Photo of Spain, Carol

Carol Spain

Director, S&P Global

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Carol Spain is a director of U.S. Public Finance at S&P Global Ratings and is based in Chicago. As a lead analyst for U.S. States, she publishes thought leadership articles, works on criteria projects, mentors analysts, and serves as a subject matter expert on credit enhancement programs and short term debt. She serves as the primary analyst for several states, including Michigan, Oklahoma, Pennsylvania, Virginia and Wisconsin. Spain also covers local government credits and serves as the primary analyst for the City of Chicago. Her recently authored commentaries include U.S. State Debt Levels Continue to Flatline Despite Efforts to Raise Transportation Revenues and U.S. State Post-Employment Benefit Liabilities Signal An Unsustainable Trend. Spain is a recipient of the 2016 Bond Buyer Rising Star Award. She serves on the board of the Chicago Municipal Analyst Society and previously was a board member of the Women in Public Finance Chicago chapter, serving as Education Chair in 2016. Spain attended graduate school at the University of Chicago, where she received her master of public policy degree.  She also has a bachelor’s degree in political science from the University of Notre Dame.