CMBS Surveillance Credit Ratings, Analyst

Morningstar DBRS is seeking a highly motivated individual to join its commercial mortgage-backed securities (CMBS) group in Toronto as an Analyst. The position is responsible for rating and monitoring bonds secured by commercial real estate loans and will focus on conducting analysis at the collateral and transaction level for annual and event-driven reviews of the CMBS portfolio, which includes Multi-Borrower Conduit, Single-Asset/Single-Borrower, and CRE CLO transactions.

• Obtain a solid understanding of methodologies, models, criteria, and other analytical tools to assess the creditworthiness of the various transaction types within the Morningstar DBRS rated CMBS book.
• Run point on completing surveillance reviews of Morningstar DBRS-rated CMBS transactions, analyzing property-level documents (operating statements, rent rolls, property inspections) and collateral and bond-level reporting provided by the transaction parties.
• Communicate with third parties such as servicers and information providers to obtain collateral updates.
• Compile rating committee documents and present analysis and recommendations to rating committee voters.
• Draft press releases and rating letters that effectively communicate the Morningstar DBRS credit view and ratings rationale and collaborate with senior reviewers and the publishing group to finalize drafts and release documents.
• Assist in the composition of surveillance reports and market and industry commentaries for investors and conference audiences.
• Perform analysis for newly-contributed loans in the Morningstar DBRS CRE CLO rated book, requiring an understanding of Morningstar DBRS Commercial Real Estate Property Analysis Criteria and related methodologies.
• Assist with analysis for newly-issued Morningstar DBRS-rated CMBS transactions in Canada, performing site inspections and completing other levels of analysis for loans in those pools.
• Some travel (5-10%) may be required.

• 1‑2 years of commercial real estate experience and a degree in finance, real estate, or a related field.
• Ability to work in a multi-faceted capacity, be analytical, and pay high attention to detail.
• Excellent interpersonal and presentation skills.
• High proficiency in Excel and intellectual curiosity to develop new applications and perform complex analyses.
• Well‑developed writing skills.