municipal finance

Welcome to In Conversation with SWS. 

In each episode we will go beyond the numbers and spreadsheets, introducing you to the visionaries who are pushing boundaries within the industry. Through in-depth interviews, we learn from the trailblazers themselves—thought leaders, influential figures, economists and more—who share their stories, strategies, and invaluable insights. 

In Conversation with SWS is your go-to resource for staying informed, gaining inspiration, and unlocking the secrets of success in this ever-changing landscape. Tune in to join us on this captivating journey.

In today’s episode we are discussing and celebrating the history behind Juneteenth and the significant effect that diversity, equity and inclusion has in the workplace. 

Learn more about Juneteenth: https://www.juneteenth.com/ 

Our Speakers:

• Suzanne Shank, President & CEO
• Bill Thompson, Senior Managing Director and Chief Administrative Officer
• Gary Hall, President of Municipal Finance and the Infrastructure Group (Moderator)
• Patricia Koetzner, Managing Director Equity Trading
• David Stinfil, Managing Director
• Amanda Parker, Senior Vice President Transportation Group

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This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this recording is not a statement of Siebert Williams Shank & Co.’s policy. This podcast is not a product of SWS’s Investment Research and the information contained in this podcast is not financial research. The views and opinions expressed by guests are their own and their appearance on the program does not imply an endorsement or reflection of their views by SWS. and may differ from the views and opinions of other departments or divisions of SWS and its affiliates. SWS is not providing any financial, economic, legal, accounting, or tax advice or recommendations in this podcast. The information contained in this podcast does not constitute investment advice or an offer to buy or sell securities from any SWS entity to the listener and should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken to constitute such person a client of any SWS entity. Neither SWS nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.

Moody’s analysts discuss accelerating electric vehicle sales’ effects on US auto insurers and auto finance captives, and implications for state fuel taxes.

Speakers: Matthias Heck, VP – Senior Credit Officer, Moody’s Investors Service; Inna Bodeck, VP – Senior Analyst, Moody’s Investors Service; Jasper Cooper – VP – Senior Credit Officer, Moody’s Investors Service; Ted Hampton, VP – Senior Credit Officer, Moody’s Investors Service

Hosts:

Nicholas Samuels, Senior Vice President, Moody’s Investors Service; Danielle Reed, VP – Senior Research Writer, Moody’s Investors Service

Related content on Moodys.com/autotransformation (may only be available to registered users or subscribers):

• Electrification momentum is strong, automakers must invest to stay competitive
• US auto finance captives’ evolving portfolios will carry more electric vehicles and greater risk
• Auto insurers’ costs and pricing will rise as electric vehicles grow more popular
• Electric vehicles raise carbon transition risk for states' highway revenue bonds

Moody’s analysts discuss accelerating electric vehicle sales’ effects on US auto insurers and auto finance captives, and implications for state fuel taxes.

Speakers: Matthias Heck, VP – Senior Credit Officer, Moody’s Investors Service; Inna Bodeck, VP – Senior Analyst, Moody’s Investors Service; Jasper Cooper – VP – Senior Credit Officer, Moody’s Investors Service; Ted Hampton, VP – Senior Credit Officer, Moody’s Investors Service

Hosts:

Nicholas Samuels, Senior Vice President, Moody’s Investors Service; Danielle Reed, VP – Senior Research Writer, Moody’s Investors Service

Related content on Moodys.com/autotransformation (may only be available to registered users or subscribers):

• Electrification momentum is strong, automakers must invest to stay competitive
• US auto finance captives’ evolving portfolios will carry more electric vehicles and greater risk
• Auto insurers’ costs and pricing will rise as electric vehicles grow more popular
• Electric vehicles raise carbon transition risk for states' highway revenue bonds

Moody’s analysts discuss accelerating electric vehicle sales’ effects on US auto insurers and auto finance captives, and implications for state fuel taxes.

