Positive Credit Trends in Connecticut, Illinois, and New Jersey
Improving finances led to positive credit trends in Connecticut, Illinois, and New Jersey, and may signal implications for states more broadly.
The webinar will dive into the recent credit improvement in Connecticut, Illinois, and New Jersey. We will discuss similarities and differences in credit quality among the three states as well as look into implications for the broader state sector.
- Positive credit developments in Connecticut, Illinois, and New Jersey reflect improved finances and governance
- Federal aid played a role, but financial management was even more important
- Large liability burdens a common factor for these states, with other factors driving their varying credit quality profiles
Speakers
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Emily Raimes is an Associate Managing Director in Moody’s Investors Service Public Finance Group, overseeing the global higher education and nonprofit team, covering over 700 colleges, universities, and nonprofit institutions worldwide.
Previously, she managed the States Team, covering state credits across the US. Prior to joining Moody’s in 2006, Emily spent seven years at the New York City Office of Management and Budget, working primarily in Economic Analysis. Emily holds a BA degree in government from Wesleyan University and a Master’s in Public Administration from New York University.
Ted Hampton is a Vice President - Senior Credit Officer on the States Rating Team and currently covers Alaska, Kansas, Maryland, Michigan, New Jersey, and South Carolina. He has also covered other states including Illinois and Puerto Rico and is a member of Moody’s pension task force.
Prior to joining Moody’s, Ted worked as a financial journalist covering topics including public finance. Ted holds an MBA from the Yale School of Management and an undergraduate degree from Dartmouth College.
Marcia is a Vice President – Senior Credit Officer for the States and High Profile Ratings Team covering credits for the states of Connecticut, Iowa, Louisiana, Maryland, New York, Rhode Island, Utah and Tennessee. Marcia has worked extensively on the development and implementation of analytical enhancements to Moody’s assessment of the credit implications of state and local government pension finance.
Prior to joining Moody’s in late 2010, Marcia held positions in government and the non-profit sector focused on public sector budgetary oversight and research. These positions included Deputy Comptroller for Budget for the New York City Comptroller’s Office, Deputy Research Director and Chief Economist at the Citizens Budget Commission, a nonprofit, nonpartisan organization, and Chief Economist and Director of Fiscal and Economic Analysis at the Office of the State Deputy Comptroller of the New York State Comptroller’s Office. Previously, Marcia worked for the New York City Economic Development Corporation and was Assistant Professor of Economics at Vassar College.
Marcia received a BA in economics from the State University of New York College at Purchase and a Ph.D. in economics from the University of Texas at Austin.
Baye Larsen is a Vice President/Senior Credit Officer for the States and High Profile Ratings Team covering credits for the states of New Jersey, Ohio, Oregon, New Hampshire, North Dakota, and Idaho, as well as the New York Metropolitan Transportation Authority and New Jersey Transit. Baye has contributed to several methodologies and authored the “Global Mass Transit Methodology” and the methodology for “State Aid Intercept Programs and Financings: Pre and Post Default”. Prior to joining the State and High Profile Ratings Team, Baye worked for the U.S. Project and Infrastructure Finance Team, where she covered a diverse portfolio of utility and infrastructure issuers, and on the Eastern Local Government Ratings Team providing ratings for local governments and water and sewer utilities. Baye received her BA in government from Georgetown University and her Master in Public Administration from New York University