US Project & Infrastructure Finance - Credit Analyst, Associate Director; Legal; Chicago

US Project & Infrastructure Finance - Credit Analyst, Associate Director (Legal) - Chicago

Requisition

Business Unit:
Fitch Ratings

Category:
Credit Analysis & Research

Location:

Chicago, IL, US

Date Posted:
Apr 14, 2026

Fitch is seeking an AD for a legal document review and analysis role within its Corporates Infrastructure & Project Finance Group, focused on Project & Infrastructure Finance. The role will work closely with the Complex Credit Group (CCG) to evaluate new and innovative project finance structures. The ideal candidate has a legal background, strong analytical skills, and a deep understanding of project finance documentation, contractual risk allocation, and transaction structures.

A core expectation is the ability to translate legal terms and structural protections into clear, decision-useful views on cash flow stability, default risk, and recovery outcomes.

• A team-oriented environment where strong communication, high productivity, and a results-driven mindset are essential
• Opportunity to contribute to high-visibility analysis at a global rating agency
• A platform that supports more informed debt capital markets decisions through timely, insightful, and forward-looking rating actions and research

• Review and interpret transaction documents to inform credit analysis by identifying key risks, mitigants, and “watch items” relevant to rating analysis, including:
  • Financing agreements, security documents, intercreditor arrangements, and core project contracts (leases, EPC, O&M, offtake/PPAs, concessions)
  • Structural protections (cash waterfall mechanics, reserve accounts, distribution tests, DSCR-based covenants, cash sweeps)
  • Creditor protections and enforcement/recovery mechanics (security packages, step-in rights, direct agreements, intercreditor terms)
  • Construction and completion frameworks (EPC terms, LDs, performance security, guarantees)
  • Operating and revenue risk allocation (PPAs/offtake terms, merchant exposure, volume/price risk, curtailment, change-in-law, termination regimes)
  • Documentation trends across infrastructure and project financings
• Produce clear, repeatable deliverables that translate documentation into analytical inputs, such as:
  • Deal term sheets and key terms trackers
• Assess key quantitative and qualitative credit factors for individual transactions and issuers, including cash flow protections, counter party risk, and enforce ability considerations
• Participate in meetings with project sponsors, developers, operators, legal, and other stakeholders
• Educate and advise analytical colleagues by presenting your view on documentation, structural strengths/weaknesses, and areas of concern
• Participate and vote in credit committees for infrastructure and project finance transactions

• Experience practicing law or working as a paralegal at a law firm (project finance/infrastructure preferred)
• 4–7+ years of relevant experience (attorney or senior paralegal), preferably in project finance, infrastructure finance, structured/project debt, or capital markets
• Deep familiarity with project finance documentation and structures, including:
  • Common terms/credit agreements, intercreditor arrangements, and security packages
  • Cash flow waterfalls, covenants, events of default, cure rights, and remedies
  • Direct agreements/consents and step-in frameworks
  • Project documents (leases, power purchase agreements, offtake agreements)
• Capital markets and/or credit analysis experience is a plus
• Strong analytical, quantitative, and organizational skills
• Excellent written and verbal communication skills and ability to work effectively in a team
• Intellectual curiosity and motivation to analyze varied financing structures and asset types
• Flexibility and adaptability as priorities…