VP - European RMBS & Covered Bond Ratings

About the role
DBRS Morningstar's European Structured Finance team is looking for a Vice President (VP)-level Securitization Analyst based in Frankfurt or Madrid. The successful candidate will act as lead analyst in assigning ratings for European RMBS and Covered Bonds transactions.
We are looking for candidates who thrive in a collaborative, team-oriented environment, with a strong work ethic, analytical mindset and high attention to detail. This role requires excellent interpersonal and presentation skills to engage with colleagues at all professional levels as well as external contacts.
The position offers the opportunity to further develop expertise in European Structured Finance and Covered Bonds in a client-facing environment.
Key Responsibilities
The VP will join the European RMBS and Covered Bonds team and will be responsible for the following:

• Act as lead and backup analysts in the assignment of DBRS ratings to European RMBS / Covered Bonds transactions and, occasionally, transactions in other European structured finance asset classes (such as ABS, CLOs, NPL or Lease Securitizations)

• Conduct credit analysis utilizing DBRS rating methodologies and analytical tools

• Conduct period review of rating methodologies and lead improvement to rating methodologies and processes

• Support senior analysts and team lead in administrative work, filing and record retention requirements

• Study recent performance trends for transactions. The metrics to be evaluated include, among others: credit enhancement, delinquencies, cumulative defaults, recoveries, prepayments, seasoning, excess spread and changes in collateral characteristics

• Draft analytical documents, such as rating reports, press releases and research

• Collaboration with the DBRS European Structured Finance Surveillance Team and other teams/analysts, supporting analysts in maintenance of existing ratings

• Assess transaction amendments/restructurings

• Draft new rating committee memos summarizing the analysis and recommending a rating action

• Comply with all applicable policies and procedures

Requirements

• Bachelor's degree (or equivalent) in finance, mathematics, financial engineering, economics, accounting, or related quantitative discipline

• 5-7 years' experience in structured finance asset classes such as ABS, RMBS and SME-CLO transactions, gained in a rating agency, research, buy side or sell side environment

• Strong quantitative background with interest in developing skills including cash flow analysis

• Proficiency in Microsoft Excel; advanced skills in Word, PowerPoint, and Outlook

• Excellent written and verbal English communication skills

• Demonstrated analytical abilities, with a high attention to detail and commitment to the highest standards

• Ability to learn new analytical approaches proactively, think creatively, and collaborate effectively in a team environment

• Curiosity to develop new applications and to perform complex analyses

• Permission to live and work in the European Union; willingness to travel occasionally within Europe

Nice to have

• Master's degree, CFA, or accounting designation (completed or in progress), with experience in securitization

• Knowledge of analytical programming languages (e.g., VBA, Python)

• Proficiency in additional European language(s)

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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