Assistant Vice President, Credit Ratings, CMBS New Issue

The Morningstar Credit Ratings CMBS New Issue Ratings team is seeking a Loan and Transaction Analyst to critically analyze commercial real estate loans and securitized products and assist with providing credit ratings on CMBS transactions. In this position, the successful applicant will perform a fundamental analysis of loan underwriting to derive sustainable net cash flow and property valuations on a broad range of properties. The analyst will also write Asset Summary Reports and support various research projects.
The team: Morningstar Credit Ratings, LLC is registered with the U.S. Securities and Exchange Commission as a nationally recognized statistical rating organization (NRSRO). This Morningstar, Inc. subsidiary has earned a reputation for innovation and excellence in the structured finance market and aims to increase market transparency by providing the highest-quality ratings, securities research, monitoring services, operational risk assessments, data, and technology solutions.
The role:

• Re-underwrite cash flow and property valuations for commercial real estate loans backed by a variety of property types, including retail, office, multifamily, industrial, and lodging.
• Review third party reports including appraisals, property condition reports, environmental reports, seismic surveys, and other industry specialized reports.
• Present analysis in loan review meetings and write detailed Asset Summary Reports.
• Perform property site visits in support of loan analysis.
• Assist with ongoing refinement of loan analysis criteria, model templates, and new product development projects.
• Lead/assist with research projects in support of CMBS ratings and Thought Leadership initiatives.

Requirements:

• Three to five years of direct experience in commercial real estate underwriting or analysis.
• Working experience with property appraisals, assets management, and/or loan workouts is preferred.
• A bachelor's degree is required, a major in finance or related field is preferred.
• Advanced proficiency in Microsoft Excel.
• Ability to travel 10-20%.
• Excellent communication, writing, and presentation skills.
• Possess and maintain a valid driver's license.

Location:
The position is based in either our New York City office or in our Horsham, Pennsylvania office.
Morningstar is an equal opportunity employer.
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 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.