Not for Profit Healthcare: Proposed methodology
This webinar reviewed the material changes proposed under the updated methodology, potential rating impacts if adopted as proposed, and how to comment.
This webinar offered an in-depth overview of the proposed changes to the Not-for-Profit Healthcare Methodology, which would replace the current Not for Profit Healthcare Methodology published October 2024. The proposed methodology will revise and update scorecard factors, describe the assignment of issuer ratings and how various debt instruments will be placed around the issuer ratings, and expand the types of instruments rated under the methodology, including the addition of tax-backed debt of US healthcare districts, among other changes. Analysts will review the rationale for the proposed changes, the expected timeline for implementation, and the potential rating impacts if the methodology is adopted as proposed. Information on how to submit comments will also be provided.
Topics include:
- Overview of the scope and proposed framework of the methodology
- Review of the scorecard and other rating considerations
- Explain relationship between issuer ratings and debt instrument ratings
- How to submit comments
Speakers
Dan Steingart
Associate Managing Director-US Public Finance
Moody's Ratings
Lisa Martin
Senior Vice President
Moody's Ratings
Sarah Jensen
Vice President - Senior Analyst
Moody's Ratings
Tatiana Killen
Vice President - Senior Analyst, Methodology Development Group, CSS
Moody's Ratings
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Dan Steingart manages Moody’s Ratings Not-for-Profit Healthcare team, overseeing a dedicated team of 10 analysts covering over 300 hospitals and health systems nationwide.
Dan is an 18-year veteran of public finance and is a sought after speaker on topics including health system finances and the impact of major legislative and judicial actions on the credit quality of hospital systems and provider care networks. He has deep experience working with a variety of healthcare institutions including academic medical centers, integrated delivery networks, and community hospitals. Over his career at Moody’s, he has authored numerous articles on healthcare policy and legislation, industry trends, and multiple sector outlooks.
Lisa is a Senior Vice President in Moody’s Health Care ratings group. Her responsibilities include assigning and monitoring healthcare ratings within the states of Pennsylvania, Ohio, Illinois, Texas, New York, Indiana, Connecticut and Maine.
Lisa’s specializes nationally in children’s hospitals, physician practice groups and USDA-financed projects. Lisa has expertise in liquidity and debt structure analysis, including self-liquidity programs. At Moody’s, Lisa also has several years of experience as a member of the Higher Education and Other Not-For-Profits ratings group, specializing in rating higher education institutions in Ohio and Pennsylvania and cultural institutions nationally.
Lisa joined Moody’s in 1993. Previously, she worked as a credit risk manager at J.P. Morgan & Co. and as a financial analyst at The Dun & Bradstreet Corporation. Lisa holds an M.B.A., with a concentration in finance, from New York University and a B.S. in mechanical engineering from the Massachusetts Institute of Technology.
Sarah Jensen is an AVP-Analyst for the Dallas Local Governments Ratings Team covering credits primarily in Louisiana and Texas. She is a member of various analytical working groups including the Bankruptcy Taskforce.
Prior to joining Moody’s, Sarah was a Teaching Assistant at the University of Texas Lyndon B. Johnson School of Public Affairs and an Intern for the internal audit division of the office of the Governor for the State of Texas. Sarah holds an MPA from the University of Texas at Austin and a BA in Public Affairs and Administration from the University of Oklahoma.
Tatiana Killen is a Vice President – Senior Analyst for the Methodology Development Group (MDG), joining as an analytical lead in 2022.
Tatiana brings deep analytical and operational experience, particularly in the US public finance and infrastructure sectors. Most recently, she has served as VP- Senior Analyst for the PFG eastern team, covering various local governments across the northeast and southeast states. Tatiana has held various roles in PFG, including as a dedicated chair, the lead on the Monitoring Council, and as an active member of the charter school team and PFG’s compliance task force. Tatiana started at MIS in 2010 as an Analyst on the PFG local government team in Chicago and relocated to New York in 2018. Before joining Moody’s in 2010, she held positions at several leading financial institutions, and she began her professional career as a stockbroker/trader at E*Trade.
Tatiana holds an MS in Finance from DePaul University and a BS in Business Economics from Florida Agricultural and Mechanical University.