Canadian Provincial Outlook
- Fiscal challenges, direct and indirect, stemming from the coronavirus.
- Outlook for uneven economic growth in 2021.
- How debt affordability shapes our view on rising debt burdens.
- Forecast for oil prices and investment in the sector.
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Alejandro Olivo heads the Sub-Sovereign, Project and Utilities teams of analysts covering the sector’s issuers in Latin America. Prior responsibilities in Moody’s include managing the activities of Moody’s Sub-Sovereign franchise in Latin America and Canada.
Prior to Moody’s, Alejandro held increasingly senior positions at both the government and the private sector. In the public sector, Alejandro served as CFO of Financiera Rural, Mexico’s rural development bank, Deputy Director of Technical Assistance at Banobras and Treasurer of the Government of Mexico City. In the private sector, Alejandro worked for Société Générale as a Senior Relationship Banker covering Latin American clients from New York and, prior to that, as the bank’s Risk Economist for Latin America based in Paris.
Alejandro holds an MA from Johns Hopkins University and a BA from Instituto Tecnológico Autónomo de México (ITAM).
Michael Yake is a Senior Vice President / Manager in Moody’s Global Sub-Sovereign group. Based in Toronto, Michael leads the team of analysts for the Canadian Sub-Sovereign portfolio which covers provinces, municipalities and a wide selection of government related issuers in Canada. He is also a co-manager of the non-US portfolio of Moody’s Global Higher Education group which includes institutions in Canada, Mexico, Australia and the United Kingdom. He joined Moody’s in 2011.
Michael has a broad background in public policy, finance and economics. Prior to joining Moody’s, he was a Senior Economist with the Bank of Canada in their Quebec regional office. He has also held various positions with other federal government departments.
Michael holds an M.A. in economics from Queen’s University and a B.A. in economics from the University of Western Ontario.
Adam Hardi is a Vice President - Senior Analyst in Moody’s Sub-Sovereign group in Toronto. Adam is one of two lead analysts responsible for the portfolio of Canadian regional and local governments, including the provinces, as well as government related issuers in Canada.
Adam joined Moody’s in 2015. He had previously spent over a decade at Royal Bank of Canada, Toronto Dominion Bank, and Canadian Imperial Bank of Commerce, in Toronto and Vancouver. He held various credit and trading roles in sub-sovereign and financial institutions credit risk analysis and credit risk policy, as well as institutional equity and derivatives trading.
Adam holds an MBA from the University of Toronto (Rotman) and a BA in Economics from the University of Manitoba. Adam is also a CFA charter holder and has been teaching the CFA curriculum since 2008.ess.