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 Toronto. 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 and infrastructure sectors.
Reporting to the Managing Director - Asset, Project, & Sports Finance (Toronto), 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 in Toronto, New York, and across the global organization, 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, with a particular focus on Canadian infrastructure assets.
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…