COVID-19's unprecedented negative impact on the US economy is highlighting significant challenges to revenue pledges that depend on tax revenue generated by retail sales, tourism and consumption. Moody's review of these credits incorporates stress tests on revenues as well as sources of liquidity to cover debt service during the downturn.  

Topics include:

  • Implications of COVID-19 on special tax credit quality
  • Moody's stress scenarios for broad and narrow special tax pledges
  • Sources of liquidity beyond current revenues
  • Summary of rating actions to date
  • Review of case studies

Speakers: 

  • Greg Lipitz, Vice President, Senior Credit Officer, Public Finance Group (Moderator)
  • Rachel Cortez, Associate Managing Director
  • Emily Raimes, Vice President, Senior Credit Officer
  • Frank Mamo, Assistant Vice President, Analyst
  • Sarah Jensen, Assistant Vice President, Analyst


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Following the commencement of TRIM in 2016, there are has been a multi phased approach to the ECB’s TRIM exercise. As we are gearing up for a year of further TRIM exercises and transitioning to review of wholesale and low default portfolios, Moody’s would like to host this webinar to provide:

  1. Further insight to the challenges in the market thus far
  2. The common themes across Europe
  3. Remediation and best practice approaches

Following the commencement of TRIM in 2016, there are has been a multi phased approach to the ECB’s TRIM exercise. As we are gearing up for a year of further TRIM exercises and transitioning to review of wholesale and low default portfolios, Moody’s would like to host this webinar to provide:

  1. Further insight to the challenges in the market thus far
  2. The common themes across Europe
  3. Remediation and best practice approaches