Project Finance & Infrastructure Credit Ratings - Assistant Vice President/ Vice President

The Role:

Morningstar DBRS is seeking an experienced credit professional to join its Project Finance & Infrastructure team at the Assistant Vice President or Vice President level in New York. This role offers an opportunity to lead and support rating assignments across a diversified portfolio of North American infrastructure assets, including conventional power and renewable energy, digital infrastructure, transportation, public-private partnerships (PPPs), and other project finance & infrastructure sectors.

Reporting to the Managing Director, Energy & Natural Resources and US - Asset Finance you will analyze and monitor a portfolio of project finance and infrastructure ratings.. You will evaluate transaction structures, financial performance, contractual arrangements, and credit risks while developing well-supported recommendations for rating committees.

Working closely with colleagues across North America and globally, you will work in an environment that values rigorous analytical thinking, open dialogue and professional growth, while gaining significant exposure to issuers, sponsors, investors, and advisors and other stakeholders across the North American infrastructure landscape.

We are considering candidates at both the Assistant Vice President and Vice President levels, with final leveling determined by experience, credit expertise, and demonstrated ability to independently lead rating assignments and manage complex transactions.

What you'll be doing:

• Analyze and monitor a diversified portfolio of project finance and infrastructure ratings, including new transactions and ongoing surveillance.
• Serve as a lead or supporting rating analyst across conventional power and renewable energy, digital infrastructure, transportation, PPPs, and other infrastructure sectors.
• Review and interpret transaction documentation, including power purchase agreements, concession agreements, financing agreements, legal opinions, and other contractual arrangements, to assess credit implications.
• Perform comprehensive financial statement analysis and evaluate project finance models, including cash flow forecasts, sensitivity analyses, and downside scenarios.
• Prepare high-quality credit rating reports, press releases, research notes, and analytical commentary that clearly communicate key credit drivers and risks.
• Develop rating committee materials, formulate credit recommendations, and present analytical findings and recommendations to rating committees.
• Engage with issuers, sponsors, investors, and advisors to discuss credit performance, rating rationales, and analytical methodologies.
• Manage ongoing portfolio surveillance, monitoring financial performance, industry developments, and emerging credit risks.
• Contribute to the development, refinement, and application of project finance rating methodologies and sector-specific analytical approaches.
• Support analytical discussions with fixed-income investors and provide analytical support for business development initiatives.
• Work collaboratively with colleagues across Europe and North America across the broader Fundamental Ratings team, in particular the Diversified Industries and Energy & Natural Resources groups. 
• Collaborate with colleagues across the global Project Finance & Infrastructure team and contribute to knowledge-sharing and the development of junior analysts.

What we're looking for:

• Bachelor's degree in finance, business, economics, engineering, or a related discipline.
• At least five years of relevant financial or credit analysis experience, including a minimum of two years of experience in project finance, infrastructure finance, or corporate credit analysis.
• Strong understanding of credit risk assessment, financial markets, and project finance or corporate financing structures.
• Relevant credit experience gained at a credit rating agency, bank, infrastructure advisory or consulting firm, or investment management firm. Prior rating agency experience while not required, is an asset
• Experience across one or more infrastructure sectors, including conventional power and renewable energy, digital infrastructure, transportation, or PPPs, is preferred.
• Strong financial modeling and financial statement analysis skills, including the ability to evaluate cash flow projections, debt structures, and sensitivity scenarios.
• Experience reviewing financing agreements, legal contracts, and other transaction documentation from a credit perspective.
• Strong research, analytical, and problem-solving capabilities with exceptional attention to detail.
• Excellent written and verbal communication skills, including the ability to present complex credit analysis and recommendations to senior stakeholders.
• Strong analytical judgment and the ability to develop, articulate, and defend well-supported credit recommendations.
• Ability to work independently and collaboratively in a fast-paced, team-oriented environment.
• Familiarity with North American infrastructure financing markets is an asset.
• Completion of, or progress toward, the CFA designation or an MBA is an asset.
• Willingness to travel as required.

Compensation:

The base salary range for this position in New York is:

• Assistant Vice President: $97,000 – $145,000
• Vice President: $113,000 - $195,000

Final title and compensation will be determined based on the successful candidate's qualifications, relevant experience, technical expertise and overall alignment with the responsibilities of the role. This position is also eligible for an annual performance-based bonus

For consideration at the Vice President level, candidates should have 7+ years of relevant experience in project finance and infrastructure finance credit analysis, demonstrate strong analytical judgment and the ability to independently lead complex credit assessments, manage rating assignments, and present credit recommendations to rating committees. Experience providing analytical guidance to junior team members is also preferred.

The Group:

Our Project Finance & Infrastructure team provides independent credit ratings and research across a broad range of infrastructure assets throughout North America. The team's coverage includes conventional power and renewable energy projects, digital infrastructure such as data centers, telecommunications towers and fiber networks, transportation assets including airports, toll roads and ports, and public-private partnerships.

Through fundamental credit analysis, financial modeling, transaction structuring expertise, and ongoing surveillance, the team evaluates the creditworthiness of infrastructure projects and provides independent credit opinions that support informed decisions by issuers, investors, lenders, and other market participants.

Compensation and Benefits

At Morningstar we believe people are at their best when they are at their healthiest. That’s why we champion your wellness through a wide range of programs that support all stages of your personal and professional life. Here are some examples of the offerings we provide:

• Financial Health

  • 100% 401k match up to 6% of salary

  • Stock Ownership Potential

  • Company provided life insurance - 1x salary + commission

• Physical Health 

  • Comprehensive health benefits (medical/dental/vision) including potential premium discounts and company-provided HSA contributions (up to $500-$2,000 annually) for specific plans and coverages

  • Additional medical Wellness Incentives - up to $300-$600 annual

  • Company-provided long- and short-term disability insurance

• Emotional Health 

  • Trust-Based Time Off

  • 6-week Paid Sabbatical Program

  • 6-Week Paid Family Caregiving Leave

  • Competitive 8-24 Week Paid Parental Leave

  • Adoption Assistance

  • Leadership Coaching & Formal Mentorship Opportunities

  • Annual Flex Stipend - $1000 annually to cover personal education & well-being expenses

  • Tuition Reimbursement

• Social Health 

  • Charitable Matching Gifts program

  • Dollars for Doers volunteer program

  • Paid volunteering days

  • 15+ Employee Resource & Affinity Groups

Base Salary Compensation Range

Incentive Target Percentage

Morningstar's hybrid work environment gives you the opportunity to collaborate in-person each week as we've found that we're at our best when we're purposely together on a regular basis. In most of our locations, our hybrid work model is four days in-office each week. A range of other benefits are also available to enhance flexibility as needs change. No matter where you are, you'll have tools and resources to engage meaningfully with your global colleagues.