Municipal Credit Analyst

About The Job

The role centers on fundamental credit research across investment‑grade municipal bonds, developing forward‑looking credit views and issuer‑level risk assessments. Responsibilities include monitoring credit, operating, and capital trends across key municipal sectors and synthesizing financial, legal, economic, demographic, and political/regulatory factors into clear actionable conclusions. This position involves building sector frameworks with scenario analysis, producing clear, well‑reasoned written research and investment recommendations, and leveraging advanced analytics, technology and AI‑enabled tools to enhance efficiency.

The role also collaborates across the Public Investments platform to ensure consistent credit philosophy and support multi‑sector strategies.

• Demonstrate expertise across the municipal market, including state and local governments, not‑for‑profit entities, and other public sector organizations.
• Perform comprehensive fundamental credit analysis of issuers, encompassing financial statement review, assessment of financial policies, evaluation of management performance, and analysis of credit ratings.
• Lead and direct sector research, maintaining up‑to‑date knowledge of industry trends to deliver in‑depth credit assessments and sector perspectives.
• Exhibit strong written and verbal communication skills, crafting concise and persuasive investment theses and recommendations.
• Deliver timely and well‑founded investment recommendations aligned with current portfolio strategy.
• Assume leadership and collaborate on team‑wide projects and initiatives, particularly those focused on data and technology enhancements.
• Integrate new technologies, data management systems, and analytical tools into municipal research processes.
• Partner with management to enhance research methodologies, development procedures, and the adoption of best practices.

• Promotes a culture of mutual respect and high ethical standards.
• Adopts NM Behaviors:
  Client First, Powered by Our People, Future Focus.
• Exercises good judgment and independent thought.
• Generates and leads process improvements through the effective use of technology and data science.
• Effectively responds in a timely manner to requests for data, opinions, and other information.
• Attends, leads, and participates in group activities and actively engages others in relevant discussions.

• Five+ years of experience researching municipal bonds, ideally at a buy‑side asset manager, rating agency, or similar platform.
• Knowledge of debt capital markets and municipal debt structures, with demonstrated expertise in revenue‑backed municipal sectors and familiarity with legal security structures, covenants, flow‑of‑funds, and issuer financials.
• Bachelor’s degree with an emphasis on municipal finance, economics, statistics or a related field; MBA desirable.
• CFA designation or progress towards attaining the CFA designation required.
• Strong analytical skills, particularly in financial statement analysis and presenting credit recommendations for potential investment opportunities.
• Effective oral and written communication skills, with ability to prioritize work effectively.
• Proficiency with Investor Tools Credit Scope, Bloomberg, Blackrock Aladdin and other data analytic tools is desirable.

• Attention to detail:
  Focuses on specific details to spot and correct errors in advance of them being found, surpassing quality expectations.
• Industry knowledge:
  Demonstrates extensive knowledge of common practices, regulatory considerations, market trends and the competitive landscape within a particular industry or sector.
• Interpersonal savvy:
  Relates well to all kinds of people inside and outside the organization, builds appropriate rapport, and uses diplomacy to diffuse high‑tension situations.
• Risk evaluation:
  Assesses the significance of identified risks, makes judgments about their significance relative to the organization’s objectives, and determines whether the risk is acceptable or not.
• Financial acumen:
  Applies the knowledge of financial statements, financial analysis, budgeting, forecasting,…