About the role
Morningstar DBRS’ European Structured Finance team is seeking a Senior Analyst in Securitisation to join their Frankfurt office.
We are looking for candidates with a strong work ethic, an analytical mind and attention to detail.
The successful candidate will possess excellent interpersonal and presentation skills to engage with colleagues at all professional levels as well as external contacts.

Key Responsibilities

• Serve as a lead or rating analyst in the maintenance of Morningstar DBRS ratings of European transactions across different asset classes RMBS, ABS and/or SME-CLOs
• Review of legal documents related to European Structured Finance transactions (transaction prospectus, hedging documents, due diligence reports, etc.)
• Conduct portfolio credit analysis utilising Morningstar DBRS rating methodologies and analytical tools
• Analysis of asset-liability cash flow structures using Morningstar DBRS built in cash flow engines and Intex
• Study recent performance trends for transactions. The metrics to be evaluated include, among others: credit enhancement, delinquency, cumulative defaults, recoveries, prepayments, seasoning, excess spread and changes in collateral characteristics
• Review and approve publication on https://dbrs.morningstar.com/ of performance analytics reports
• Collaboration with other European Structured Finance teams/analysts, supporting analysts in assignment of new ratings to transactions of different asset classes
• Working with arrangers and issuers on transaction amendments/restructurings and when supporting primary analysts
• Drafting surveillance committee memos summarising the analysis and recommending a rating action
• Writing & publishing press releases, commentaries and market research
• Develop and maintain analytical tools and reports for internal and external use
• Conduct market research and financial analysis for rating committees, investor meetings and conferences
• Represent Morningstar DBRS in meetings with market participants and at industry events

Essential Qualifications

• Bachelor’s degree (or equivalent) in finance, mathematics, financial engineering, economics, accounting or similar quantitative discipline
• Minimum 2+ years’ of experience in the financial services industry with in-depth knowledge of ABS and RMBS transactions
• Experience in reviewing legal documents and conducting cash-flow analysis for structured finance transactions
• Proficiency in Microsoft Excel; advanced knowledge and practical skills using rest of Microsoft Office programs
• Excellent written and verbal English communication skills
• Demonstrated analytical abilities, with a high attention to detail and commitment to the highest standards
• Ability to meet tight deadlines and manage own workload independently
• Ability to learn new analytical approaches proactively, think creatively, and collaborate effectively in a team environment
• Permission to live and work in the European Union; willingness to travel occasionally within Europe

Preferred Qualifications

• CFA, accounting designation and/or a Masters in a related field
• Knowledge of analytical programming languages (VBA, Python, etc.)
• Proficiency in additional European languages

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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About Us
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Step 1
When you find a position you’re interested in, attaching your resume and cover letter in the approved format. Read the job requirements carefully and make sure to attach writing or design samples as required. Applicants must submit their resume and other information through our corporate website to be considered for a job at Morningstar. No phone calls, please.
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• Serve as a lead or rating analyst in the maintenance of Morningstar DBRS ratings of European transactions across different asset classes RMBS, ABS and/or SME-CLOs
• Review of legal documents related to European Structured Finance transactions (transaction prospectus, hedging documents, due diligence reports, etc.)
• Conduct portfolio credit analysis utilising Morningstar DBRS rating methodologies and analytical tools
• Analysis of asset-liability cash flow structures using Morningstar DBRS built in cash flow engines and Intex
• Study recent performance trends for transactions. The metrics to be evaluated include, among others: credit enhancement, delinquency, cumulative defaults, recoveries, prepayments, seasoning, excess spread and changes in collateral characteristics
• Review and approve publication on https://dbrs.morningstar.com/ of performance analytics reports
• Collaboration with other European Structured Finance teams/analysts, supporting analysts in assignment of new ratings to transactions of different asset classes
• Working with arrangers and issuers on transaction amendments/restructurings and when supporting primary analysts
• Drafting surveillance committee memos summarising the analysis and recommending a rating action
• Writing & publishing press releases, commentaries and market research
• Develop and maintain analytical tools and reports for internal and external use
• Conduct market research and financial analysis for rating committees, investor meetings and conferences
• Represent Morningstar DBRS in meetings with market participants and at industry event