Analyst, CMBS Ratings - India

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

Job summary

Morningstar DBRS in Mumbai invites you to join its CMBS team to conduct rigorous quantitative and qualitative research on underlying loans and properties that collateralize CMBS transactions.

You will help set up net cash-flow models, analyze data from multiple sources, prepare reports for senior staff, and support underwriting activities while advancing through the rating value chain.

Qualifications

• 3 to 5 years of experience in a credit research domain, with CMBS knowledge.
• Bachelor’s degree in Accounting, Economics, Finance, or Management Studies.
• Fluent in English with strong verbal and written communication skills.
• Strong attention to detail and accuracy.
• Ability to manage multiple tasks simultaneously and deliver results in a timely manner.

Responsibilities

• Analyze the credit risk in CMBS 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 use in criteria development, ratings, and research reports.
• Retrieve, analyze, research, and report CMBS pool-level and property-level performance, including identifying risky assets and macro/micro risk factors.
• Compile and prepare periodic portfolio reports for senior staff, identifying material changes and research causes.
• Maintain regular communication with operations and technology teams about tasks and requirements, ensuring deliverables meet defined criteria.
• Take ownership of tasks with a focus on quality and accuracy of deliverables.
• Demonstrate a strong learning curve and eagerness to progress up the rating value chain.
• Ensure compliance with regulatory and company policies and procedures.

Skills

Credit research

Financial analysis

Attention to detail

Communication skills

Time management

Interpersonal skills

Education

Bachelor's degree in Accounting/Economics/Finance

Master's degree / CFA

Tools

Intex

REIS

CBRE

Job description

About Us

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 approximately 700 employees in eight offices worldwide, and formed from the July 2019 acquisition of DBRS by Morningstar, Inc., the ratings business is the fourth‑largest provider of credit ratings in the world. Morningstar DBRS is committed to empowering investor success, serving the market through leading‑edge technology, and raising the bar for the industry.

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 assist the onshore team in setting up net cash‑flow models and special projects, and after gaining experience will support underwriting and other tasks across the ratings value chain. This position is based in our Navi Mumbai office.

Responsibilities

• Analyze the credit risk in CMBS 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 use in criteria development, ratings, and research reports.
• Retrieve, analyze, research, and report CMBS pool‑level and property‑level performance, including:
  • Identifying and analyzing risky assets based upon qualitative and quantitative factors.
  • Identifying macro and micro risk factors, such as market, property type, tenant, and borrower, to determine and measure exposure within the CMBS pools and loan portfolios.
  • Monitoring, analyzing, and summarizing CMBS transactions, including investigations of potential default or loss scenarios for underlying real‑estate loan collateral.
• Compile and prepare periodic portfolio reports for senior staff, identifying material changes and research causes.
• Maintain regular and open communication with the operations and technology teams about assigned tasks and priorities, ensuring applications under development meet defined requirements and pass user acceptance testing prior to release.
• Take ownership of tasks with a focus on quality and accuracy of deliverables.
• Demonstrate a strong learning curve and eagerness to progress up 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 who is keen to learn, has a positive attitude, and a 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.

Equal Employment Opportunity

Morningstar DBRS is an equal‑opportunity employer. The company makes all employment decisions — including recruitment, hiring, compensation, training, promotion, transfer, discipline, termination, and other personnel matters — without regard to race, color, ancestry, religion, sex, national origin, age, disability, protected veteran status, marital status, sexual orientation, genetic information, citizenship, gender identity and expression, parental status, or other legally protected characteristics.