US Public Finance Investor Roundtable
State and local government credit at a crossroads: Navigating credit risk in a shifting landscape
State and local governments are navigating a pivotal moment — contending with federal funding uncertainty, demographic pressures, climate-driven infrastructure demands, and structural fiscal stress. Join Moody's analysts for a discussion on the credit outlook for US state and local governments, school districts, and water and wastewater utilities, examining the economic, fiscal, and environmental forces reshaping the credit landscape.
Discussion topics include:
- Economic & fiscal outlook — Growth trajectories, federal funding risks, state budget pressures, and the capacity of local governments to adapt to slowing revenue growth
- Labor, demographics & policy — How aging populations, shifting migration patterns, and evolving federal immigration policy are reshaping workforce dynamics, tax bases, and long-term fiscal trajectories across east coast states and cities
- Climate, water & infrastructure — Sea level rise and flooding exposure, the growing stress on property insurance markets in coastal communities, and the tension between water supply adequacy and surging demand from data centers
- Affordability, education & fiscal stress — How affordability pressures are straining household budgets and local economies, and how school districts are managing fiscal challenges amid slower or reduced state aid
Speakers
Baye Larsen
Vice President - Senior Credit Officer
Moody's Ratings
Eva Bogaty
Managing Director
Moody's Ratings
Nick Samuels
Senior Vice President
Moody's Ratings
Dan Seymour
Vice President - Senior Credit Officer
Moody's Ratings
Orlie Prince
Associate Managing Director
Moody's Ratings
Hetty Chang
Associate Managing Director
Moody's Ratings
Venue
Moody's Headquarters | 7 World Trade Center | Room 20-042
10007 New York City
NY
United States
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Baye Larsen is a Vice President/Senior Credit Officer on the State Ratings Team covering credits primarily for the states of New York, Pennsylvania, Rhode Island and Tennessee. Baye is also the lead analyst for the New York MTA, SEPTA and the Port Authority of Allegheny County, as well as a number of federal lease transactions. She has contributed to several analytical development projects at Moody’s, including the PFG Cybersecurity Task Force and publication of the Mass Transit Methodology and the Federal Lease Methodology.
Prior to joining the State Ratings Team, Baye worked for the US Project and Infrastructure Finance Team, where she covered a portfolio of utility and infrastructure issuers, and on the Local Governments Ratings Team providing ratings for local governments and water and sewer utilities. Baye holds an MPA from New York University and a BA in government from Georgetown University.
Eva Bogaty is a Managing Director in Moody’s Ratings Public Finance Group, co-managing local government ratings in the US, with a focus on the Midwest, Southwest, and West Local Government ratings teams out of our Chicago, Dallas, and San Francisco offices. While at Moody’s, Eva has also served as the team lead for the Not-for-profit Healthcare ratings team and the
Western States Local Governments ratings team, and as a lead analyst covering Higher Education and Healthcare ratings. She serves as a rating chair across the public finance group and has significant experience in academic medical centers, not-for-profits, K-12 school districts, charter schools, and public hospital districts.
Prior to joining Moody’s, Eva worked in economic development for New York State and in Russian women’s business development for a USAID-funded not-for-profit. Eva holds an MBA from New York University and an AB in Russian and East European Area Studies from Middlebury College.
Nick Samuels is a Senior Vice President for the States and High Profile Ratings Team covering credits for the state of Texas, New York City, and the District of Columbia.
Prior to joining Moody’s, Nick worked for the National Association of State Budget Officers analyzing state fiscal and expenditure trends. Nick holds a BA degree in government from Skidmore College and a Master’s in Public Administration from the George Washington University.
Dan Seymour is a Vice President/Senior Credit Officer for local government ratings and covers credits primarily in the Northeast region. He previously covered credits for US state ratings. He joined Moody’s in 2011 and has experience in a diverse portfolio of states, localities, utilities, transit systems, and special tax credits. Before joining Moody’s, he was a reporter from the Associated Press and the Bond Buyer Newspaper. Dan holds a BA from Rowan University and a Master’s degree from Baruch College. He is a Chartered Financial Analyst charterholder.
Orlie Prince is an Associate Managing Director for the Eastern Local Governments Ratings Team. She manages a team of analysts covering credits in Alabama, Delaware, Kentucky, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia. Orlie is a rating committee chairperson, she leads the Cyber Security Risk Task Force for the Public Finance Group, and serves as the lead on the State Aid Intercept Programs.
Prior to rejoining Moody’s, Orlie conducted extensive community service. During her initial tenure with Moody’s, Orlie was a Senior Vice President and Manager of the Southeast Regional Ratings Team. Orlie holds an MPA from Columbia University’s School of International and Public Affairs and a BA in Political Science and Communications from SUNY Albany.
Hetty is an Associate Managing Director for MIS Ratings and Research in the US Public Finance Group. She leads a team of analysts responsible for a portfolio comprising US States and Territories, Mass Transit and US Federal Leases.
Previously, Hetty led a team of Associate Analysts in Ratings and Research Support supporting lead analysts in the US Public Finance Group and the Financial Institutions Group in the Americas. Prior to that, she was a Team Leader of analysts in US PFG covering local governments in eight Midwest states and was based out of the Chicago, Illinois office. Hetty initially joined Moody’s as an analyst on the Midwest Local Government team in 2003.
Hetty has participated in various strategic initiatives, including kickstarting R&R Global Training Councils for the fundamental ratings teams and serving as an MCO Corporate Social Responsibility Impact Leader Chair. She has represented Moody’s as a member of the National Board of Directors of Women in Public Finance and as a board member of the Chicago Municipal Analyst Society, a local constituent of the National Federation of Municipal Analysts.
Prior to joining Moody’s, she was a senior consultant at KPMG LLP in the Dispute Advisory Services practice, providing accounting, valuation, and litigation arbitration services to corporate and public sector clients. Hetty has a BS in Human Development from Cornell University and an MS in Urban Policy from the New School University in New York City.