ESG and our new Credit Impact Scores
Providing Visibility & Transparency to Global Electric and Gas Utilities
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Agenda keyboard_arrow_down
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14:00
Opening remarks
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14:05
What to expect in 2021
Moody’s is rolling out ESG Issuer Profile Scores and Credit Impact Scores across our $80 trillion issuer portfolio. This is a major strategic effort for 2021 and beyond and brings global consistency across all asset classes. The roll-out will occur in waves and we will look to continuously improve the service in coming years. A comparison of our CTA scores across refiners, autos and utilities.
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14:20
Why ESG transparency is important for credit
Utilities sit at the intersection of climate change, energy technology, liquidity and credit. A beneficiary of critical infrastructure capital investments, utilities enjoy unfettered access to capital. But utilities also carry a lot of leverage for their investment grade balance sheets, and a more contentious regulatory environment is a material negative.
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14:25
Panel: Credit Implications of ESG Considerations and audience Q&A
A discussion about how we think about ESG considerations in the context of our credit analysis.
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Speakers keyboard_arrow_downJames Leaton Senior Vice President, ESG Moody's Investors Service
Jairo Chung Vice President - Senior Credit Officer, Public Project & Infrastructure Finance Group Moody's Ratings Bio
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closeMichael Haggarty is the Associate Managing Director in the Infrastructure Finance Group. He manages a team of analysts covering regulated utilities and unregulated power companies in the US and Canada.
Prior to joining Moody’s, Mike was a Vice President and Senior Relationship Manager at Credit Agricole Indosuez, responsible for the Bank’s marketing and credit activities to investor-owned and municipal utilities nationwide.
Previously, Mike held a variety of positions in commercial banking with The Yasuda Trust and Banking Company, Citicorp North America, and Irving Trust Company, covering companies in the energy and municipal finance sectors.
Mike holds a B.S. in foreign service from Georgetown University and an M.B.A. in finance from the Wharton School of the University of Pennsylvania.
James Leaton is a SVP - Environment, Social & Governance. In this capacity, James leads the development of carbon transition analysis of companies in high impact sectors. James brings expertise across environmental issues, especially climate change risk, which he applies to the integration of environmental risk into credit analysis.
Prior to joining Moody’s. James was previously Research Director at Carbon Tracker - a boutique research house - where he led a team producing thematic energy research combining elements of climate change scenarios with financial analysis. James was lead author of a series of research which sparked investor interest in the concept of stranded assets, and led to a number of investor initiatives on carbon asset risk. James also advised blue-chip clients on climate change and sustainability strategy whilst a consultant at PwC and was a senior policy advisor at WWF, focusing on the biodiversity impact of extractive industries.
James holds a Masters degree in Environmental Technology from Imperial College, University of London.
Jim Hempstead is a Managing Director in Moody’s Global Project & Infrastructure Finance Group, where he heads both the North American Regulated Utility & Power Team and the North American Public Infrastructure Team.
Jim acts as a rating chair across all segments of Moody’s Global Infrastructure & Project Finance franchise, and is a member of both the firm’s Infrastructure Finance Franchise Committee and Global Infrastructure Focus Editorial Board.
Jim also manages the Moody’s Cyber Risk Team, which looks to incorporate cyber security risk into global credit analyses.
Jim helped manage the firm’s global Environmental, Social and Governance efforts between 2017 – 2020.
Prior to joining Moody’s in 2002, Jim was an investment banker with Merrill Lynch &Co., working in the Global Energy & Power Group, providing financial and advisory services to electric, natural gas distribution, interstate pipeline, energy merchant, water and energy technology companies. Prior to joining Merrill Lynch, Jim worked with Salomon Smith Barney Corporate Finance, working in their Global Energy &Power Group.
Jim graduated with a B.S.B.A. from Villanova University and an M.B.A. from Fordham University. From 2011 - 2013, Jim served as the Director of Emergency Management for his hometown in New Jersey, and is a registered EMT for his local, volunteer first aid squad. Jim is a member of the Wall Street Utility Group and served as a Trustee with the Society of Utility and Regulatory Financial Analysts (SURFA) between 2012 -2020. He served on the Advisory Council for the Electric Power Research Institute(EPRI) from 2014-2019.
