Topic: The Data Center Capex Wave: What It Means for Munis

The rapid growth of AI is triggering a trillion-dollar build out of digital infrastructure.  Amid record data center capex, join us for a conversation exploring the many impacts to the muni market – from local governments, utilities and TIF districts, to energy prepay bonds and more.

Date:                    Thursday, April 9, 2026

Time:                    3:00 to 4:00 pm ET

Format:               Virtual (Zoom)

Speakers:

Dennis Pidherny, Managing Director, Fitch Ratings
Kathy Masterson, Senior Director, Fitch Ratings 
Holly M. Fishel, Policy & Research Director, Pennsylvania Association of Township Supervisors

Moderator:

Mark Schmidt, Head of Municipal Strategy, Morgan Stanley Research

Cost:
FREE for PhAMAS members with coupon code
FREE for representatives of non-profits, governments, and academic institutions with coupon code
(contact [email protected] to obtain coupon code)
$35.00 for other NFMA (non-PhAMAS) members
$50.00 for non-NFMA members
NFMA Members: Join PhAMAS with a secondary membership and gain FREE access to all PhAMAS events: https://nfma.memberclicks.net/secondaryphamas

Registration:
(this event is not open to the press)

Click here to register

Speaker Bios:

Kathy Masterson is a Senior Director in Fitch Ratings’ U.S. Public Finance Department. Kathy is a senior credit analyst with responsibilities in the public power and water/waste-water utility sectors. In her current role, she is the primary analyst on a portfolio of over 60 public power and water and sewer issuers including wholesale and retail utilities. Kathy is also responsible for providing senior analytical oversight and training to junior analysts, participation on credit committees across sectors, and presenting Fitch’s research to institutional investors, lenders and other financial intermediaries. 
 
Dennis M. Pidherny is a Managing Director – Public Finance at Fitch Ratings, Ltd, and responsible for overseeing the analytical activities for the firm’s Municipal Utilities Groups including U.S. Public Power and Water & Sewer, as well as its Municipal Structured Finance and Housing Groups. In his current role he is also responsible for is also responsible for presenting and disseminating Fitch’s research to a wide variety of institutional investors, lenders and other financial intermediaries. As a member of the U.S. Public Finance leadership team, Dennis has also held managerial responsibilities for a broader group of Fitch’s municipal sector revenue-supported analytical groups including Healthcare and Higher Education. Prior to joining Fitch Ratings in 2010, Dennis was Managing Director at Ambac Assurance Corporation where he was principally responsible for managing the underwriting activity for the company’s U.S. based investor-owned, cooperative and wholesale municipal utility clients, as well as for many international clients.