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

Morningstar DBRS is seeking an Assistant Vice President for its European Structured Finance team in Frankfurt or Madrid. This role involves working with lead analysts to shape and assign ratings for European RMBS transactions. The ideal candidate will be collaborative, analytical, detail-oriented, and possess strong communication skills to build relationships internally and externally. This position offers an opportunity to deepen expertise in European Structured Finance and gain meaningful client-facing experience.

Must Have

• Act as lead and backup analyst in assigning DBRS ratings to European RMBS transactions and other structured finance asset classes.
• Conduct credit analysis utilizing DBRS rating methodologies and analytical tools.
• Conduct periodic review and lead improvements to rating methodologies and processes.
• Support senior analysts in administrative work, filing, and record retention requirements.
• Study recent performance trends for transactions, evaluating metrics like credit enhancement, delinquencies, and defaults.
• Draft analytical documents, such as rating reports, press releases, and research.
• Collaborate with the DBRS European Structured Finance Surveillance Team for existing ratings maintenance.
• Assess transaction amendments/restructurings.
• Draft new rating committee memos summarizing the analysis and recommending a rating action.
• Comply with all applicable policies and procedures.
• Bachelor’s degree (or equivalent) in finance, mathematics, financial engineering, economics, accounting, or related quantitative discipline.
• Minimum 3 years' experience in structured finance asset classes (ABS, RMBS, SME-CLO) gained in a rating agency, research, buy side, or sell side environment.
• Strong quantitative background with interest in developing cash flow analysis skills.
• 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.

Good 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).

Perks & Benefits

• Hybrid work environment (four days in-office each week in most locations).
• Range of other benefits available to enhance flexibility.

Morningstar DBRS' European Structured Finance team is seeking an Assistant Vice President (AVP).

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.