Morningstar DBRS' European Structured Finance team is seeking a Assistant Vice President to support the rating and surveillance of Nonperforming Loan (NPL) and Reperforming Loan (RPL) securitisations across multiple European jurisdictions.
The successful candidate will play a key analytical role in assessing credit risk, performing cash flow modelling, preparing rating documentation, and supporting senior colleagues in rating committees and external meetings.
We are looking for an analytical, detail‑oriented, and collaborative individual who has deep expertise in pan‑European NPL/RPL transactions and is looking to work within a dynamic, team‑driven environment.
As a analyst, you will be responsible for supporting the analysis and ongoing monitoring of NPL/RPL transactions, including:
Analytical & Transaction Work
- Conduct detailed credit and cash flow analysis on European NPL and RPL securitisations using Morningstar DBRS methodologies and internal tools.
- Lead analysis and rating process for new issue transactions, with defined analytical ownership of assigned workstreams.
- Review and analyse:
- Servicer business plans and recovery assumptions
- Historical collection curves
- Jurisdictional factors affecting legal timelines and recoveries across different European markets
- Collateral characteristics (secured/unsecured, borrower types, property valuations)
- Support quantitative modelling of expected recoveries, stress scenarios, and sensitivity analyses.
Surveillance Responsibilities
- When required, Monitor and interpret the performance of existing NPL/RPL transactions, including:
- Actual vs. projected collections
- Resolution timelines and legal processes
- Collateral value trends
- Servicer performance indicators
- Assist in assessing amendment requests or transaction restructurings.
Documentation & Internal Processes
- Draft analytical documents for senior review, including:
- Rating committee materials
- Rating reports
- Press releases
- Research notes
- Help maintain accurate records, model files, and documentation in line with Morningstar DBRS governance.
Collaboration & Stakeholder Interaction
- Work closely with other Structured Finance teams, Surveillance teams, and senior analysts.
- Participate in internal rating committees and contribute analytical insights.
- Engage with external stakeholders (originators, arrangers, servicers) across different European jurisdictions, under senior supervision.
Qualifications
- Bachelor’s degree in finance, economics, mathematics, financial engineering, accounting, or another quantitative discipline.
- Minimum 5 years of relevant experience in structured finance, credit analysis, NPL servicing, loan underwriting, banking, or related analytical fields.
- Familiarity with NPL/RPL markets, distressed debt, recovery processes, or securitisation is highly desirable.
- Strong quantitative and analytical skills, including comfort working with cash flow models.
- High proficiency in Microsoft Excel; good working knowledge of Word, PowerPoint, Outlook.
- Excellent written and verbal communication skills in English.
- Strong attention to detail and the ability to produce high-quality analytical work under deadlines.
- Proactive attitude, willingness to learn, and ability to collaborate in a team environment.
Nice to Have
- Exposure to judicial/nonjudicial recovery frameworks, real‑estate collateral valuation, NPL servicing operations or business plan analysis.
- Postgraduate studies or professional qualifications (CFA exam progress, etc.).
- Programming experience (Python, VBA) for data analysis or model enhancement.
- Knowledge of another European language.
Base Salary Compensation Range
GBP 67,500 - 98,500
Bonus Target:
20% Annual
If you receive and accept an offer from us, we require that personal and any related investments be disclosed confidentially to our Compliance team. 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.