Vice President, Project Finance

Job Description
Morningstar DBRS is seeking an experienced individual with 7+ years of experience in credit analysis to join its Project Finance team based Toronto. The team in Toronto covers a broad and diversified portfolio covering energy and conventional power assets, digital infrastructure (data centers, fiber networks, telecom towers), transportation assets (airports, toll roads, ports), and public‑private partnerships. Reporting to the Managing Director, Head of Project, Infrastructure and Sports Finance, the successful candidate will manage a growing portfolio of projects across North America. The Vice President will collaborate globally with colleagues and work in an environment that values rigorous analytical thinking, open dialogue, and professional growth, while gaining significant exposure to issuers, investors, advisors, and other stakeholders across the North American infrastructure landscape.
The successful candidate will be responsible for leading and supporting both new and surveillance ratings within the North American portfolio. Activities include financial statement analysis, using financial models, drafting rating reports, preparing rating committee materials, presenting credit rating recommendations, and engaging with issuers and investors regarding analytical frameworks and methodologies.
Key Responsibilities

• Monitor a diverse portfolio of project finance ratings, including new transactions and ongoing surveillance.
• Serve as lead analyst on transactions across power and renewable energy, digital infrastructure, PPPs, transportation, and other core infrastructure sectors.
• Conduct detailed review of transaction documentation (PPAs, concession agreements, financing agreements, legal opinions) to assess credit implications.
• Perform comprehensive financial statement analysis and review complex project finance models including scenario analysis and financial forecasts.
• Draft clear, high‑quality rating reports, press releases, and analytical commentary that communicate credit drivers and key risks to the market.
• Present credit rating recommendations to rating committees, incorporating feedback and defending analytical perspectives.
• Contribute to the ongoing development, refinement, and application of project finance methodologies and sector‑specific criteria, particularly as new structures and technologies evolve.
• Engage directly with issuers, sponsors, investors, and advisors to discuss analytical views, rating rationales, and methodological approaches.
• Build and maintain strong relationships with fixed‑income investors through analytical discussions and outreach activities.
• Provide analytical support for business development initiatives where appropriate.
• Support informal training and knowledge‑sharing within the team as needed.

Qualifications

• 7+ years of financial analysis, with specific credit experience related to project finance
• Experience from other ratings agencies, infrastructure advisory, Bank Project Finance Credit Teams or Buyside Credit is preferred.
• Degree in business, economics, engineering or a related discipline preferred.
• Solid power sector, infrastructure and financial markets knowledge.
• Strong research skills and focus on detail.
• Strong corporate finance and financial statement analytical abilities.
• Experience in legal review of contracts and financial agreements.
• Strong communication skills, both oral and written.
• Experience in broader PPP and infrastructure industry in North America is a strong asset.
• Completion of the CFA or MBA program is an asset.
• Ability to work effectively in a fast‑paced, team‑oriented environment.
• Willingness to travel as required.

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.
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