Managing Director, HilltopSecurities

Ted Chapman is managing director at Hilltop Securities, specializing in credit, research, and environmental, social, and governance (ESG) factors in the municipal marketplace. Before joining Hilltop Securities in 2021, Ted spent more than 20 years as a municipal bond credit analyst at S&P Global Ratings where he served as their subject matter expert and a credit rating criteria author for municipal water utility revenue bonds, as well as serving on the global team that developed S&P’s initial views on sustainable finance. Prior to S&P, he was El Paso (Tex.) Water Utilities’ very first budget officer. He has published commentaries on a wide range of municipal market topics, including affordability, resilience, and climate risk management. He has been recognized every year since 2016 as a “municipal all-star” Wall Street analyst by Smith’s Research and Gradings. Chapman is an active member of the National Federation of Municipal Analysts; American Water Works Association – including a member of its Finance, Accounting, and Management Controls committee and its Climate Change committee – and the Water Environment Federation. He served on the U.S. Environmental Protection Agency’s (EPA) Environmental Financial Advisory Board (EFAB) from 2017 to 2023. Ted holds a bachelor’s degree in political science from the University of Arizona and an MPA from the University of Texas at El Paso.