Transportation, Toll Roads, Project Finance and US Mass Transit
- Social distancing and government restrictions will limit passenger travel, but commercial movement will remain strong.
- Vaccine success will begin to improve conditions by the third quarter.
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Kurt Krummenacker is manager in the Americas Project Finance and Infrastructure team, which covers a portfolio of transportation, public power, and project finance in North and Latin America. Prior to joining Moody’s in March 2006, Kurt worked in several departments of the Port Authority of New York and New Jersey. Kurt is are tired U.S. Army Captain who served as a Blackhawk Helicopter pilot and commanding officer of several aviation, logistics, and administrative units primarily in the 101st Airborne Division. Kurt holds a BS in Economics from the United States Military Academy at West Point, a Master of Aeronautical Science from Embry-Riddle University, and an MBA in Finance from the Columbia University Business School.
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
John is a Vice President - Senior Credit Officer in Moody’s Global Project and Infrastructure Finance Team covering a diverse portfolio of project financings, public private partnerships (PPPs), and municipal infrastructure issuers in the transportation, energy and social infrastructure sectors. John chairs Moody’s Global PPP Task Force and is the sector lead for US toll roads, PPPs and generic project financings. John authors research across multiple sectors and annually leads several new rating assignments for new PPPs and project financings in the US and Canada. John was selected as one of the Bond Buyer’s 2017 Rising Stars. Before joining the Infrastructure and Project Finance Team in 2010, John spent two and a half years as a lead analyst for local governments and enterprises in the Eastern Regional Local Government Ratings Team where he was the lead for municipal issuers in Pennsylvania and New York while also covering New Jersey, Virginia, and Florida. Prior to joining Moody’s, John worked as a risk management analyst, a property and casualty insurance account manager, and a health care claims auditor. John is a founding member and was the first co-chair of Moody’s NY Multicultural Employee Resource Group and is a founding steering committee member of Moody’s NY LGBTA Employee Resource Group. John earned his BA degree in Health Care Economics and Policy from Stanford University and his MPA in Health Care Public Finance from New York University’s Robert F. Wagner Graduate School of Public Service.
Earl Heffintrayer is the U.S. airport sector lead analyst and covers a diversified portfolio concentrated in transportation. In addition to Earl’s work in the airport sector, he actively leads new ratings on bids in the US public private partnership market. Prior to joining Moody’s in June, 2011, Earl worked at the Port Authority of New York and New Jersey where he primarily analyzed alternative capital project delivery methods. Earl began his career as a civil engineer on large infrastructure projects in the New York City region. Earl is a CFA charter holder. Earl holds a BS in Civil and Environmental Engineering from the University of Rhode Island and an MBA from Stern School of Business at New York University.
Moses Kopmar is an Assistant Vice President on Moody’s Global Project & Infrastructure Finance team. In his role, Moses covers a portfolio of US airports, seaports, social infrastructure and toll roads, as well as related project finance issuers. Prior to joining the Global Project & Infrastructure Finance team, Moses spent five years on Moody’s Local Government team, covering cities, counties, municipal utilities, schools, special districts and related issuers throughout the US. Prior to joining Moody’s, Moses worked in economic development in the San Francisco Bay Area. In that capacity, he engaged in economic development, government affairs and policy research on behalf of private and public sector members. Moses has a BA in English from Stanford University and an MPA in Public Finance from the Maxwell School of Syracuse University.
Jennifer Chang is a Vice President – Senior Analyst in Moody’s Global Project and Infrastructure Finance. Her portfolio spans a range of infrastructure sectors including transportation, social infrastructure and power projects in the Americas. She also leads new power project finance and public-private partnership rating Assignments and is the Public Power Sector Lead.
Jennifer launched the Infrastructure in Emerging Markets’ series, and is the author of several reports on PPPs, power and drillship transactions including special comments on airport concessions, express tolled lanes, credit enhancements and power project carbon transition.
Prior to joining Moody’s, Jennifer worked at the World Bank as an energy finance specialist in the Latin American and Caribbean and Africa regions where she helped co-author the Brazil Low Carbon Case Study report, and worked on large scale electricity distribution rehabilitation projects in Brazil, Honduras and Malawi. Prior to the World Bank, Jennifer worked at BNP Paribas covering North American utilities, and at the Royal Bank of Scotland and at Credit Agricole covering media and telecom.
She has a Bachelor of Science and Business Administration in Finance and Accounting from Drexel University and a Masters from the School of International and Public Affairs at Columbia University (SIPA) with a concentration in International Energy Management and Policy.