Position Title: Project Finance and Infrastructure - Associate/Associate Director (NY)Entity: Kroll Bond Rating Agency, LLCEmployment Type: Full-timeLocation: New York, New York, United StatesSummary/Overview:Kroll Bond Rating Agency (KBRA) is seeking an Associate or Associate Director to join its Project Finance & Infrastructure Ratings team within the Corporate, Project Finance & Infrastructure group. The successful candidate will lead and support new rating assignments and ongoing surveillance across a range of project finance and infrastructure sectors.
The role will involve significant responsibility for transaction analysis, rating recommendations, and execution of the rating process, as well as direct interaction with senior KBRA staff and external market participants. The candidate will also contribute to the development of junior analytical staff and broader team initiatives. This position is based in KBRA's New York City office.
Key Job Responsibilities:- Lead and execute new rating assignments and ongoing surveillance across project finance and infrastructure sectors, including renewable energy, conventional power, transportation, digital infrastructure, social infrastructure, and public-private partnerships (PPPs).
- Analyze project cash flows, financial models, financing and transaction structures, legal documentation, engineering and technical reports, and key contractual arrangements.
- Review and challenge sponsor financial models and develop independent base case, sensitivity, and downside stress scenarios to assess debt service capacity and credit risk.
- Evaluate key project risks, including construction, operational, counterparty, regulatory, market, and refinancing risks, as applicable.
- Develop rating recommendations and prepare and present transaction analysis to KBRA rating committees.
- Draft and review rating reports, press releases, surveillance reports, and research publications.
- Lead surveillance of assigned credits, including monitoring financial and operating performance, assessing changes in key credit factors, and recommending rating actions where appropriate.
- Lead analytical interactions with issuers, project sponsors, lenders, investors, financial advisors, and other transaction parties throughout the rating and surveillance process.
- Conduct transaction, industry, and sector research to support rating analysis and identify emerging credit trends.
- Mentor Analysts and Senior Analysts and review financial models, credit memoranda, and other analytical work products.
- Contribute to methodology development, analytical consistency, special research projects, and other team initiatives.
Key Skills/Experience:- Bachelor's degree in Finance, Accounting, Economics, Engineering, Mathematics, Business, or another field requiring strong quantitative and analytical skills.
- Approximately 4-8 years of relevant experience in project finance, infrastructure finance, ratings, lending, advisory, banking, investing, or a related field.
- Strong financial modeling and Excel skills, with demonstrated ability to analyze and challenge complex project finance models and develop independent stress scenarios.
- Strong understanding of project finance structures, documentation, contractual frameworks, and risk allocation.
- Demonstrated experience evaluating complex project finance and infrastructure transactions.
- Strong quantitative and analytical skills with high attention to detail.
- Demonstrated ability to write clearly and concisely.
- Excellent verbal communication and presentation skills, including the ability to clearly articulate credit views and recommendations.
- Ability to independently manage multiple transactions, rating assignments, and priorities effectively.
- Ability to work collaboratively across disciplines in a challenging and dynamic environment.
- Ability to mentor junior analysts and provide constructive review and feedback on analytical work.
- Progress toward the CFA designation or other relevant professional qualifications is a plus.
Salary Range:The anticipated annual base salary range for this full-time position is $100,000 to $150,000. Offer amounts are determined by factors such as experience, skills, geography, and other job-related factors.
Benefits:- A hybrid work schedule (Tuesday, Wednesday, Thursday in the office)
- Competitive benefits and paid time off
- Paid family and disability leave
- 401(k) plan, including employer match (100% vested)
- Educational and professional development financial assistance
- Employee referral bonus program
