employee Resource Group and is a founding steering committee member of Moody’s NY LGBTA Employee Resource Group. John earned his BA degree in Health Care Economics and Policy from Stanford University and his MPA in Health Care Public Finance from New York University’s Robert F. Wagner Graduate School of Public Service.
Gavin MacFarlane is a Vice President – Senior Credit Officer in Moody’s Global Project and Infrastructure Finance Group where he covers a diverse portfolio of pipelines, regulated gas and electric utilities and power companies. Some of the more topical names in the portfolio include Enbridge, TransCanada Pipelines and TransAlta. Gavin joined the Moody’s team in September of 2013.
Prior to joining Moody’s Gavin was an Associate Director at Standard and Poor’s in Toronto where he was the primary analyst on companies in the Canadian pipeline, utilities and power sectors.
Gavin holds an MBA from the University of Western Ontario’s Richard Ivey School of Business and a Bachelor of Commerce (Honors) from Queen’s University.
Radi Annab is a Vice President - Senior Analyst in the Global Project & Infrastructure Finance Group where he covers a diverse portfolio of public private partnerships (PPP), project financings, and infrastructure issuers in the transportation, social and energy sectors. He also leads new rating assignments for PPP bids and other project finance and infrastructure transactions. Radi joined Moody’s in September 2022. Prior to joining Moody’s, Radi was a lead rating analyst in the Infrastructure, Power &Utilities team at DBRS Morningstar in Toronto. Before moving to Canada, Radi’s experience included working on capital market transactions, corporate and project financings, and mergers & acquisitions, mainly in the EMEA region. He has also worked in insurance and asset management.
Radi earned an AB from Harvard University and an MBA from Georgetown University’s McDonough School of Business, where he was a Fulbright Scholar
Rebecca Adair is a Vice President – Senior Analyst in the Global Project & Infrastructure Finance Group covering a diverse portfolio of public private partnerships (P3), project finance, and infrastructure issuers in the transportation, social, and power sectors. She also leads new rating assignments for P3 bids and other project finance and infrastructure transactions.
Prior to joining Moody’s, Rebecca had several years of experience in the project finance and infrastructure space and most recently worked as a Director in the credit team at Sun Life Financial with responsibilities spanning a range of sectors, including renewable/thermal power, energy, rail, bridges, water, hospitals, universities, stadiums and airport related facilities.
Rebecca holds an MBA in finance from Rotman School of Management at the University of Toronto and a Bachelor of Electrical Engineering from Shanghai Jiao Tong University. Rebecca is also a CFA charter holder.
Yulia Rakityanskaya is an AVP - Analyst in Moody’s Global Project & Infrastructure Finance Group based in Toronto. She is responsible for a portfolio of regulated electric and gas utilities and interstate natural gas pipelines in Canada, and the U.S. Yulia joined Moody’s as an Associate Analyst in the Corporate Finance Group in 2013.
Prior to joining Moody’s, Yulia was an audit supervisor at KPMG where she managed teams that conducted audit for clients across telecommunication and mining industries. Yulia holds a Bachelor’s degree in accounting from Finance University, Moscow.