Analyst, CMBS Ratings - India

Morningstar; Mumbai; On-site; INR 800,000 - 1,200,000; Full time

Job summary

Morningstar DBRS in Navi Mumbai seeks a qualified credit research analyst to join the CMBS team. You will conduct thorough quantitative and qualitative analysis on underlying loans and properties that collateralize CMBS transactions.

You will support the onshore team, build net cash flow models, and contribute to underwriting decisions across the ratings value chain. Strong communication and attention to detail are essential to deliver high‑quality research.

Qualifications

• Bachelor’s degree in Accounting, Economics, Finance or Management Studies.
• 3 to 5 years of experience in a credit research domain, CMBS knowledge a plus.
• Master’s degree, CFA, or CFA program enrollment is a plus.
• Fluent in English with strong written and verbal communication skills.
• Experience with data collection, analysis, and reporting for research.
• Intex, REIS and CBRE experience is a plus.

Responsibilities

• Analyze credit risk in structured finance securities by reviewing deal documents and data.
• Set up net cash flow templates and support the onshore team with modeling.
• Provide underwriting support across the ratings value chain.
• Prepare periodic reports and monitor CMBS pool‑level and property‑level performance.
• Collaborate with operations and technology teams to ensure requirements are met.

Skills

Credit research

CMBS knowledge

Data analysis

English communication

Attention to detail

Team collaboration

Education

Bachelor's degree in Accounting, Economics, Finance or Management Studies

Master’s degree / CFA (plus)

Tools

Intex

REIS

CBRE

Job description

Morningstar DBRS is a leading provider of independent rating services and opinions for corporate and sovereign entities, financial institutions, and structured finance instruments globally. With 700 employees in eight offices, we are the fourth‑largest credit ratings provider worldwide.

About The Role

As a member of the CMBS team, you will conduct thorough quantitative and qualitative research on the underlying loans and properties that collateralize Commercial Mortgage Backed Securities transactions. You will support the onshore team in setting up Net Cash Flow models, assist with special projects, and, with experience, provide underwriting support across the ratings value chain. This position is based in our Navi Mumbai office.

Responsibilities

• Analyze credit risk in structured finance securities by reviewing deal documents, analyzing periodic data, and setting up net cash flow templates.
• Collect, organize, and analyze data from internal and external sources for criteria development, ratings and research reports.
• Accurate and timely retrieval, analysis, research and reporting of CMBS pool‑level and property‑level performance, including identifying and analyzing risky assets based on qualitative and quantitative factors and determining exposure to macro and micro risk factors.
• Monitor, analyze, and report on CMBS transactions, including investigating potential default or loss scenarios for underlying real‑estate loan collateral.
• Compile and prepare periodic portfolio reports for senior staff and identify material changes for research causes.
• Maintain regular communication with the operations and technology teams about tasks, priorities, and ensure applications meet defined requirements and user acceptance testing before release.
• Take ownership of tasks with a focus on quality and accuracy of deliverables.
• Demonstrate a strong learning curve and eagerness to progress along the rating value chain.
• Ensure compliance with regulatory and company policies and procedures.

Requirements

• 3 to 5 years of experience in a credit research domain, with knowledge of CMBS; experience at a rating agency is a plus.
• Bachelor’s degree in Accounting, Economics, Finance or Management Studies.
• Master’s degree, CFA, or CFA program enrollment is a plus.
• Fluent in English with strong verbal and written communication skills.
• Strong attention to detail and accuracy.
• Highly motivated, self‑starter with a positive attitude and strong work ethic.
• Ability to manage multiple tasks simultaneously and deliver results in a timely manner.
• Good interpersonal skills and ability to contribute as a team player.
• Experience with Intex, REIS and CBRE is a plus.

Morningstar DBRS is an equal opportunity employer.