North American CMBS Credit Ratings, Senior Analyst - Chicago

Morningstar DBRS; Chicago (IL); On-site; USD 92,000 - 116,000; Full time

Benefits offered by this job

401k match

Health benefits

Sabbatical program

Parental leave

Job summary

Morningstar DBRS in Chicago is seeking a Senior Analyst to support lead analysts in evaluating credit risk for CMBS and related real estate assets. You will help determine stabilized cash flows across property types, prepare financial projections, and aggregate market data to inform rating decisions.

The role involves contributing to rating reports, assisting with rating committee materials, and developing expertise in real estate asset classes while traveling up to 20% domestically.

Qualifications

• Minimum of two years of experience in a commercial real estate related field.
• Undergraduate degree in accounting, business, finance or another relevant discipline is preferred.
• Strong analytical abilities and knowledge of financial statements.
• Solid research and analytical skills with attention to detail.
• Strong communication skills, both oral and written.
• Self-starter and team player who can meet deadlines while producing high quality work.
• Genuine interest in commercial real estate and structured finance.
• Willingness to travel 10–20% domestically/North America.

Responsibilities

• Support lead analysts in evaluating credit risk per the rating methodology.
• Determine stabilized cash flows for major property types and various loan sizes.
• Prepare/update spreadsheets on rated entities with historical data and projections.
• Aggregate market data for credit analysis.
• Track key economic/industry indicators and asset class metrics.
• Review third-party reports (appraisals, condition reports, environmental reports).
• Contribute text and analysis for rating reports, press releases, and presentations.

Skills

Analytical skills

Communication

Self-starter

Team player

Education

Undergraduate degree in accounting/finance/business

Tools

Excel

Bloomberg

SNL

Job description

North American CMBS Credit Ratings, Senior Analyst – Chicago

Morningstar DBRS is seeking a highly motivated individual, with an interest in real estate finance and credit analysis, to join its Commercial Mortgage-Backed Securities (CMBS) as a Senior Analyst in Chicago. The successful candidate will mainly serve as a support analyst for lead analysts and team leads for Morningstar DBRS rated transactions or entities, including CMBS), real estate investment trust and real estate operating entities. The successful candidate will be expected to gradually develop a solid understanding of the US and Canadian real estate sectors and to acquire a broad understanding of the appropriate Morningstar DBRS rating methodologies and criteria.

Job Responsibilities

• Support the lead analysts in evaluating credit risk, while adhering to the relevant rating methodology.
• Determine Morningstar DBRS stabilized cash flows of all major property types (office, retail, multifamily, MHC, hotel, self-storage) and a variety of loan sizes ($1 million to > $100 million)
• Prepare/update spreadsheets on rated entities including historical information and financial projections.
• Search and aggregate market data to be used in the credit analysis.
• Track key economic and industry indicators and various asset class metrics.
• Review third-party reports including appraisals, property condition reports, environmental reports, and other industry specific reports.
• Contribute text and analysis for rating reports, press release, commentaries, presentations and industry reports under supervision of lead analysts.
• Assist with the preparation of rating committee materials and participate in Rating Committee meetings with guidance from the lead analysts.
• Assist with the publishing workflow, including regulatory disclosures.
• Develop a solid understanding of real estate asset classes covered.
• Develop client-communication skills through interacting with issuers, investors, and intermediaries.
• Adhere to compliance, regulatory and company policies and procedures.

Qualifications

• Minimum of two years of experience in a commercial real estate related field.
• Undergraduate degree in accounting, business, finance or other relevant discipline is preferred.
• Strong analytical abilities and knowledge of financial statements.
• Solid research and analytical skills, with acute attention to detail.
• Strong communication skills, both oral and written.
• Self-starter and strong team player, with the ability to meet deadlines while producing high quality work.
• Genuine interest in commercial real estate and structured finance.
• Ability to travel 10-20% domestically/ North America.
• Possess and maintain a valid driver's license and passport.
• Progress towards a CFA designation, advanced knowledge of Microsoft Excel, and Bloomberg and SNL skills would be a plus.

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.

Compensation and Benefits

At Morningstar we believe people are at their best when they are at their healthiest. That's why we champion your wellness through a wide range of programs that support all stages of your personal and professional life. Here are some examples of the offerings we provide:

• Financial Health
  • 100% 401k match up to 6% of salary
• Stock Ownership Potential
• Company provided life insurance - 1x salary + commission
• Physical Health
  • Comprehensive health benefits(medical/dental/vision)including potential premium discounts and company-provided HSA contributions (up to $500-$2,000 annually) for specific plansand coverages
  • Additional medical Wellness Incentives - up to $300-$600 annual
  • Company-provided long- and short-termdisabilityinsurance
• Emotional Health
  • Trust-Based Time Off
  • 6-week Paid Sabbatical Program
  • 6-Week Paid Family Caregiving Leave
  • Competitive 8-24 Week Paid Parental Leave
  • Adoption Assistance
  • Leadership Coaching & FormalMentorshipOpportunities
  • Annual Flex Stipend - $1000 annually to cover personal education & well-being expenses
  • Tuition Reimbursement
• Social Health
  • Charitable Matching Gifts program
  • Dollars for Doers volunteer program
  • Paid volunteering days
  • 15+ Employee Resource & Affinity Groups

Total Cash Compensation Range

$92,000.00-115,816.66

Inclusive of annual base salary and target incentive

If you receive 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 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.