US Higher Education
- Primary revenue streams for public and private universities face significant uncertainties.
- Enrollment declines at community colleges will have varying credit impacts depending on funding source.
- Changing federal policies and priorities could drive significant market shifts.
- Asset and liability management strategies rise to the front as sector responds to difficulties.
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Jian Hu is currently Managing Director and Head of New Ratings for Naomi Richman is a Senior Vice President in Moody’s Public Finance Group. Naomi manages the PFG Surveillance and Annual Issuer Comment Report teams. She is also responsible for contributing to state and local government analytical initiatives, research and methodologies. Naomi is a former Chair of Moody’s Public Sector Credit Committee, which approved methodologies and policies for global public sector ratings. Naomi has over 30 years of experience in public sector credit analysis at Moody’s including housing, higher education, sovereigns and local governments.
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.
Susan Fitzgerald is an Associate Managing Director in Moody’s Public Finance Group and manages Moody’s Global Higher Education and Not-for-Profit Ratings Team. The team rates nearly 800 colleges, universities, and not-for-profit institutions worldwide. Susan has extensive public finance experience, serving as a senior analyst on both the higher education and health care ratings teams. She has also been involved in various initiatives related to ESG analysis, charter schools, intercept ratings, and public-private partnerships. Susan originally joined Moody’s in 1994 and rejoined in 2013 after a 6 year hiatus.
Susan’s other prior work experience includes managing the financial advisory practice at a boutique investment banking and advisory firm; serving as commercial credit analyst for a community bank; owning and operating an art gallery and a bed and breakfast; and as the assistant director of development, focused on foundation and corporate relations, for a graduate school.
Susan holds a Master’s degree in International Studies (European Studies and Economics) from The Johns Hopkins University, School of Advanced International Studies. Her A.B. degree in Diplomacy and World Affairs, with a minor in Economics, is from Occidental College, Los Angeles.
Michael Osborn is a Vice President/Senior Analyst for the Higher Education and Not-for-Profit Ratings Team covering a diverse portfolio of organizations throughout the US.
Prior to rejoining Moody's, Michael was a Vice President in the Education and Not for-Profit practice at Wells Fargo Bank. Previously, he was the Senior Director of Admissions and Financial Aid at a private college in the Northeast and a Senior Loan Officer at two financial institutions. Michael holds an MBA in Finance from Fordham University and a BA in History from Michigan State University.
Cassandra Golden is an Associate Lead Analyst for the Higher Education and Not For-Profits Team and has been with Moody’s since April 2017. Cassandra covers higher education and not-for-profit institutions across the United States, with a focus on community colleges and independent schools.
Prior to joining Moody’s, Cassandra worked as a Senior Analyst at the NYC Mayor’s Office of Management and Budget. Cassandra holds a B.A. in Political Science and Public Administration from Providence College. While in college, Cassandra held internships with the New York State Department of Labor and the New York State Senate.
Susan Shaffer is a VP-Senior Credit Officer on Moody’s Higher Education and Not-for Profit Team. She covers the ratings of a diverse portfolio of institutions, including Ivy League universities, large public university systems, and nationally prominent not-for profit organizations.
Prior to joining Moody’s, Susan served as Senior Vice President at New York State’s economic development agency, Empire State Development, where she oversaw economic incentive programs for New York State businesses and major educational and not-for profit institutions. Previously, she worked in admissions and marketing in the higher education sector at Tulane University and New York University as well as in recruitment at Ernst and Young Consulting. Susan holds a B.A. in Classics from Tulane University and an M.B.A. from New York University’s Stern School of Business.
Jared Brewster is an Assistant Vice President/Analyst for the Higher Education and Not-for-Profits Ratings Team covering higher education and not-for-profit institutions across the United States, with a focus on the Midwest.
Prior to joining Moody’s, Jared worked as a Director of Research for a private foundation. Prior to working at the foundation, Jared was a Principal Analyst at the Congressional Budget Office where he was responsible for estimating and projecting debt and interest costs of the federal government. Jared holds an MPA from the University of Delaware and a BA in Political Science from Capital University.