Morningstar DBRS is seeking a Senior Analyst to join its Project Finance & Infrastructure team in Toronto. This role offers an opportunity to contribute to credit ratings and research across a diverse portfolio of North American infrastructure assets, including energy and conventional power, digital infrastructure, transportation assets such as airports, toll roads and ports, sports stadiums, and public-private partnerships.
Working closely with senior analysts and management, you will support the analysis and ongoing surveillance of project finance and infrastructure transactions, assess financial performance and credit risks, and contribute to independent credit opinions.
You will also have opportunities to engage with issuers, investors, and other market participants while developing your expertise across the North American infrastructure landscape.
What you'll be doing:
- Support the analysis and ongoing surveillance of project finance and infrastructure credit ratings across a diverse portfolio of North American transactions.
- Analyze financial statements, review financial models, and assess financial performance, cash flow, and key credit risks.
- Prepare high-quality credit rating reports, research publications, and commentary on rated entities and industry developments.
- Develop rating committee materials and contribute to analytical discussions and credit recommendations.
- Participate in meetings with issuers, investors, and other market participants alongside senior analysts to support credit analysis and market intelligence.
- Maintain and analyze financial data and models to support portfolio monitoring, credit assessments, and research.
- Monitor industry trends, market developments, and emerging risks across the project finance and infrastructure sectors.
- Contribute to the development and refinement of analytical methodologies, research products, and internal workflows.
- Support business development initiatives through market research, industry knowledge, and analytical insights.
What we're looking for:
- Three to five years of relevant experience in credit analysis, fixed income research, project finance, infrastructure finance, or a related analytical discipline.
- Strong financial analysis skills, including experience reviewing financial statements, interpreting financial performance, and working with financial models.
- Understanding of credit fundamentals, financial risk assessment, and fixed income markets.
- Interest in project finance and infrastructure sectors, including power and energy, transportation, digital infrastructure, and public-private partnerships.
- Strong analytical and quantitative capabilities, with proficiency in Microsoft Excel and experience managing complex financial spreadsheets.
- Excellent written and verbal communication skills, with the ability to present financial information and credit analysis clearly and effectively.
- Strong interpersonal skills and the ability to collaborate with colleagues, issuers, investors, and other stakeholders.
- A proactive, detail-oriented approach, intellectual curiosity, and the ability to manage multiple priorities in a fast-paced, collaborative environment.
The Group:
Our Project Finance & Infrastructure team provides independent credit analysis and ratings across a broad range of infrastructure assets and financing structures. Covering sectors such as power and energy, transportation, digital infrastructure, and public-private partnerships, the team evaluates financial performance, contractual structures, and underlying credit risks to provide insights that support informed decisions across the infrastructure finance market.
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 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.
R08_DBRSLtdCanada DBRS Limited - Canada Legal EntitySkills Required
- Three to five years of relevant experience in credit analysis, fixed income research, project finance, infrastructure finance, or a related analytical discipline.
- Strong financial analysis skills, including reviewing financial statements and interpreting financial performance.
- Experience working with financial models.
- Understanding of credit fundamentals, financial risk assessment, and fixed income markets.
- Interest in project finance and infrastructure sectors, including power and energy, transportation, digital infrastructure, and public-private partnerships.
- Strong analytical and quantitative capabilities.
- Proficiency in Microsoft Excel and experience managing complex financial spreadsheets.
- Excellent written and verbal communication skills, with the ability to present financial information and credit analysis clearly.
- Strong interpersonal and collaboration skills with colleagues, issuers, investors, and other stakeholders.
- Proactive, detail-oriented approach, intellectual curiosity, and ability to manage multiple priorities in a fast-paced environment.
What the Team is Saying
Morningstar Compensation & Benefits Highlights
-
Parental & Family Support — Paid parental leave provides at least 16 weeks for primary caregivers and up to 8 weeks for secondary caregivers, alongside a global minimum of six weeks of paid caregiving leave. These policies extend family support beyond parental leave alone.
-
Leave & Time Off Breadth — Flexible time off, paid holidays, and a paid sabbatical after every four years of service create meaningful time-away options. Company reporting notes that 1,223 employees took paid sabbaticals in 2025, indicating the program’s active use.
-
Retirement Support — Employer retirement contributions or matching are offered with free access to Morningstar retirement-planning tools. This combination reinforces long-term savings and planning.
Morningstar Insights
What We Do
We are a global investment research and financial data company with 40-plus offices across North America, Europe, Australia, and Asia. Our products and services are used daily by individual investors, financial advisors, asset managers, retirement plan providers, and institutional investors. We provide data, research, and analysis across managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. The financial system can have real barriers—hidden information, friction that can slow decisions, and forces that can limit transparency and access. We work to remove them, bringing independent research, connected data, and investor-first tools to a system that needs more clarity. The people doing this work span research, technology, design, product, sales, and functional areas. We build many of our products in-house, so the work can connect directly to the tools investors use to make real financial decisions.
Why Work With Us
Morningstar’s missing is to empower investor success. We can only do that if our people feel empowered. That means finding people who think independently, bring a wide range of backgrounds with analytical rigor and genuine intellectual curiosity to the work.
Gallery
Morningstar Teams
Morningstar Offices
Hybrid Workspace
Employees engage in a combination of remote and on-site work.
Across most of our offices globally, employees work four days a week in the office and one day from home. We recognize that life doesn't always fit a fixed schedule and offer programs that can help provided increased workplace flexibility.
