Walter Winrow is the Managing Director of Moody’s Global Project and

Infrastructure Finance Group worldwide. The Global Project and Infrastructure

Finance Group is a dedicated team conducting cross-disciplinary credit analysis in

corporate, project and public finance to provide ratings and research for utilities,

infrastructure and project financings.

Before his present appointment, Walter held positions as Managing Partner of

Infrastructure Capital Partners, a firm that advised private equity firms and public

agencies on the financing of infrastructure assets, and as President & Chief

Operating Officer of Poseidon Resources Corporation, a firm that developed and

invested in water infrastructure projects. Prior to co-founding Poseidon Resources,

Walter was with the energy, industrial and infrastructure project financing

businesses at GE Capital Corporation and held a series of positions at General

Electric serving industrial and utility clients in the US and globally.

Mr. Winrow has served on the Board of Directors of various industry and

community service organizations, including as Chairman of the Credit Rating

Agency Industry Association, the Atlantis Water Fund, the National Council for

Public-Private Partnerships, the California Foundation for the Environment and the

Economy, the San Diego County Taxpayers Association, the Boys & Girls Club, and

the U.S. Conference of Mayors Business Council.

Mr. Winrow holds a Bachelor’s degree in Electrical Engineering from Rutgers

University.

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.

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.

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.

Toby Shea is a Vice President - Senior Credit Officer in the Moody’s Global Project & Infrastructure Finance Group. He is responsible for a portfolio of electric and gas utilities.

Prior to joining Moody’s, Toby worked for more than 15 years in the field of credit risk relating to energy and commodities, including Senior Credit Manager at Noble Group, Head of Credit and Portfolio Analytics at RBS Sempra and Director at Standard & Poor’s.

Toby graduated with a B.S. in Chemical Engineering from Johns Hopkins University and M.A. in International Relations from Tufts University’s Fletcher School.

Natividad (Nati) Martel serves as a Vice President – Senior Analyst in the Global Infrastructure Finance Group. She currently is responsible for a portfolio consisting of utilities as well as wholesale power generators in Latin America and the U.S. Nati joined Moody’s in 2004.

Prior to joining Moody’s, Nati worked for five years as a credit analyst in the Project Finance/Corporate Finance area at Landesbank HessenThuringen, in Frankfurt, Germany.

Nati was awarded a Bachelor’s and Master’s degree in business with a concentration in finance by the Complutense University of Madrid, Spain. She was also awarded an advanced degree in banking studies by the Business School of Finance and Management in Frankfurt. She received her CFA designation in 2008.

Walter Winrow is the Managing Director of Moody’s Global Project and

Infrastructure Finance Group worldwide. The Global Project and Infrastructure

Finance Group is a dedicated team conducting cross-disciplinary credit analysis in

corporate, project and public finance to provide ratings and research for utilities,

infrastructure and project financings.

Before his present appointment, Walter held positions as Managing Partner of

Infrastructure Capital Partners, a firm that advised private equity firms and public

agencies on the financing of infrastructure assets, and as President & Chief

Operating Officer of Poseidon Resources Corporation, a firm that developed and

invested in water infrastructure projects. Prior to co-founding Poseidon Resources,

Walter was with the energy, industrial and infrastructure project financing

businesses at GE Capital Corporation and held a series of positions at General

Electric serving industrial and utility clients in the US and globally.

Mr. Winrow has served on the Board of Directors of various industry and

community service organizations, including as Chairman of the Credit Rating

Agency Industry Association, the Atlantis Water Fund, the National Council for

Public-Private Partnerships, the California Foundation for the Environment and the

Economy, the San Diego County Taxpayers Association, the Boys & Girls Club, and

the U.S. Conference of Mayors Business Council.

Mr. Winrow holds a Bachelor’s degree in Electrical Engineering from Rutgers

University.

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.

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.

Toby Shea is a Vice President - Senior Credit Officer in the Moody’s Global Project & Infrastructure Finance Group. He is responsible for a portfolio of electric and gas utilities.

Prior to joining Moody’s, Toby worked for more than 15 years in the field of credit risk relating to energy and commodities, including Senior Credit Manager at Noble Group, Head of Credit and Portfolio Analytics at RBS Sempra and Director at Standard & Poor’s.

Toby graduated with a B.S. in Chemical Engineering from Johns Hopkins University and M.A. in International Relations from Tufts University’s Fletcher School.

Natividad (Nati) Martel serves as a Vice President – Senior Analyst in the Global Infrastructure Finance Group. She currently is responsible for a portfolio consisting of utilities as well as wholesale power generators in Latin America and the U.S. Nati joined Moody’s in 2004.

Prior to joining Moody’s, Nati worked for five years as a credit analyst in the Project Finance/Corporate Finance area at Landesbank HessenThuringen, in Frankfurt, Germany.

Nati was awarded a Bachelor’s and Master’s degree in business with a concentration in finance by the Complutense University of Madrid, Spain. She was also awarded an advanced degree in banking studies by the Business School of Finance and Management in Frankfurt. She received her CFA designation in 2008.

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.