Kroll Bond Rating Agency

Ted Damutz and Lina Santoro have joined Kroll Bond Rating Agency as directors in the public finance department in New York City.

"When the rating agencies developed and rolled out their ESG scores, they said their ESG scores would not impact an issuer's credit rating. We are holding them to their word," said Ben Watkins, director of the state Division of Bond Finance.

"The latest upgrade is further recognition of the work we have put into responsible budgeting," said Treasurer Elizabeth Maher Muoio.

"Every credit has its quirks," Peter Scherer said. "I enjoy the challenge of putting them in context while delivering thoughtful and punchy credit opinions that inform investors and inspire confidence in the municipal market."

KBRA says the deal will allow for expansion.

“There’s been a lot of discussion about New York City and its future in the public domain. And when that happens it makes sense to solicit multiple opinions,” said Kroll Senior Managing Director Karen Daly.

Three upgrades in two days and four in six weeks mark the state's first bond-rating upgrades in 20 years.

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KBRA said the development, weighting, and ranking of the key factors in ESG scores are endeavors best left to investors rather than to rating agency credit analysts.

Rising state-supported debt and sidestepping best practices alarm the comptroller.