Associate Director – Infrastructure , Denver

S&P Global; Englewood (CO); Hybrid; USD 120,000 - 148,000; Full time

Benefits offered by this job

Annual incentive plan

Job summary

S&P Global Ratings in the United States seeks a senior analyst to lead end-to-end credit analysis for North America infrastructure project finance credits, preparing committee-ready materials and participating in rating committees.

The role emphasizes portfolio surveillance, market-driven risk themes, and embedding AI tools into analytical workflows with governance, while coaching junior analysts.

Qualifications

• 5+ years of relevant experience in project finance or infrastructure finance, including ratings, banking, advisory, investing, or credit.
• Understanding of infrastructure project structures, PPPs, EPC/O&M contracts, and offtake or availability-payment frameworks.
• Strong cash flow modeling, ratio and covenant analysis, and accounting fundamentals.
• Ability to deliver high-quality credit analysis across a portfolio with minimal oversight and to coach juniors.
• Experience embedding generative AI or agentic workflows with governance and validation in analyses.

Responsibilities

• Lead end-to-end credit analysis for a portfolio of North America infrastructure project finance credits, preparing committee-ready materials.
• Manage portfolio surveillance, linking market developments to forward-looking risk themes and embedding AI into workflows with governance.
• Synthesize data and research into clear narratives for senior stakeholders and contribute to sector commentaries.
• Ensure adherence to methodology, confidentiality, and data governance, escalating risks early.

Skills

Project finance

Infrastructure finance

Financial analysis

Credit analysis

AI tools

Communication

Education

Bachelor's degree

Tools

AI tools

Job description

About the Role:

Grade Level (for internal use):

12

The Team

Credit Ratings is part of S&P Global's Global Ratings Services, bringing together more than 1,400 analysts across leading financial centers worldwide. The Infrastructure & Project Finance practice delivers credit analysis on essential, long-lived assets and ring-fenced project financings, covering contractual frameworks, demand and operating risks, sponsor strength, and financial resilience under stress.

The North America Infrastructure Ratings team provides independent credit analysis and ratings on essential infrastructure assets and financings throughout the U.S. and Canada — spanning transportation, energy and utilities, digital infrastructure (including data centers), and social infrastructure — across both project finance structures (PPP/availability-based, contracted-revenue, and demand-risk) and corporate debt, including regulated Investor-Owned Utilities, midstream operators, LNG developers, and power generators. Supported by a strong pipeline of new issuances and refinancings, the team delivers timely, rigorous credit assessment, clear rating rationale, and ongoing surveillance, supporting capital formation and market understanding across rapidly evolving subsectors.

Responsibilities and Impact

Team Contribution & Capability Building

• Coach junior team members on credit fundamentals, modeling discipline, and the responsible use of AI tools, coordinating work across credits to manage quality and capacity risks.
• Embed continuous improvement into team routines by developing analytical playbooks, prompt libraries, and standard processes, and driving their adoption across the team.

Core Analytical & Delivery

• Lead end-to-end credit analysis for an assigned portfolio of North America infrastructure project finance credits, preparing committee-ready materials and participating actively in rating committees.
• Manage portfolio surveillance and updates, connecting market developments and project performance to forward-looking risk themes, and embed AI tools into analytical workflows with disciplined validation and documentation.

Stakeholder & Market Engagement

• Synthesize data, analysis, and research into clear, market-facing narratives for senior stakeholders and market participants, and contribute to thought leadership and sector commentaries.

Risk Management and Operating

• Ensure adherence to analytical methodology, confidentiality standards, and data governance requirements, escalating risks early and contributing to controlled automation workflows with appropriate governance and human oversight.

Compensation / Benefits Information

US Candidates Only

S&P Global states that the anticipated base salary range for this position is $120,000 to $148,000 USD. Final base salary for this role will be based on the individual's geographic location, as well as experience level, skill set, training, licenses, and certifications. In addition to base compensation, this role is eligible for an annual incentive plan. For more information on the benefits we provide to our employees, please visit spgbenefits.com/benefit-summaries.

What We're Looking For

Required Skills and Experience

• An S&P Global employee at this level would typically have 5+ years of relevant experience in project finance or infrastructure finance, including roles in ratings, banking, advisory, investing, or credit.
• Demonstrated understanding of infrastructure project structures and documentation, including PPP agreements, EPC and O&M contracts, and offtake or availability-payment frameworks.
• Demonstrated financial analysis skills, including cash flow modeling, ratio and covenant analysis, and accounting fundamentals.
• Demonstrated ability to deliver high-quality credit analysis across a portfolio with limited oversight and coach junior analysts through structured feedback and quality review.
• Practical experience embedding generative AI, large language models, or agentic workflows into analytical processes with disciplined governance, validation, and responsible AI practices including bias awareness and adherence to approved boundaries.
• Effective written and verbal communication skills for committee-ready documentation and engagement with issuers, investors, and market participants.

