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Mar 05

Debt Watch: The Outlook for Provincial Credit Ratings

Toronto ON, C.D. Howe Institute, 67 Yonge Street, Suite 300

Roundtable Luncheon with Adam Hardi, Paul LeBane and Stephen Ogilvie

It is crucial for both government and the private sector to understand the implications of shifting credit ratings and how they are determined. The C.D. Howe Institute invites you to join us on March 5th to hear the experts that make the calls that count for provincial credit ratings.

Adam Hardi, Assistant Vice President–Analyst, Sub-Sovereign Group, Moody’s Canada

Adam Hardi is an Assistant Vice President / 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 charterholder and has been teaching the CFA curriculum since 2008.


Paul LeBane, Vice President, Public Finance, Global Corporates, DBRS Limited

Paul is an analyst with DBRS Morningstar’s Canadian Public Finance team, which is responsible for the firm’s coverage of Canadian provinces, municipalities, universities, hospitals and other public-sector entities.

Prior to joining DBRS Morningstar, Paul worked in progressively senior economics, tax and fiscal policy roles in the Government of Alberta. Paul is a CFA charterholder, a Chartered Professional Accountant, Certified Management Accountant (CPA, CMA), and he holds a master’s degree in economics from Queen’s University.


Stephen Ogilvie, Director, Sovereign & International Public Finance Ratings, S&P Global

Stephen Ogilvie is a director and lead analyst in the Sovereign/International Public Finance group at S & P Global in Toronto. His main responsibilities are leading a group of public finance analysts and being the primary analysist for a number of governments and government-related entities. 

Prior to joining Standard & Poor’s in 2000, Steve was a public finance credit analyst with Canadian Bond Rating Service (CBRS) and, before that, an economist at the municipal finance branch of the Ministry of Municipal Affairs and Housing in Toronto. Earlier, he was a senior economist for the Region of Durham’s finance department in Oshawa.

Steve holds a Master of Business Administration, a Master of Arts, and a Bachelor of Arts, all from the University of Toronto.



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