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 and regulatory work centers on the following areas of expertise:

  • Cash flow adequacy;

  • Solvency and insolvency; default and bankruptcy in the context of rate-regulated utilities;

  • Ring-fencing and governance within holding company groups;

  • Regulatory lag;

  • Need for interim rate increases;

  • Rate decoupling and fixed/variable rate plans;

  • Rate trackers and formula rate plans; incentive rate programs;

  • Energy procurement contracts;

  • Key credit-oriented financial ratios;

  • Access to financial markets and credit;

  • Competitive energy markets; counterparty credit;

  • Utility tariff bonds and structured tariff-based financing.

  • Utility privatization; restructuring.