Assistant Vice President / Vice President - Project Finance & Infrastructure

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 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, particularly Canadian infrastructure and PPP transactions, is an asset.
• Completion of, or progress toward, the CFA designation or an MBA is an asset.
• Willingness to travel as required.

Base Salary Compensation Range - AVP

$82,000.00-120,000.00

Incentive Target Percentage

20% Annual

Base Salary Compensation Range - VP

$109,489.00-160,711.00

Incentive Target Percentage

30% Annual

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.

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.

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