Assistant Vice President - CMBS Credit Ratings

About Morningstar: Morningstar is a leading global provider of independent investment insights, serving both individual and institutional investors across public and private markets. Our offerings include a wide range of data, research, and investment management services, with $300+ billion in assets under management. Operating in 32 countries, Morningstar supports financial advisors, asset managers, retirement plan providers, and more with comprehensive investment solutions.
The Role: Morningstar DBRS European CMBS team is looking for an Assistance Vice President - Senior Analyst to be based in London or Frankfurt. The successful candidate will support European CMBS lead analysts in rating new and in monitoring the rating of existing European CMBS transactions rated by Morningstar DBRS. Candidates should be willing to work in an environment with strong focus on teamwork, have a strong worth ethic, an analytical mind set and attention to detail.
The successful candidate may occasionally be involved in the rating process of other European structured finance asset classes. In addition, he or she will assist in the update of the European CMBS rating methodology, as well as be involved in research projects.
Responsibilities
The successful candidate should have 2-4 years of relevant work experience and will:• Provide support in the CMBS rating process for European transactions; predominantly in underwriting commercial real estate loans in accordance with Morningstar DBRS's European CMBS rating methodology.• Provide credit analysis and use quantitative tools to assess the credit worthiness of single-loan and multi-loan European CMBS.• Determine and monitor Morningstar DBRS net cash flow assumption for all major property types (office, retail, logistics, multifamily, hotel) and a variety of loan sizes (EUR10 million to >EUR500 million) based on property performance, market dynamics and loan structure.• Lead the publication of European CMBS performance analytics reports on www.dbrs.com.• Accompany senior analysts and ultimately represent Morningstar DBRS at site inspections of all major property types throughout Europe.• Help produce detailed committee memos as well as assist drafting published presale and rating reports distributed to investors containing the culmination of research and analysis.• Present loan level analysis, transaction structural summaries and quantitative results to credit committee.• Conduct market research and financial analysis for rating committees, research, investor meetings and conferences.• Assist senior members of the team to develop reports for investors and for presentations to be delivered at conferences.• Respond to client and colleague inquiries regarding methodologies, analysis and research.
Qualifications• Completed a bachelor (or equivalent) degree in finance, real estate or a related area.• A Master, CFA or accounting designation (enrolment or completion) and experience in securitization are considered definite assets.• Previous work-experience in the financial services industry (especially in the commercial real estate sector) is a plus.• Basic understanding of European CMBS transactions.• Proficiency in Microsoft Excel. Advanced knowledge and practical skills in using Word, PowerPoint and Outlook.• Knowledge of analytical programming languages (VBA, Python, etc.) is a plus.• Excellent written and oral English language skills.• Knowledge of another European language/s is a plus.• Demonstrated analytical abilities, with a high attention to detail and producing high quality work.• Curiosity to develop new applications and to perform complex analyses, and ability to learn new analytical approaches proactively• Must be available and able to travel across Europe occasionally as part of the role.
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About Us
Morningstar DBRS is a leading provider of independent rating services and opinions for corporate and sovereign entities, financial institutions, and project and structured finance instruments globally. Rating more than 4,000 issuers and 60,000 securities, it is one of the top four credit rating agencies in the world.
Morningstar DBRS empowers investor success by bringing more transparency and a much-needed diversity of opinion in the credit rating industry. Our approach and size allow us to be nimble enough to respond to customers' needs in their local markets, but large enough to provide the necessary expertise and resources they require. Market innovators choose to work with us because of our agility, tech-forward approach, and exceptional customer service.
Morningstar DBRS is the next generation of credit ratings.
If you receive and accept an offer from us, we require that personal and any related investments be disclosed confidentiality to our Compliance team (days vary by region). These investments will be reviewed to ensure they meet Code of Ethics requirements. If any conflicts of interest are identified, then you will be required to liquidate those holdings immediately. In addition, dependent on your department and location of work certain employee accounts must be held with an approved broker (for example all, U.S. employee accounts). If this applies and your account(s) are not with an approved broker, you will be required to move your holdings to an approved broker.
Morningstar's hybrid work environment gives you the opportunity to work remotely and collaborate in-person each week. While some positions are available as fully remote, we've found that we're at our best when we're purposely together on a regular basis, typically three days 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.
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