Graham Taylor is a Vice President – Senior Credit Officer in Moody’s EMEA Infrastructure Finance team, based in London. He is responsible for a portfolio of regulated and unregulated utilities in the United Kingdom. As a senior member of the analytical team, Graham has contributed to and/or coordinated a number of publications, in particular on energy market issues, and is a frequent speaker at investor events. Prior to joining Moody’s in 2015, Graham was City Advisor to Ofwat, the English and Welsh water regulator, through the 2014 Price Review. He was previously an equity portfolio manager at Legal & General, where he managed long-only and long/short funds and was responsible for coverage of UK utilities, transport and leisure, and health care. Graham started his career in the investment banking division of Credit Suisse in New York. He is a graduate of Queen’s University, Canada, and is a CFA charter holder. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. 140 analytical sector staff cover more than 1,000 infrastructure issuers globally. Moody’s EMEA team of 50 specialists is responsible for rating around 416 issuers. The rating agency covers more than11,000 corporate issuers and 135 sovereign nations.
Jeffrey Cassella is a Vice President - Senior Credit Officer in Moody’s Global Infrastructure Finance Group, joining the Utilities team at the beginning of 2013. He Is responsible for a portfolio consisting of electric and gas utilities. Prior to joining the Utilities Group, Jeff worked in the Corporate Finance Group’s Credit Policy department as well as the Technology, Media and Telecommunications team covering transaction processors and other IT services companies. Prior to joining Moody’s in 2006, Jeff was a manager in PriceWaterhouseCooperstrans action services group. In that capacity he managed multidisciplinary teams that conducted financial due diligence on mergers & acquisitions and financial statement analysis for clients across a number of different industry sectors. Jeff holds a B.S. in Accounting from The College of New Jersey and an M.B.A. in Finance from New York University’s Stern School of Business. Jeff is a Certified Public Accountant.
Nana Hamilton is a Vice President – Senior Analyst in Moody’s Global Project &Infrastructure Finance Group. She is responsible for a portfolio of US-based regulated electric and gas utilities. Prior to joining Moody’s in August 2017, Nana was a Vice President in the Power &Utilities investment banking group at J.P. Morgan where she provided financial and advisory services to electric and natural gas distribution companies. Nana holds an M.B.A from Harvard Business School and a B.A. in Computer Science and Mathematics from Mount Holyoke College.
Jairo Chung is a Vice President – Senior Credit Officer in Moody’s Global Infrastructure Finance Group, joining the Utilities team in August 2013. She is responsible for a portfolio consisting of electric and gas utilities. Prior to joining Moody’s, Ms. Chung was an equity research analyst covering utilities and power sector for several years. She began her career at Public Service Enterprise Group, a utility holding company located in New Jersey. Ms. Chung holds a B.S. in International Business from The College of New Jersey and an M.B.A. in Corporate Finance from New York University’s Stern School of Business.
Edna Mariñelarena is a Vice President in Moody’s Global Infrastructure Finance Group. She covers a portfolio of regulated electric and gas utilities, interstate natural gas pipelines, and power generating companies including waste-to-energy and nuclear. Edna joined Moody’s in 2011 on the US Public Finance Group (PFG) ratings team, covering a diverse portfolio of local government and municipally owned utility issuers across the US. Prior to her current role, she served as an AVP-Manager in Ratings and Research Support, overseeing a team of Associate Analysts who support the Healthcare, Higher Education, Housing, and Municipal Supported Products ratings groups in PFG. Edna is a graduate of New York University Robert F. Wagner School of Public Service where she earned an MPA specializing in public finance and policy. She holds a BIS in Business and Public Administration and Management from Arizona State University. At Moody’s, Edna participates in several Moody’s Foundation Corporate Social Responsibility initiatives and is an active volunteer of the Veteran’s ERG, Woman’s ERG and Multicultural ERG.
James Leaton is a SVP - Environment, Social & Governance. In this capacity, James leads the development of carbon transition analysis of companies in high impact sectors. James brings expertise across environmental issues, especially climate change risk, which he applies to the integration of environmental risk into credit analysis.
Prior to joining Moody’s. James was previously Research Director at Carbon Tracker - a boutique research house - where he led a team producing thematic energy research combining elements of climate change scenarios with financial analysis. James was lead author of a series of research which sparked investor interest in the concept of stranded assets, and led to a number of investor initiatives on carbon asset risk. James also advised blue-chip clients on climate change and sustainability strategy whilst a consultant at PwC and was a senior policy advisor at WWF, focusing on the biodiversity impact of extractive industries.
James holds a Masters degree in Environmental Technology from Imperial College, University of London.
