US Municipal Infrastructure Outlooks
US Municipal Infrastructure sectors are poised for a strong year ahead as recovery from the pandemic takes hold. Positive outlooks for the airport, seaport and toll road sectors attest to a normalizing economy, while steadying demand keep the Public Power outlook stable.
- Airport recovery will be bumpy but continue upward toward 2019 levels
- Seaports benefit from continued high demand and supply chain backlogs through mid-2022
- Toll road demand continues to build as return to work and retail inventory rebuilding continues
- Outlook for Public Power Issuers is stable; challenges remain
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SpeakersJohn Medina Senior Vice President, Global Project and Infrastructure Finance Moody's Ratings
Moses Kopmar Vice President - Senior Analyst Moody's Ratings
Earl Heffintrayer Vice President-Senior Credit Officer Moody's Ratings
Kurt Krummenacker Associate Managing Director, Global Project and Infrastructure Finance Moody's Ratings
Naomi Richman Senior Vice President, US Public Finance Moody's Ratings
Cintia Nazima Vice President – Senior Analyst Moody's Ratings
Scott Solomon Vice President – Senior Credit Officer, Global Project and Infrastructure Finance Moody's Investors Service
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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.
Moses Kopmar covers credits for the US airports, seaports, social infrastructure, and toll roads, as well as related project finance issuers. Prior to joining the Project and Infrastructure Finance Team, Moses was on the Public Finance Local Governments Ratings Team covering cities, counties, municipal utilities, schools, special districts, and related issuers throughout the US.
Prior to joining Moody’s, Moses worked in economic development in the San Francisco Bay Area where he engaged in economic development, government affairs and policy research on behalf of private and public sector members. Moses holds an MPA in Public Finance from the Maxwell School of Syracuse University and a BA in English from Stanford University.
Earl Heffintrayer is the U.S. airport sector lead analyst and covers a diversified portfolio concentrated in transportation. In addition to Earl’s work in the airport sector, he actively leads new ratings on bids in the US public private partnership market. Prior to joining Moody’s in June, 2011, Earl worked at the Port Authority of New York and New Jersey where he primarily analyzed alternative capital project delivery methods. Earl began his career as a civil engineer on large infrastructure projects in the New York City region. Earl is a CFA charter holder. Earl holds a BS in Civil and Environmental Engineering from the University of Rhode Island and an MBA from Stern School of Business at New York University.
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.
Naomi Richman is a Senior Vice President in Moody's US Public Finance Group. Naomi manages the Surveillance team and Data and Analytics team. She is also responsible for contributing to state and local government analytical initiatives, research and methodologies. Naomi was previously a Managing Director in US Public Finance and Chief Credit Officer for global public sector ratings. Naomi has over 35 years of experience in credit analysis at Moody's, covering state and local governments, housing, higher education, financial guarantors, and global sovereigns.
Prior to joining Moody's, Naomi spent four years with the New York City Department of Finance. Naomi holds an MPP from Harvard University and an AB from Bryn Mawr College.
Cintia Nazima is a Vice President - Senior Analyst in the Global Project and Infrastructure Finance team in Moody’s Ratings (MIS), based in New York. Cintia’s portfolio includes US toll roads, airports, public power issuers, project finance and power projects. Cintia joined the team in New York in 2019 having previously worked as an associate analyst in the Public, Project and Infrastructure Finance team based in Sao Paulo office from 2014 to 2017. During her time in Sao Paulo Cintia worked on the portfolio monitoring, research and outreach activities related to a broad portfolio consisting of toll roads, utilities, water and sanitation, project finance and power projects and was the back-up analyst for the entire sub-sovereign portfolio in Brazil.
Being passionate about diversity and inclusion, Cintia has been actively involved as a member of the NY Multicultural ERG since 2019. She is the co-lead of the Professional Development Subcommittee where she manages the Active Language Studio, a program that offers Moody’s employees the opportunity to learn or improve their skills to communicate in a particular language, and other training focused on providing employees with continued development opportunities.
Prior to joining Moody’s in New York, Cintia was a senior credit analyst at XP Investimentos where she was responsible for the coverage of the entire Brazilian infrastructure portfolio.
Scott Solomon is a Vice President – Senior Credit Officer in the Global Infrastructure Finance Group. Since joining Moody’s in 1998, Scott has been responsible for assigning ratings to and monitoring credit profiles of various types of issuers across the electric power industry. These have including investor-owned utilities, public power issuers, independent power companies and project finance transactions.
Prior to joining Moody’s, Scott held various credit-related positions at Credit Suisse First Boston and J.P. Morgan Chase & Co.
Scott earned an M.B.A. from Fordham University in New York, a B.A. in economics from the University of Massachusetts at Amherst and completed a formal credit training program at J.P. Morgan Chase & Co.