Morningstar DBRS is seeking a Senior Analyst to join its Project Finance & Infrastructure team in Toronto. This role offers an opportunity to contribute to credit ratings and research across a diverse portfolio of North American infrastructure assets, including energy and conventional power, digital infrastructure, transportation assets such as airports, toll roads and ports, sports stadiums, and public-private partnerships.

Working closely with senior analysts and management, you will support the analysis and ongoing surveillance of project finance and infrastructure transactions, assess financial performance and credit risks, and contribute to independent credit opinions.

You will also have opportunities to engage with issuers, investors, and other market participants while developing your expertise across the North American infrastructure landscape.

What you'll be doing:

• Support the analysis and ongoing surveillance of project finance and infrastructure credit ratings across a diverse portfolio of North American transactions.
• Analyze financial statements, review financial models, and assess financial performance, cash flow, and key credit risks.
• Prepare high-quality credit rating reports, research publications, and commentary on rated entities and industry developments.
• Develop rating committee materials and contribute to analytical discussions and credit recommendations.
• Participate in meetings with issuers, investors, and other market participants alongside senior analysts to support credit analysis and market intelligence.
• Maintain and analyze financial data and models to support portfolio monitoring, credit assessments, and research.
• Monitor industry trends, market developments, and emerging risks across the project finance and infrastructure sectors.
• Contribute to the development and refinement of analytical methodologies, research products, and internal workflows.
• Support business development initiatives through market research, industry knowledge, and analytical insights.

What we're looking for:

• Three to five years of relevant experience in credit analysis, fixed income research, project finance, infrastructure finance, or a related analytical discipline.
• Strong financial analysis skills, including experience reviewing financial statements, interpreting financial performance, and working with financial models.
• Understanding of credit fundamentals, financial risk assessment, and fixed income markets.
• Interest in project finance and infrastructure sectors, including power and energy, transportation, digital infrastructure, and public-private partnerships.
• Strong analytical and quantitative capabilities, with proficiency in Microsoft Excel and experience managing complex financial spreadsheets.
• Excellent written and verbal communication skills, with the ability to present financial information and credit analysis clearly and effectively.
• Strong interpersonal skills and the ability to collaborate with colleagues, issuers, investors, and other stakeholders.
• A proactive, detail-oriented approach, intellectual curiosity, and the ability to manage multiple priorities in a fast-paced, collaborative environment.

The Group:

Our Project Finance & Infrastructure team provides independent credit analysis and ratings across a broad range of infrastructure assets and financing structures. Covering sectors such as power and energy, transportation, digital infrastructure, and public-private partnerships, the team evaluates financial performance, contractual structures, and underlying credit risks to provide insights that support informed decisions across the infrastructure finance market.

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.

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.