Expert Witness Testimony

Ellen Lapson is a respected authority on utility investment with a strong foundation in credit ratings and first-hand knowledge of banking practices, capital markets, and  investor preferences.  Her experience qualifies her to testify as an expert witness in regulatory proceedings and legislative hearings.

For over 17 years at Fitch Ratings, Lapson served as Fitch's liaison with the major U.S. fixed income investors, portfolio managers, bankers, and buy-side and sell-side analysts, meeting regularly with them to explain Fitch’s credit rationale on individual credits and to respond to investor questions and concerns.   She maintains strong connections with institutional investors, sell-side equity and fixed-income analysts, and utility regulators.  Also, prior to joining Fitch Ratings, Ms. Lapson was a commercial banker and investment banker with nearly twenty years of experience in the debt and credit markets.  

Lapson’s research work over the past two decades has focused on the following areas of special expertise:

  • Utility capital spending and implications for cash flow;
  • Regulatory lag;
  • Need for interim rate increases;
  • Rate decoupling and fixed/variable rate plans;
  • Rate trackers and formula rate plans; incentive rate programs;
  • Default, bankruptcy and insolvency;
  • Cash flow versus accrual accounting measures;
  • Key credit-oriented financial ratios;
  • Access to financial markets and credit;
  • Competitive energy markets;
  • Ring-fencing and corporate relations within holding company groups;
  • Utility tariff bonds and structured tariff-based financing.

A list of Lapson's expert testimony  is available here.