Ratings Associate- Project & Infrastructure Finance

Skills & Competencies

• Some relevant experience (including internships) is preferred.
• Excellent verbal, written communication, and interpersonal skills.
• Proficient in MS Excel, Word, and PowerPoint
• Proactive and able to work effectively in a collaborative team environment.
• Strong organization skills, analytical thinking, and attention to detail.
• Ability to adapt to a changing environment and prioritize tasks accordingly.
• Some understanding of fixed income markets and/or credit knowledge is preferred.
• Strong modelling experience, including in proect finance and/or regulated industries. 
• Demonstrated interest in the utitlies and/or infrastructure industiries. 
• Python and SQL skills preferred
• Accounting knowledge with a strong focus on financial analysis (e.g. through coursework, CFA or equivalent, or relevant work experience is preferred.

Language requirements

• Fluency in English is essential. Fluency in Spanish, French or German preferred.

Education 

• Minimum Bachelors Degree or equivalent qualification with a strong academic record.
• Masters or equivalent qualification preferred.

Years of Experience

• 1+ years of relevant experience, ideally in credit analysis within related industry sectors from a recognised financial institution or an audit firm preferred.

General Responsibilities

Portfolio Management & Credit Quality
Working with lead analysts by performing day-to-day credit analysis related to ratings, research, presentations, and investor outreach.  Examples of analytical work may include:

• Reviewing financial spreadsheets and charts, analyzing data and financial statements, building and updating financial forecasts, and writing analytical commentary in accordance with Moody’s methodologies.
• Assisting with proprietary models and new financial projections as applicable, identifying trends in data, and applying analytical skills and judgment to form well-reasoned credit conclusions.
• Developing a working knowledge of credit fundamentals through a review of components such as transaction documentation, cash flow analysis, or loss allocation rules.
• Performing analytical tasks related to portfolio reviews and other credit projects.
• Developing a working knowledge of Moody’s methodologies and credit rating best practices, and applying these with guidance from lead analysts.
• Collaborating with lead analysts in preparing the first draft of rating committee memos.
• Developing the ability to understand and identify key factors that affect issuer credit ratings.  Interpreting and analyzing financial data and other credit inputs provided by internal and external parties.
• Monitoring credit quality and issuer and/or industry trends by following market developments and relevant news events, analyzing issuer reporting (including, in some rating groups monitoring and attending earnings calls), and engaging with issuers directly for follow-up clarification and information.
• Attending and participating in rating committee meetings, including to offer analysis and opinion where appropriate. Preparing credit estimates analysis used to assess elements of credit risk in certain rated transactions.

Research, Investor Outreach & Market Interaction

• Contributing to the first draft of core research (such as credit opinions, issuer and sector comments, press releases, pre-sale, and new issue reports) in collaboration with lead analysts.
• Contributing to research strategy, including idea generation and preliminary drafting, and adhering to Moody’s research standards.
• Attending investor briefings and issuer meetings as required; helping prepare presentation materials in some cases; arriving prepared to engage in discussions.
• Building positive relationships with issuers displaying initiative to understand the issuer’s business and proactively responding to issuer inquiries.

Credit Administration

• Operating applicable ratings and research systems and utilizing software specific to the rating group.
• Demonstrating sound understanding and judgment in applying Moody’s processes, documentation standards, and best practices, and adhering to all laws and policies.

Coaching & Guidance

• Providing guidance in the delegation of work to the data processing team.
• Actively managing workload pipeline to provide sufficient time for completion.  Seeking guidance from the manager where needed to determine how to prioritize work.
• Providing feedback to the manager on the quality and accuracy of work produced by the data processing team, while providing constructive and proactive feedback.

Risk Identification and Escalation

• Ensure compliance with applicable laws, regulations, policies, and procedures to certify relevant key codes as required.  Complete mandatory required training in a timely manner.  
• Awareness of Moody’s risk management approach.
• Increase awareness of cyber risks and avoidance of vulnerabilities e.g., e-mail use (phishing malware).
• Ensure high quality of work free errors.

What to Expect

• Support Analysts on work related to credit ratings, research, and market outreach
• Analyze data and financial documents, prepare and run financial models and forecasts
• Draft rating committee memos; attend and participate in rating committee meetings
• Draft and help publish credit research  reports
• Monitor market developments and news to assess credit quality and industry trends
• Attend investor and issuer  meetings as required; help prepare presentations
• Continuous development of your professional skills through trainings and hands-on work
• Learn about sustainability, cyber risk, private credit and local financial markets

About the Team

The Ratings & Research Support (RRS) team at Moody's plays a critical role in ensuring the smooth operation of the ratings and research process and supporting various analytical departments. The Ratings Associate will work closely with credit rating analysts to ensure that all tasks related to credit ratings, research, and market outreach are completed efficiently and effectively. This role is essential in maintaining the overall productivity and organization of the ratings process, and it supports the larger team by ensuring that all analytical needs are met promptly and accurately.

Moody’s Project and Infrastructure Finance Group has responsibility for rating debt issued by public and private infrastructure issuers and electric, gas and water utilities. Such issuers include project finance entities that are limited to a special purpose by law, regulation, or contracts, as well as infrastructure and utility companies not contractually limited to a specific activity. Sectors covered by the Project and Infrastructure Finance Group include: 

•    Electric, gas and water utilities 
•    Project/concession financings in the infrastructure sectors (toll roads, railroads, airports, seaports, hospitals, etc.)
•    Financings of natural resource and energy projects, including power projects and renewable energy projects
•    Stadiums, lotteries, and other limited recourse concession-type financings