Morningstar
Analyst, Credit Ratings, North America CMBS
Morningstar, Chicago, Illinois, United States, 60290
The position is in the commercial mortgage-backed securities (CMBS) group in Chicago, which is responsible for rating and monitoring bonds secured by commercial real estate loans. The role will focus on conducting analysis at the collateral and transaction level as part of annual and event-driven reviews for the transactions in DBRS Morningstar's rated CMBS book, which includes a variety of transaction types, including Multi-Borrower Conduit, Single-Asset/Single-Borrower and CRE CLO transactions. The individual will serve as a lead analyst, preparing the rating committee package and making regular presentations to rating committee voters, and will be responsible for drafting press releases for all ratings actions.
Responsibilities: Obtain a solid understanding of DBRS Morningstar's methodologies, models, criteria and other analytical tools to assess the credit worthiness of the various transaction types within DBRS Morningstar's rated CMBS book, including Multi-Borrower, Single-Borrower/Single Asset and CRE CLO transactions. As a lead analyst, run point on completing surveillance reviews of DBRS Morningstar-rated CMBS transactions. This work will involve analyzing property-level documents (operating statements, rent rolls and property inspections) for the underlying collateral and collateral and bond level reporting provided by the transaction parties. Communicate with third parties, such as servicers and other information providers, to obtain collateral updates. Compile rating committee documents and present analysis and recommendations to rating committee voters. Draft press releases and rating letters which effectively communicate DBRS Morningstar's credit view and ratings rationale. Work with senior reviewers within the North American CMBS Surveillance team and the publishing group to finalize drafts and release documents in a timely manner. Assist in the composition of surveillance reports and market and industry commentaries for investors and conference audiences. Perform analysis for newly-contributed loans for DBRS Morningstar's CRE CLO rated book, as needed. This work will require an understanding of DBRS Morningstar's Commercial Real Estate Property Analysis Criteria and other criteria and methodologies. As needed, assist with the analysis for newly-issued DBRS Morningstar-rated CMBS transactions in Canada, performing site inspections and completing other levels of analysis for loans in those pools. Some travel (5-10%) may be required. Qualifications: The successful candidate will have 1-2 years commercial real estate experience and possess a degree in finance, real estate or a related area. The individual must be able to work in a multi-faceted capacity, be analytical and highly attentive to detail. The candidate will be highly poised and possess excellent interpersonal and presentation skills. Possess a high degree of proficiency in Excel as well as the intellectual curiosity to develop new applications and to perform complex analyses. Well-developed writing skills are also required. All necessary documents are required for domestic and international travel. About Us Morningstar DBRS is a leading provider of independent rating services and opinions for corporate and sovereign entities, financial institutions, and project and structuredfinance 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 anda 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 received 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.
Responsibilities: Obtain a solid understanding of DBRS Morningstar's methodologies, models, criteria and other analytical tools to assess the credit worthiness of the various transaction types within DBRS Morningstar's rated CMBS book, including Multi-Borrower, Single-Borrower/Single Asset and CRE CLO transactions. As a lead analyst, run point on completing surveillance reviews of DBRS Morningstar-rated CMBS transactions. This work will involve analyzing property-level documents (operating statements, rent rolls and property inspections) for the underlying collateral and collateral and bond level reporting provided by the transaction parties. Communicate with third parties, such as servicers and other information providers, to obtain collateral updates. Compile rating committee documents and present analysis and recommendations to rating committee voters. Draft press releases and rating letters which effectively communicate DBRS Morningstar's credit view and ratings rationale. Work with senior reviewers within the North American CMBS Surveillance team and the publishing group to finalize drafts and release documents in a timely manner. Assist in the composition of surveillance reports and market and industry commentaries for investors and conference audiences. Perform analysis for newly-contributed loans for DBRS Morningstar's CRE CLO rated book, as needed. This work will require an understanding of DBRS Morningstar's Commercial Real Estate Property Analysis Criteria and other criteria and methodologies. As needed, assist with the analysis for newly-issued DBRS Morningstar-rated CMBS transactions in Canada, performing site inspections and completing other levels of analysis for loans in those pools. Some travel (5-10%) may be required. Qualifications: The successful candidate will have 1-2 years commercial real estate experience and possess a degree in finance, real estate or a related area. The individual must be able to work in a multi-faceted capacity, be analytical and highly attentive to detail. The candidate will be highly poised and possess excellent interpersonal and presentation skills. Possess a high degree of proficiency in Excel as well as the intellectual curiosity to develop new applications and to perform complex analyses. Well-developed writing skills are also required. All necessary documents are required for domestic and international travel. About Us Morningstar DBRS is a leading provider of independent rating services and opinions for corporate and sovereign entities, financial institutions, and project and structuredfinance 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 anda 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 received 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.