The State of the Illinois Budget

When to Invest and When to Worry
 
Please note that this event will be through Zoom. Login information will be provided in the reminder email closer to the event
 
Hosted by: Education Advisory Group

The credit quality of the State of Illinois has been on a long-term downward trend. Its current credit ratings are just one notch away from junk bond status and are on negative outlook. Illinois recently failed to pass a new tax rate increase and is facing a daunting budget deficit, significant pension underfunding, and declining demographics. Will Illinois be able to stabilize its creditworthiness, or will it slide into the ignominious standing of being the only state rated below investment grade? Our panel will address the factors that will affect its ratings over the foreseeable future and current risks and rewards of investing in Illinois bonds. 

  • The current creditworthiness and outlook for the State of Illinois 
  • Factors that could improve or impair the states credit rating
  • The weaknesses of the Illinois budget
  • Whether or not investors are appropriately compensated for the credit risks 
     
Speakers:  

Ted Hampton - Vice President - Senior Credit Officer, State Ratings Team, Moody's Investors Service
Andrea McKeague - Vice President, Senior Fixed Income Municipal Analyst, Northern Trust
Adam Schuster -  Senior Director of Budget and Tax Research, Illinois Policy Institute

Moderator: Dave Sekera, CFA - Chief U.S. Market Strategist, Morningstar Research Services LLC

Fee*:  
Members - FREE  
Nonmembers - FREE

CFA Institute Qualified Activity: Eligible for 1 credit hour

Registration: Online  
Zoom login information will be provided in the reminder email closer to the event. Registration closes at 5:00 PM on December 9, 2020.

Agenda: 
4:00 pm - 5:00 pm CST: Program 
Please log in a few minutes early to test your video and internet connections.

*Distribution of presentation slides is at the discretion of the speaker and may not be available for this event

Speakers:

Ted Hampton
 is vice president/senior credit officer for the States Rating Team covering Illinois among other states. He has served as lead analyst for numerous borrowers covered by the states team, including the Commonwealth of Puerto Rico. Before joining Moody’s, Hampton worked as a journalist covering various topics including the US Treasury market, the insurance industry, and public finance. He has an MBA from the Yale School of Management and is a graduate of Dartmouth College.




Andrea McKeague is a VP and senior municipal fixed income securities analyst for Northern Trust Company with nearly 30 years of corporate and public finance industry experience. Her primary responsibilities include financial institutions from investment grade through high yield with focus on municipal tax-backed GOs, Leases/COPs/appropriation risk and dedicated tax bonds issued by states and local governments (IL, KY, MI, NJ, CT etc) as well as land districts in the Muni High Yield space. McKeague’s prior roles include senior fixed income analyst position at McDonnell Investment Management and managing $1.2B in Senior Bank Loan portfolio for Van Kampen Investment’s $13B Prime Rate Senior Loan Trust fund. She is a member and former Board of Governors member of National Federation of Municipal Analysts and member, former Board Member and chair of Chicago Municipal Analysts Society. She earned her B.A. in finance from Northern Illinois University.
 

Adam Schuster
is the senior budget and tax research director at the nonpartisan Illinois Policy Institute. Schuster develops original research, solutions, and writing regarding state and local finances. His work focuses on finding practical solutions to Illinois' worst-in-the-nation pension crisis, making government spending more efficient and reducing property taxes. His work has appeared in the Wall Street Journal, the Chicago Tribune, Crain’s Chicago Business, Fox News, Reason Magazine, and more. Schuster is also a frequent guest expert or panelist for state and local media, including Chicago Tonight, WGN, and various radio stations.

Schuster has a master’s degree from Northern Illinois University. Prior to joining the Institute, he worked in the Illinois Department of Labor as a Senior Policy Advisor. His work for the State of Illinois focused on reducing unnecessary regulatory burdens and on an initiative to tie state spending to measurable policy outcomes.
 

Moderator:

Dave Sekera, CFA, is chief U.S. market strategist for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. Before assuming his current role, he was a managing director for DBRS Morningstar. Prior to joining Morningstar in 2010, Sekera worked in the alternative asset-management field and has held positions as both a buy-side and sell-side analyst. He has over 25 years of analytical experience covering the securities markets. Sekera holds a bachelor's degree in finance and decision sciences from Miami University. He also holds the Chartered Financial Analyst® designation.



*Special Notes Regarding Fees: 
This event is complimentary for both members and nonmembers. Registration online is required and closes at 5:00 PM on December 9, 2020.


CFA Institute CE Qualified Activity:
This program qualifies for credit under the guidelines for the 
CFA Institute Professional Development Program.

When
12/10/2020 4:00 PM - 5:00 PM
Where
Online

Sign In