Ratings Associate - Project & Infrastructure Finance

At Moody\’s, we unite the brightest minds to turn today’s risks into tomorrow’s opportunities. We do this by striving to create an inclusive environment where everyone feels welcome to be who they are— with the freedom to exchange ideas, think innovatively, and listen to each other and customers in meaningful ways. Moody’s is transforming how the world sees risk. As a global leader in ratings and integrated risk assessment, we’re advancing AI to move from insight to action— enabling intelligence that not only understands complexity but responds to it. We decode risk to unlock opportunity, helping our clients navigate uncertainty with clarity, speed, and confidence.

If you are excited about this opportunity but do not meet every single requirement, please apply! You still may be a great fit for this role or other open roles. We are seeking candidates who model our values: invest in every relationship, lead with curiosity, champion diverse perspectives, turn inputs into actions, and uphold trust through integrity.

Skills & Competencies

• 1+ years of relevant experience (including internships), ideally in credit analysis within related industry sectors, gained at a recognised financial institution or audit firm
• Accounting knowledge with a strong focus on financial analysis (e.g., through coursework, CFA or equivalent, or relevant work experience)
• Proficiency in MS Excel, Word, and PowerPoint
• Experience with data analysis and visualization tools (e.g., PowerBI, TABLEAU, KNIME, Alteryx) preferred
• Eagerness to learn and adopt emerging technical applications in the financial industry, including AI-driven tools, automation and data analytics
• Excellent verbal, written, and interpersonal communication skills
• Proactive approach and ability to work effectively in a collaborative team environment
• Strong organizational skills, analytical thinking, and attention to detail
• Ability to adapt to a changing environment and prioritize tasks effectively
• Basic understanding of fixed income markets and/or credit concepts
• Strong modeling experience, including project finance and/or regulated industries
• Demonstrated interest in utilities and/or infrastructure industries
• Python and SQL skills preferred
• Demonstrates a high level of emotional intelligence, including the ability to navigate complex interpersonal dynamics, foster collaboration, and approach challenges with empathy and self-awareness
• Exemplifies unwavering integrity by consistently acting with honesty, transparency, and accountability, ensuring trust and credibility in all interactions and decisions
• Strong skills in data interpretation and storytelling, with the ability to analyze complex datasets, extract actionable insights, and effectively communicate findings to diverse audiences in a clear and compelling manner

Education

• Minimum Bachelors Degree or equivalent qualification with a strong academic record
• Masters or equivalent qualification preferred
• Fluency in English is essential. Fluency in Spanish, French or German preferred

Responsibilities

Portfolio Management & Credit Quality
Working with lead analysts by performing day-to-day credit analysis related to ratings, research, presentations, and investor outreach. Examples of analytical work may include:

• Reviewing financial spreadsheets and charts, analyzing data and financial statements, building and updating financial forecasts, and writing analytical commentary in accordance with Moody’s methodologies
• Assisting with proprietary models and new financial projections as applicable, identifying trends in data, and applying analytical skills and judgment to form well-reasoned credit conclusions
• Developing a working knowledge of credit fundamentals through a review of components such as transaction documentation, cash flow analysis, or loss allocation rules
• Performing analytical tasks related to portfolio reviews and other credit projects
• Developing a working knowledge of Moody’s methodologies and credit rating best practices, and applying these with guidance from lead analysts
• Collaborating with lead analysts in preparing the first draft of rating committee memos
• Developing the ability to understand and identify key factors that affect issuer credit ratings. Interpreting and analyzing financial data and other credit inputs provided by internal and external parties
• Monitoring credit quality and issuer and/or industry trends by following market developments and relevant news events, analyzing issuer reporting (including, in some rating groups monitoring and attending earnings calls), and engaging with issuers directly for follow‑up clarification and information
• Attending and participating in rating committee meetings, including to offer analysis and opinion where appropriate. Preparing credit estimates analysis used to assess elements of credit risk in certain rated transactions

Research, Investor Outreach & Market Interaction

• Contributing to the first draft of core research (such as credit opinions, issuer and sector comments, press releases, pre‑sale, and new issue reports) in collaboration with lead analysts
• Contributing to research strategy, including idea generation and preliminary drafting, and adhering to Moody’s research standards
• Attending investor briefings and issuer meetings as required; helping prepare presentation materials in some cases; arriving prepared to engage in discussions
• Building positive relationships with issuers displaying initiative to understand the issuer’s business and proactively responding to issuer inquiries

Credit Administration

• Operating applicable ratings and research systems and utilizing software specific to the rating group
• Demonstrating sound understanding and judgment in applying Moody’s processes, documentation standards, and best practices, and adhering to all laws and policies

Coaching & Guidance

• Providing guidance in the delegation of work to the data processing team
• Actively managing workload pipeline to provide sufficient time for completion. Seeking guidance from the manager where needed to determine how to prioritize work
• Providing feedback to the manager on the quality and accuracy of work produced by the data processing team, while providing constructive and proactive feedback

Risk Identification and Escalation

• Ensure compliance with applicable laws, regulations, policies, and procedures to certify relevant key codes as required, complete mandatory required training in a timely manner
• Awareness of Moody’s risk management approach
• Increase awareness of cyber risks and avoidance of vulnerabilities e.g., e‑mail use (phishing malware)
• Ensure high quality of work free errors

What to Expect

• Support Analysts on work related to credit ratings, research, and market outreach
• Leverage digital tools and AI-driven solutions to enhance analytical capabilities, improve efficiency, and focus on solving complex, high‑value challenges
• Analyze data and financial documents, prepare and run financial models and forecasts
• Draft rating committee memos; attend and participate in rating committee meetings
• Draft and help publish credit research reports
• Monitor market developments and news to assess credit quality and industry trends
• Attend investor and issuer meetings as required; help prepare presentations
• Continuous development of your professional skills through trainings and hands‑on work
• Learn about sustainability, cyber risk, private credit and local financial markets

About the Team

The Ratings & Research Support (RRS) team at Moody\’s plays a critical role in ensuring the smooth operation of the ratings and research process and supporting various analytical departments. The Ratings Associate will work closely with credit rating analysts to ensure that all tasks related to credit ratings, research, and market outreach are completed efficiently and effectively. This role is essential in maintaining the overall productivity and organization of the ratings process, and it supports the larger team by ensuring that all analytical needs are met promptly and accurately.

Moody’s Project and Infrastructure Finance Group has responsibility for rating debt issued by public and private infrastructure issuers and electric, gas and water utilities. Such issuers include project finance entities that are limited to a special purpose by law, regulation, or contracts, as well as infrastructure and utility companies not contractually limited to a specific activity. Sectors covered by the Project and Infrastructure Finance Group include:

• Electric, gas and water utilities
• Project/concession financings in the infrastructure sectors (toll roads, railroads, airports, seaports, hospitals, etc.)
• Financings of natural resource and energy projects, including power projects and renewable energy projects
• Stadiums, lotteries, and other limited recourse concession-type financings

Moody’s is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, protected veteran status, sexual orientation, gender expression, gender identity or any other characteristic protected by law.

Candidates for Moody’s Corporation may be asked to disclose securities holdings pursuant to Moody’s Policy for Securities Trading and the requirements of the position. Employment is contingent upon compliance with the Policy, including remediation of positions in those holdings as necessary.

For more information on the Securities Trading Program, please refer to the STP Quick Reference guide on ComplianceNet

Please note: STP categories are assigned by the hiring teams and are subject to change over the course of an employee’s tenure with Moody’s.