Michael Haggarty is the Associate Managing Director in the Infrastructure Finance Group. He manages a team of analysts covering regulated utilities and unregulated power companies in the US and Canada.
Prior to joining Moody’s, Mike was a Vice President and Senior Relationship Manager at Credit Agricole Indosuez, responsible for the Bank’s marketing and credit activities to investor-owned and municipal utilities nationwide.
Previously, Mike held a variety of positions in commercial banking with The Yasuda Trust and Banking Company, Citicorp North America, and Irving Trust Company, covering companies in the energy and municipal finance sectors.
Mike holds a B.S. in foreign service from Georgetown University and an M.B.A. in finance from the Wharton School of the University of Pennsylvania.
Graham Taylor is a Vice President – Senior Credit Officer in Moody’s EMEA Infrastructure Finance team, based in London. He is responsible for a portfolio of regulated and unregulated utilities in the United Kingdom. As a senior member of the analytical team, Graham has contributed to and/or coordinated a number of publications, in particular on energy market issues, and is a frequent speaker at investor events. Prior to joining Moody’s in 2015, Graham was City Advisor to Ofwat, the English and Welsh water regulator, through the 2014 Price Review. He was previously an equity portfolio manager at Legal & General, where he managed long-only and long/short funds and was responsible for coverage of UK utilities, transport and leisure, and health care. Graham started his career in the investment banking division of Credit Suisse in New York. He is a graduate of Queen’s University, Canada, and is a CFA charter holder. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. 140 analytical sector staff cover more than 1,000 infrastructure issuers globally. Moody’s EMEA team of 50 specialists is responsible for rating around 416 issuers. The rating agency covers more than11,000 corporate issuers and 135 sovereign nations.
Jeffrey Cassella is a Vice President - Senior Credit Officer in Moody’s Global Infrastructure Finance Group, joining the Utilities team at the beginning of 2013. He Is responsible for a portfolio consisting of electric and gas utilities. Prior to joining the Utilities Group, Jeff worked in the Corporate Finance Group’s Credit Policy department as well as the Technology, Media and Telecommunications team covering transaction processors and other IT services companies. Prior to joining Moody’s in 2006, Jeff was a manager in PriceWaterhouseCooperstrans action services group. In that capacity he managed multidisciplinary teams that conducted financial due diligence on mergers & acquisitions and financial statement analysis for clients across a number of different industry sectors. Jeff holds a B.S. in Accounting from The College of New Jersey and an M.B.A. in Finance from New York University’s Stern School of Business. Jeff is a Certified Public Accountant.
Nana Hamilton is a Vice President – Senior Analyst in Moody’s Global Project &Infrastructure Finance Group. She is responsible for a portfolio of US-based regulated electric and gas utilities. Prior to joining Moody’s in August 2017, Nana was a Vice President in the Power &Utilities investment banking group at J.P. Morgan where she provided financial and advisory services to electric and natural gas distribution companies. Nana holds an M.B.A from Harvard Business School and a B.A. in Computer Science and Mathematics from Mount Holyoke College.
Jairo Chung is a Vice President – Senior Credit Officer in Moody’s Global Infrastructure Finance Group, joining the Utilities team in August 2013. She is responsible for a portfolio consisting of electric and gas utilities. Prior to joining Moody’s, Ms. Chung was an equity research analyst covering utilities and power sector for several years. She began her career at Public Service Enterprise Group, a utility holding company located in New Jersey. Ms. Chung holds a B.S. in International Business from The College of New Jersey and an M.B.A. in Corporate Finance from New York University’s Stern School of Business.
Edna Mariñelarena is a Vice President in Moody’s Global Infrastructure Finance Group. She covers a portfolio of regulated electric and gas utilities, interstate natural gas pipelines, and power generating companies including waste-to-energy and nuclear. Edna joined Moody’s in 2011 on the US Public Finance Group (PFG) ratings team, covering a diverse portfolio of local government and municipally owned utility issuers across the US. Prior to her current role, she served as an AVP-Manager in Ratings and Research Support, overseeing a team of Associate Analysts who support the Healthcare, Higher Education, Housing, and Municipal Supported Products ratings groups in PFG. Edna is a graduate of New York University Robert F. Wagner School of Public Service where she earned an MPA specializing in public finance and policy. She holds a BIS in Business and Public Administration and Management from Arizona State University. At Moody’s, Edna participates in several Moody’s Foundation Corporate Social Responsibility initiatives and is an active volunteer of the Veteran’s ERG, Woman’s ERG and Multicultural ERG.