Speakers: Matthias Heck, VP – Senior Credit Officer, Moody’s Investors Service; Inna Bodeck, VP – Senior Analyst, Moody’s Investors Service; Jasper Cooper – VP – Senior Credit Officer, Moody’s Investors Service; Ted Hampton, VP – Senior Credit Officer, Moody’s Investors Service

Hosts:

Nicholas Samuels, Senior Vice President, Moody’s Investors Service; Danielle Reed, VP – Senior Research Writer, Moody’s Investors Service

Related content on Moodys.com/autotransformation (may only be available to registered users or subscribers):

• Electrification momentum is strong, automakers must invest to stay competitive
• US auto finance captives’ evolving portfolios will carry more electric vehicles and greater risk
• Auto insurers’ costs and pricing will rise as electric vehicles grow more popular
• Electric vehicles raise carbon transition risk for states' highway revenue bonds

Hospital credit stress is not going away as labor costs, largely driven by a nursing shortage, drive up expenses and capacity constraints squeeze revenue. 

Guests: Brad Spielman, Vice President - Senior Credit Officer, Moody’s Investors Service and Dan Steingart, Vice President - Senior Credit Officer, Moody’s Investors Service

Host: Nick Samuels, Senior Vice President, Moody’s Investors Service

Related content on Moodys.com (may only be available to registered users or subscribers):

• Not-For-Profit and Public Healthcare – US: 2023 Outlook - Negative as inflation, labor costs continue to drive expenses higher
• Hospitals – US: Developments to Watch: 2023

Muniland welcomes New York City’s comptroller to discuss the city’s first social bond, affordable housing, his push to increase budget reserves and what’s next for the city’s economy. 

Guest: Brad Lander, New York City comptroller

Host: Nick Samuels, Senior Vice President, Moody’s Investors Service

Macroeconomic conditions, enrollment troubles and muted revenue growth will continue to hinder colleges and universities. For mass transit, a weak ridership recovery and looming end to federal pandemic aid signal more tough times ahead.  

Guests: Susan Shaffer, Vice President-Senior Credit Officer, Moody’s Investors Service; Jared Brewster, Vice President-Senior Analyst, Moody’s Investors Service; Baye Larsen, Vice President-Senior Credit Officer, Moody’s Investors Service 

Host: Nick Samuels – Senior Vice President, Moody’s Investors Service

Related content on Moodys.com (may only be available to registered users or subscribers):

• Higher Education – US: 2023 Outlook - Negative as revenue rebound stalls and expenses surge
• Mass Transit – US: 2023 Outlook – Negative with low ridership and looming federal aid cliff

A one-notch upgrade has Chicago moving into investment grade. The city is set to benefit from a policy calling for greater pension contributions aimed at preventing growth in its unfunded pension burden. 

Guests: Rachel Cortez, Associate Managing Director, Moody’s Investors Service and David Levett, Vice President – Senior Analyst, Moody’s Investors Service

Host: Nick Samuels – Senior Vice President, Moody’s Investors Service

Related content on Moodys.com (may only be available to registered users or subscribers):

• City of Chicago, IL: Update to credit analysis following upgrade to Baa3 stable

Susan Fitzgerald and Chris Collins of the US Public Finance team discuss enrollment and other revenue challenges affecting higher education. Plus, Ted Hampton discusses how gas tax suspensions will affect states’ capacity to pay debt on bonds backed in large part by the suspended taxes.

Related content on Moodys.com (some content only available to registered users or subscribers): 

• Higher Education - US: Converging forces will squeeze budgets for many colleges and universities
• Higher Education – US: Macroeconomic factors will influence fall enrollment levels and revenue growth
• States – US: Gasoline tax holidays show governance risks for state revenue bonds

Tom Aaron of the US Public Finance team and Madhavi Bokil of the Credit Strategy and Research team examine why states, local governments and other public finance issuers are generally positioned to withstand moderately rising inflation. Plus, Chris Yared and Michael Wertz discuss to what extent federal infrastructure funding will address the 44,000 US bridges in poor condition.  

