Carl has extensive experience in municipal credit risk evaluation, from the point of view of the buy side, both for investors and as bond guarantor.
From 2003 to 2009, Mr. Dincesen was an independent consultant, advising hedge funds and other institutional investors about credit risks in municipal bonds and providing insight into the business model used by bond insurers to guaranty bonds.
Prior to that, Carl was the Director of Public Finance Credit Management and Chair of the Credit Committee at Ambac Financial Group. He also chaired the Public Finance Remedial Management Committee, overseeing workout strategies for problem credits. During his 18-year tenure at Ambac, Mr. Dincesen managed several specialized underwriting groups, and established Ambac as a major presence in the secondary insurance market for municipal bonds.
Prior to joining Ambac, Carl managed municipal investment credit research at United States Trust Company of New York. He worked in that firm’s personal trust and investment division for seven years.
In recent years, he has written several articles discussing events and developments surrounding the municipal bond market and the rating agencies.The interest and inquiries generated by these articles led him to conclude that the time is right for a new rating service whose point of view is singularly that of investor. Is a fair estimate of credit risk consistent with the that of the rating agency(s') and if so, by how much and which direction.
Shelley Stein, Consultant
Ms. Stein has over 25 years experience as a public finance credit analyst and manager at two bond insurance companies, Ambac Assurance Corp and Group and ACA had a tremendous amount of wide ranging experience as a public finance credit analyst and manager at two bond insurance companies. First at Ambac for 17 years and then American Capital Access (ACA).
At ACA, Shelley underwrote investment- grade and non-investment grade issues (as defined by the public rating agencies). Having played an active role in workouts, she has first-hand experience with what can go wrong and right with municipal bonds. Shelley has a keen sense of gauging the size of the margins protecting the insurer, and therefore investors. At Ambac, Shelley was a senior credit officer and manager of several different public finance underwriting departments.
Confidentially Guaranteed - Clients need not disclose principal amount(s)
Municipal Credit Insights, LP and Benchmark Bond Ratings®, LP Garden City, NY