Preferred or Helpful Experience

• Education: Bachelor's degree or equivalent required. A master's degree or professional certification (such as CFA) is highly valued. We welcome candidates from traditional finance disciplines as well as diverse academic backgrounds that support innovative and critical thinking.
• Experience scaling automation or agentic workflows by defining requirements, supporting testing, and enabling team adoption with appropriate governance controls.
• Experience simplifying analytical processes through standardization, tooling, and automation.
• Demonstrated credit analysis skills with the ability to connect market and sector developments to emerging credit risk themes.

Additional Information

• We require all candidates who reach the final stage of our interview process to attend at least one in-person interview, which is ordinarily at your nearest S&P Global Ratings office. This must be completed before we can proceed to an offer.
• Employees are required to work from the office a minimum of two days per week.

Right to Work Requirements

This role is limited to persons with an indefinite right to work in the United States

About S&P Global Ratings

At S&P Global Ratings, our analyst-driven credit ratings, research, and sustainable finance opinions provide critical insights that are essential to translating complexity into clarity so market participants can uncover opportunities and make decisions with conviction. By bringing transparency to the market through high-quality independent opinions on creditworthiness, we enable growth across a wide variety of organizations, including businesses, governments, and institutions.

S&P Global Ratings is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today.

For more information, visit www.spglobal.com/ratings

What's In It For You?

Our Mission:

Advancing Essential Intelligence.

Our People:

We're more than 35,000 strong worldwide—so we're able to understand nuances while having a broad perspective. Our team is driven by curiosity and a shared belief that Essential Intelligence can help build a more prosperous future for us all.From finding new ways to measure sustainability to analyzing energy transition across the supply chain to building workflow solutions that make it easy to tap into insight and apply it. We are changing the way people see things and empowering them to make an impact on the world we live in. We're committed to a more equitable future and to helping our customers find new, sustainable ways of doing business. Join us and help create the critical insights that truly make a difference.

Our Values:

Integrity, Discovery, Partnership

Throughout our history, the world's leading organizations have relied on us for the Essential Intelligence they need to make confident decisions about the road ahead. We start with a foundation of integrity in all we do, bring a spirit of discovery to our work, and collaborate in close partnership with each other and our customers to achieve shared goals.

Benefits:

We take care of you, so you can take care of business. We care about our people. That's why we provide everything you—and your career—need to thrive at S&P Global.

Our benefits include:

• Health & Wellness: Health care coverage designed for the mind and body.
• Flexible Downtime: Generous time off helps keep you energized for your time on.
• Continuous Learning: Access a wealth of resources to grow your career and learn valuable new skills.
• Invest in Your Future: Secure your financial future through competitive pay, retirement planning, a continuing education program with a company-matched student loan contribution, and financial wellness programs.
• Family Friendly Perks: It's not just about you. S&P Global has perks for your partners and little ones, too, with some best-in class benefits for families.
• Beyond the Basics: From retail discounts to referral incentive awards—small perks can make a big difference.

For more information on benefits by country visit: https://spgbenefits.com/benefit-summaries

Global Hiring and Opportunity at S&P Global:

At S&P Global, we are committed to fostering a connected and engaged workplace where all individuals have access to opportunities based on their skills, experience, and contributions. Our hiring practices emphasize fairness, transparency, and merit, ensuring that we attract and retain top talent. By valuing different perspectives and promoting a culture of respect and collaboration, we drive innovation and power global markets.

S&P Global has a Securities Disclosure and Trading Policy (“the Policy”) that seeks to mitigate conflicts of interest by monitoring and placing restrictions on personal securities holding and trading. The Policy is designed to promote compliance with global regulations. In some Divisions, pursuant to the Policy’s requirements, candidates at S&P Global may be asked to disclose securities holdings. Some roles may include a trading prohibition and remediation of positions when there is an effective or potential conflict of interest. Employment at S&P Global is contingent upon compliance with the Policy.

S&P Global is an equal opportunity employer and all qualified candidates will receive consideration for employment without regard to race/ethnicity, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, marital status, military veteran status, unemployment status, or any other status protected by law. Only electronic job submissions will be considered for employment.

If you need an accommodation during the application process due to a disability, please send an email to: [e-mail] and your request will be forwarded to the appropriate person.

US Candidates Only: Know Your Rights: Workplace discrimination is illegal (https://www.eeoc.gov/sites/default/files/2023-06/22-088_EEOC_KnowYourRights6.12ScreenRdr.pdf)