Related content on Moodys.com (some content only available to registered users or subscribers): 

• Public Finance – US: US public finance issuers not immune from pressure if inflation persists past 2022
• State and Local Government– US: Federal money pours in to improve bridge conditions, but more needed in many states
• Macroeconomics – Global: Russia-Ukraine crisis injects new risks into global economic outlook
• Macroeconomics – US: US labor market strength supports Fed tightening in March

Nansis Hayek and Matt Cahill of the US Public Finance team discuss how the pandemic-driven telehealth surge is helping the challenged healthcare sector. Plus, analysts Baye Larsen and Ted Hampton explain how manufacturing computer chips in Ohio and electric vehicles in Michigan will help the Rust Belt. 

Related content on Moodys.com (some content only available to registered users or subscribers): 

• Hospitals – US: Developments to watch: 2022
• State and Local Government – Ohio: Intel plant will give Ohio an economic boost; state aid to ease infrastructure pressure
• Michigan (State of): GM’s BEV manufacturing initiative supports Michigan's auto industry, mitigating carbon transition risk

Marcia Van Wagner of the US Public Finance team discusses reasons behind the falloff in soaring state tax revenue growth, including expired federal pandemic aid and interest rates. Plus, Jennifer Chang, Adebola Kushimo and Coley Anderson weigh in on environmental, social and governance (ESG) issues facing state and local governments and delve into our new simplified way of communicating ESG risks.    

Related content on Moodys.com (some content only available to registered users or subscribers): 

• States – US: Surge in tax revenue will moderate as pandemic effects evolve
• State Government – US: ESG considerations have mostly neutral to low credit impact on US states
• Local Government – US: ESG considerations have neutral to low credit impact on most large US cities
• Local Government – US: ESG considerations have neutral to low credit impact on most large US counties

Dan Kowalski and Michael Wertz of the US Public Finance team discuss the bill’s funding to replace lead service lines and water utilities facing a mix of aging assets and climate change. Plus, Steven Goodman-Leibof and Helen Cregger weigh in on the credit effects of water reductions in Arizona, Nevada and California.

Inside this episode:

• Dan Kowalski and Michael Wertz of the US Public Finance team discuss the bill’s funding to replace lead service lines and water utilities facing a mix of aging assets and climate change. (begins at 1:22 mins)
• Steven Goodman-Leibof and Helen Cregger weigh in on the credit effects of water reductions in Arizona, Nevada and California. (begins at 8:56 mins)

Related content:

• State and Local Government – US: Infrastructure bill would help fund lead service line replacement, a credit positive - The Senate's bipartisan infrastructure bill would provide $15.7 billion to replace lead service lines, benefiting states, cities, utilities and school districts with high exposure.
• Water Distribution – US: Drought-driven water supply cuts pose long-term risks for utilities in Arizona,California and Nevada - Declining water levels in Lake Mead, a major water reservoir in the West, highlight the long-term environmental risks from accelerating climate change for utilities in drought-prone areas.
• Municipal Water and Sewer Utilities – US: Climate threats and aging infrastructure portend rising credit risks for many utilities - Escalating infrastructure needs due to aging systems and growing climate challenges expose municipal water and sewer utilities to increased costs, higher debt loads and rising customer rates
• Environmental Utilities – California: Water utilities prepared for current drought; climate risks will intensify threat over time - California water utilities are generally well prepared to meet challenges as the state's drought continues, but greater investment to combat the effects of climate change will remain key.
• Jackson (City of) MS: Storm disruption to cost already struggling water and sewer system - A service outage will hurt revenue and bring repair costs for the Jackson water and sewer system, which already faces heightened costs associated with a consent decree and other matters.

David Levett and Ted Hampton of the US Public Finance team delve into Chicago and the State of Illinois’ improved prospects despite heavy pension obligations. Also, Sarah Jensen and Al Medioli discuss the lack of pandemic-driven defaults among US public finance credits we rate.

