Richard Raphael, Managing Director and head of U.S. Public Finance at Fitch Ratings, will retire from the firm Oct. 30 after almost 27 years. Jessalynn Moro has been named to succeed him.
“Rich has played an important role in Fitch's success and growth in U.S. Public Finance over the years, having joined in 1989 as head of the local government group and later as head of the states group,” Dan Champeau, global group head of public finance and infrastructure at Fitch, said in a press release.
Moro was head of the local government ratings group and has held various analytical and leadership positions during her 16 years at Fitch. Moro will report to Champeau.
“Jessalynn is an outstanding analyst and a passionate leader,” Champeau said. “She understands the strength of our culture and is a strong believer that Fitch can serve investors better than our competitors do. She and the senior U.S. Public Finance team are well positioned to take this talented group forward.”
Laura Porter, currently head of Fitch’s state ratings group, takes over from Moro as head of the local government team. She will continue to head the state ratings group. Porter has been at Fitch for over 10 years.
Raphael, 58, is expected to continue to work with Fitch as an independent consultant on environmental, social and governance and impact investment issues, the rating agency said.
"When I look back, I am very gratified by what I have accomplished in my rating agency career. It is a bit breathtaking how quickly time passes by and I realize that there is still much remaining that I wish to do,” Raphael said. “I have always had a personal interest in the impact investment world, particularly in urban economic revival, and in recent years, in initiatives to address climate change. The latter issue has become a significant force behind the growing adoption of ESG considerations in the investment community.”
Raphael is a member and a former Chairman of the Municipal Analysts Group of New York and a former President of the Municipal Forum of New York. He currently serves as a private sector advisor to the Governmental Finance Officers Association's Committee on Economic Development and Capital Planning. He previously served in the same role to its Government Debt and Fiscal Policy Committee. He has also been a trustee of the Citizen's Budget Commission.
Raphael received the Career Achievement Award from the National Federation of Municipal Analysts in 2014 and was awarded the Austin Koenen Career Achievement Award from The Municipal Forum of New York in 2015. He has also received numerous Smith’s Research and Gradings Municipal All-Star awards.
