Analyst/Senior Analyst / Associate Director - Structured Finance, CLOs and Covered Bonds - Milan

Fitch’s European Structured Finance Team is currently seeking a Credit Analyst, based in Milan. Fitch’s European Structured Finance Team maintains existing ratings and assigns ratings to new structured finance transactions, CLOs and covered bond programmes.

What We Offer

• We are currently seeking an Analyst, Senior Analyst or Associate Director-level credit analyst to join the European Structured Finance team, that operates in a collaborative, team-oriented work environment;
• The successful candidate will be part of a team rating transactions backed by mortgage loans, consumer loans and/or corporate loans, including leveraged-loan CLOs and covered bonds programmes; the selected candidate will have the opportunity to be a lead rating analyst at a global rating agency;
• The team analyses transactions in line with Fitch’s rating criteria and provides high-quality opinions to investors and other market participants.

We’ll Count On You To:

• Implement default, recovery, and other cash flow modelling assumptions;
• Review transaction legal documents;
• Review origination, underwriting and servicing practices of transaction originators and investment policies and practices of CLO managers;
• Prepare rating proposals for presentation to internal rating committees, ensuring analytical conclusions are evidence-based and consistent with Fitch criteria;
• Communicate rating rationale to investors and other market participants through press releases, presale and new issue reports, research, presentations, and meetings;
• Communicate with arrangers and originators to understand asset characteristics and structural features of the transactions;
• Assist in the development of criteria and supporting research;
• Collaborate across teams (Sovereigns, Corporates, Financial Institutions, and Economics) to draw on cross-sector insights and ensure consistent analytical approaches.

You May be a Good Fit if

• This is a demanding and exciting role; we are looking for highly motivated candidates, enthusiastic, keen to learn and committed to building a career at a rating agency;
• Strong analytical thinking, intellectual curiosity, and attention to detail;
• High level of personal responsibility, initiative and self-management; a strong team player, attentive to detail, with strong oral and written communication skills in Italian and English;
• The role involves analysis of legal transaction documents; while no legal background is required, successful candidates should be able to review and analyse legal contracts from a credit risk perspective;
• Have interest in capital markets.

What Would Make You Stand Out

• Prior experience in credit analysis, with an understanding of structured finance, or European CLOs or covered bond programmes, alongside relevant regulatory frameworks.

Why Choose Fitch:

• Hybrid Work Environment: 3 days a week in office required;
• A Culture of Learning & Mobility: Dedicated trainings, leadership development and mentorship programs designed to ensure that your time at Fitch will be a continuous learning opportunity;
• Investing in Your Future: Retirement planning and tuition reimbursement programs that empower you to achieve your short and long-term goals;
• Promoting Health & Wellbeing: Comprehensive healthcare offerings that enable physical, mental, financial, social, and occupational wellbeing;
• Supportive Parenting Policies: Family-friendly policies, including a generous global parental leave plan, designed to help you balance career and family life effectively;
• Inclusive Work Environment: A collaborative workplace where all voices are valued, with Employee Resource Groups that unite and empower our colleagues around the globe;
• Dedication to Giving Back: Paid volunteer days, matched funding for donations and ample opportunities to volunteer in your community.

Fitch is committed to providing global securities markets with objective, timely, independent, and forward-looking credit opinions. To protect Fitch’s credibility and reputation, our employees must take every precaution to avoid conflicts of interest or any appearance of a conflict of interest. Should you be successful in the recruitment process at Fitch Ratings, you will be asked to declare any securities holdings and other potential conflicts prior to commencing employment. If you, or your immediate family, have any holdings that may conflict with your work responsibilities, you may be asked to divest yourself of them before beginning work.

Fitch Group is proud to be an Equal Opportunity and Affirmative Action Employer. We evaluate qualified applicants without regard to race, color, national origin, religion, sex, sexual orientation, gender identity, disability, protected veteran status, and other statuses protected by law.

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