Inside this episode:

• David Levett and Ted Hampton of the US Public Finance team delve into Chicago and the State of Illinois’ improved prospects despite heavy pension obligations. (begins at 1:29 mins)
• Sarah Jensen and Al Medioli discuss the lack of pandemic-driven defaults among US public finance credits we rate. (begins at 8:43 mins)

Related content:

• Chicago (City of) IL: Update to credit analysis following revision of outlook to stable - Our credit view incorporating the city's healthy liquidity, massive economy, very high leverage and recovering revenue.
• Chicago (City of) IL: Political will to raise revenue, use of federal aid and state actions will drive financial trajectory - Chicago's credit trajectory will be influenced by political will to raise revenue, its use of federal aid and actions taken by the State of Illinois.
• Local Government – US: Falling rents, remote work uncertainty will hit property tax revenue in some big cities - Office vacancy is rising and rents are falling, which will likely weaken assessed valuation and have varying property tax revenue implications for five large cities.
• Illinois (State of): Update to credit analysis following upgrade to Baa2 - Our credit view of Illinois, reflecting its sovereign powers over revenue and spending, offset by its very large unfunded pension liabilities that remain on an upward trajectory.
• US Public Finance: US municipal bond defaults and recoveries, 1970-2020 - This study updates our findings concerning the default, loss and rating transition experience of US municipal bond issuers from 1970 to 2020.
   

Baye Larsen and Ken Kurtz of the US Public Finance team discuss how federal aid is buoying mass transit, but that a new normal awaits, with sector-wide ridership settling in below pre-pandemic levels. Plus, Val Gomez and Marcia Van Wagner explain how the pandemic has slowed progress toward gender equality in the labor force with implications for tax revenue and the housing market.

Inside this episode:

• Baye Larsen and Ken Kurtz of the US Public Finance team discuss how federal aid is buoying mass transit, but that a new normal awaits, with sector-wide ridership settling in below pre-pandemic levels. (begins at 1:25) 
• Val Gomez and Marcia Van Wagner explain how the pandemic has slowed progress toward gender equality in the labor force with implications for tax revenue and the housing market. (begins at 11:54)

Related content:

• Mass Transit – US Outlook improves to stable with substantial federal aid and likely rebound in tax revenue - Federal assistance for transit in the 2021 American Rescue Plan Act will offset operating losses driven by low ridership and weak tax collections.
• Public Finance – US: Covid's hit to women's employment poses economic, social risks across public finance - The pandemic has slowed trends toward gender equality, eroding gains in women's earning potential. The economic and social risks to public finance vary but are credit negative overall.

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Inside this episode:

Matthew Butler and Natalie Claes of the US Public Finance team discuss how better-than-expected revenue and a new wave of federal assistance spurred the outlook changes for US state and local governments in the face of the pandemic.   

Related content:

• States – US Outlook improves to stable amid stronger budgetary picture and federal support
• Local Government – US Outlook changed to stable as revenue conditions improve, federal aid continues

In the inaugural episode of Moody’s Talks – Muniland, Pisei Chea and Jared Brewster of the US Public Finance team discuss the effects of federal policies on states and higher education. Also, Susan Fitzgerald and Michael Osborn focus on how the pandemic’s upheaval will affect the year ahead for colleges and universities, including enrollment and debt refinancing.

Inside this episode:

• Pisei Chea and Jared Brewster of the US Public Finance team discuss the effects of federal policies on states and higher education. (begins at 1:52)
• Susan Fitzgerald and Michael Osborn focus on how the pandemic’s upheaval will affect the year ahead for colleges and universities, including enrollment and debt refinancing. (begins at 9:10)

Related content:

• Extended public health emergency maintains higher federal funding for states and hospitals
• Higher Education: Federal policy changes would have material impact if enacted but prospects uncertain
• Higher Education – US: Debt strategies provide flexibility amid pandemic; some carry longer-term risks
• Higher Education – US: 2021 outlook negative as pandemic weakens key revenue streams