Assistant Vice President, European RMBS & Covered Bond Ratings (Securitization/Structured Finance Analyst)

Morningstar DBRS' European Structured Finance team is seeking an Assistant Vice President (AVP) to join us in either Frankfurt or Madrid.

In this role, you’ll work side-by-side with the lead analyst to help shape and assign ratings for European RMBS transactions.

We’re looking for someone who thrives in a collaborative, team-focused environment. Someone with a strong work ethic, sharp analytical instincts, and an exceptional eye for detail.

You’ll bring strong communication and presentation skills, enabling you to build relationships across all levels of the organisation and with external partners.

This position is a great opportunity to deepen your expertise in European Structured Finance while gaining meaningful client-facing experience.

Key Responsibilities

The AVP will join the European RMBS and Covered Bonds team and will be responsible for the following:

Act as lead and backup analyst in the assignment of DBRS ratings to European RMBS 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
Minimum 3, preferably 5-6 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)

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.