TABE In-person Luncheon: Navigating Provincial and Sovereign Challenges: Tariff Exposure, Economic Risks, and Fiscal Dynamics in Canada with Fitch Ratings
With geopolitical risk increasingly influencing economic outlooks, come join TABE in learning about its impacts on Canadian provincial and national economic and fiscal outlooks with analysts from Fitch Ratings.
Fitch Ratings’ provincial and sovereign analysts will address questions such as:
• How tariff risks could affect provincial and Canadian economies and budgets for fiscal 2026?
• What other economic and fiscal risks could affect the provinces and Canada, including the slowdown in immigration, lingering inflation and wage pressures and the ongoing challenge of providing effective healthcare?
• What are the impacts of the upcoming federal election?
• What is the general health of Canada’s credit profile, especially given all the risks?
Lunch and refreshments will be provided
This event has been organized by current TABE President & Chair Alex Ciappara and past TABE Board Member Randall Bartlett.

Nicolas Painvin is a Managing Director and the global head of International Public Finance (IPF), the analytical group covering Local and Regional Governments and Government Related Entities. IPF rates public sector credits in more than 40 countries globally and has close to 80 analysts located in 15 different countries of all continents.
Prior to this, Nicolas was head of Criteria, Research and Credit covering ratings of Global Infrastructure as well as International Public Finance groups. Until 2015 Nicolas
headed the transport and social infrastructure team in the EMEA region.
Before joining Fitch in 2000, Nicolas worked as a senior auditor for Deloitte and as banker for Caisse Nationale des Caisses d’Epargne (now Natixis) in France, where he was in charge of large public sector clients. Nicolas has more than 25 years of experience in public, infrastructure and project finance. He has notably developed expertise in risk analysis of complex projects and institutions. He also developed management and strategic skills, implementing organizational changes in the teams of which he was in charge.
Nicolas is a professor on credit ratings, public finance and project finance at the Universities of Paris since 1998 (currently at Sciences Po Paris). He co-authored a reference book on credit ratings (“La notation financière”), published by Dunod Editeurs, Paris, in March 2007 and wrote several academic articles.
Nicolas holds a Master in Management from Rouen Business School (Neoma), holds a post graduate degree in public management from Université Paris-Dauphine and a BA in
languages (German, English) from La Sorbonne. Nicolas speaks French, English, German and Italian and has good command of Spanish.

Doug Offerman is a Senior Director in Fitch Ratings’ Public Finance Department responsible for Fitch’s portfolio of Canadian provincial and other subnational credits. He is also Fitch’s subject matter expert on public pensions, supporting credit analysis across several sectors. Doug was awarded Fitch’s Analytical Contribution and Excellence (ACE) award in 2019 in the influencer category in recognition of his expertise and impact on pension-related work.
Before joining Fitch 19 years ago, Doug worked in nonprofit financial management, and researched city and state budget and labor issues for the Citizens Budget Commission of New York. He also worked for the U.S. government at the U.S. Information Agency, the U.S. Trade Representative’s Office, and Corporation for National Service. He began his career working for the State of California. Doug graduated from U.C.L.A. (B.A. in History) and Columbia Business School (M.B.A.).

Joshua Grundleger is a Director in Fitch Ratings’ Sovereigns Americas group, based in New York. His coverage includes Canada, the United States and Mexico, as well as the Caribbean. Prior to Fitch, Joshua worked at Moody’s Investors Service, as a credit analyst on the European sovereign team, covering both developed and developing economies, and in the US Public Finance Group, primarily covering US states and transit enterprises. Before Moody’s, Joshua was an economist and researcher in the Economist Intelligence Unit’s (EIU) Custom Research team.
Discounted Rates
Logged in Members receive a discounted rate. Please login or proceed without membership pricing to sign up for this event.
Login Continue without a MembershipEvent Details
Fitch Ratings officesBay Adelaide Centre East Tower, 22 Adelaide St W Suite 2810, Toronto, ON M5H 4E3 Mar 19, 2025 12:00 pm - 1:15 pm EST
Event Registration
Public Attendee List
- Wendy Hu
- Alex Ciappara
- Chris Langstaff
- Bo Liu
- Isaiah Joseph
- Sukanya Nair
- William Robson