OREANDA-NEWS. Fitch Ratings has announced the retirement of Richard Raphael, Managing Director and head of US Public Finance, after nearly 27 years at the firm. Jessalynn Moro succeeds Raphael as head of US Public Finance.

'Rich has played an important role in Fitch's success and growth in US Public Finance over the years, having joined in 1989 as head of the local government group and later as head of the states group. We deeply appreciate his significant contributions to Fitch, as well as to public finance more broadly.' said Dan Champeau, global group head of public finance and infrastructure at Fitch.

Fitch expects to engage Raphael in the future as an independent consultant on environmental, social and governance (ESG) and impact investment initiatives, among other projects.

Moro was formerly head of the local government ratings group in US Public Finance. She has held various analytical and leadership positions during her more than 16 years at Fitch. Moro will report to Champeau.

Laura Porter, currently head of Fitch's US state ratings group, succeeds Moro as head of the USPF local government team. Porter, who has been with Fitch for more than 10 years, remains head of the state ratings group in addition to her new responsibilities.

Raphael said: 'Fitch is an incredible company and I am proud of my talented and insightful colleagues in USPF and what they have accomplished. I am confident that the group will reach great heights under the able and dynamic leadership of my colleague and friend, Jessalynn Moro'.

'Jessalynn is an outstanding analyst and a passionate leader,' said Champeau. '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 USPF team are well positioned to take this talented group forward.'