Analyst, Credit Ratings

Projects Overview

Date Posted: 07-Jul-2026
Job Type: Full Time
Job Exp: 5 Year
Salary: ₹25000 / MONTH
Location: MUMBAI
Education Req: Bachelor's degree

Job description

Job Details

Job Type: Full-time
Location: Navi Mumbai, Maharashtra (Hybrid work)

Company Overview

DBRS Morningstar is a global credit ratings business with 800 employees across eight offices worldwide. Formed through the acquisition of DBRS by Morningstar, Inc., it is the fourth-largest credit rating provider globally. DBRS Morningstar is a market leader in Canada, the U.S., and Europe, rating over 4,000 issuers and 56,000 securities worldwide.

We are committed to:

Empowering investor success
Leveraging leading-edge technology
Raising the bar for transparency and responsiveness in credit ratings

To learn more, visit: DBRS Morningstar.

The Role: CMBS Analyst

As a member of the Commercial Mortgage-Backed Securities (CMBS) team, you will conduct quantitative and qualitative research on underlying loans and properties that collateralize CMBS transactions. You will also assist the onshore team with setting up Net Cash Flow (NCF) models, special projects, and various tasks across the ratings value chain. This position is based in our Navi Mumbai office.

Key Responsibilities:

Analyze credit risk in Structured Finance (SF) securities, including:
- Reviewing deal documents
- Analyzing periodic data
- Setting up Net Cash Flow (NCF) templates
Collect, organize, and analyze data from internal & external sources for criteria development, ratings, and research reports.
Accurately retrieve, analyze, and report CMBS pool-level and property-level performance, including:
- Identifying and analyzing risky assets based on qualitative and quantitative factors
- Assessing macro & micro risk factors (e.g., market trends, property type, tenant, and borrower risks)
- Investigating potential default or loss scenarios for underlying real estate loan collateral
Compile and prepare periodic portfolio reports, identifying material changes for research.
Maintain regular communication with operations and technology teams, ensuring compliance with testing & regulatory requirements.
Take ownership of assigned tasks, focusing on quality and accuracy.
Demonstrate a strong learning curve and eagerness to move up the ratings value chain.
Ensure compliance with all regulatory and company policies.

Qualifications & Requirements:

Experience: 3 to 5 years in a credit research domain, preferably with CMBS experience (experience at a rating agency is a plus).
Education: Bachelor’s degree in Accounting, Economics, Finance, or Management Studies.
Preferred: Master’s degree, CFA, or CFA program enrollment.
Strong English communication skills (verbal & written).
High attention to detail & accuracy.
Self-motivated, proactive attitude, with a strong work ethic.
Ability to manage multiple tasks efficiently and deliver timely results.
Strong interpersonal and teamwork skills.
Preferred Technical Experience: Familiarity with Intex, REIS, and CBRE.

About Morningstar DBRS

Morningstar DBRS is a leading independent credit ratings provider, covering corporate and sovereign entities, financial institutions, and structured finance instruments. As one of the top four credit rating agencies globally, we bring transparency and diverse opinions to the credit rating industry.

Why Choose Us?

Agility & Innovation: We leverage a tech-forward approach and nimble decision-making.
Global Expertise: We balance local market knowledge with global resources.
Exceptional Customer Service: Our market-leading reputation stems from our client-focused approach.

Compliance Requirements

Employees must disclose personal investments confidentially to the Compliance team for review.
Any conflicts of interest must be resolved immediately (e.g., liquidation of holdings).
Certain employee accounts (especially in the U.S.) must be held with an approved broker.

Work Environment & Benefits

Hybrid Work Model: Employees typically work three days in-office per week, with flexibility based on business needs.
Additional benefits and resources are available to support work-life balance and professional growth.

Equal Opportunity Employment

Morningstar DBRS is committed to equal employment opportunities. All qualified applicants will be considered regardless of:

Ethnicity, color, religion, gender, sexual orientation, identity, national origin, age, disability, or veteran status.

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