Credit Ratings Analyst – Covered Bonds – Milan recruitment

Fitch’s covered bonds team maintains existing ratings and assigns ratings to new covered bonds issued on behalf of financial institutions in Europe as well as in Northern America. Fitch currently rates covered bonds issued under 125 programmes from 101 different institutions.

Job Description

Based in Milan, you will focus on the preparation and the presentation to internal rating committees of key rationales for rated covered bond programmes issued out of Southern European countries. 

You will be expected to write credit analysis reports and press releases on rated covered bonds when appropriate based upon your understanding of the legal framework for the covered bonds issuance as well as the underlying cover assets.

For this role, you will conduct an in-depth quantitative credit risk analysis of the cover pool assets, consisting mainly in mortgage loans or public sector debt. Additionally you will consider the maturity, interest rate and/or currency mismatches between the cover pool assets and the covered bonds. You will conduct qualitative assessments of the operational risks based on on-site reviews at the issuers. Furthermore, you will review all relevant laws and regulations, legal opinions and other documentation. Finally, you will be responsible for the maintenance of up-to-date information on dedicated databases.

Due to the coverage of this position some European travel can be expected.

Person Specification

You will posses a sound academic track record to at least university degree level preferably with a specialty in finance or statistical sciences. You will demonstrate some professional experience, preferably within the covered bonds market, in the credit analysis of financial institutions or have a background in securitisation, such as in RMBS, CMBS or CDO.

Due to the nature of the role, numeracy and computer proficiency is a pre-requisite, including use of excel functions and application of modelling skills. It is essential that you are fluent in English and are able to formulate and deliver concise opinion, facts and arguments both verbally and in writing. Native speakers or fluency in another European language, such as Italian, Spanish or French is advantageous.
 

Application

To apply please submit a cover letter and most recent CV, including remuneration details, via the enclosed links.

Fitch is an equal opportunity employer that employs people across the full spectrum of society. Fitch works hard to create a workplace with an emphasis on inclusion, innovation and merit. By valuing diversity and equality in our workplace, we believe it adds strength to our business.
 

Company Overview

Dual-headquartered in New York and London with 50 offices worldwide, Fitch Ratings is a global rating agency dedicated to providing value beyond the rating through independent and prospective credit opinions, research and data. Offering a world of knowledge and experience behind every opinion, we transform information to deliver meaning and utility to investors, issuers and other market participants. Fitch Ratings’ global expertise draws on local market knowledge and spans across the fixed-income universe. The additional context, perspective and insights we provide help investors make important credit judgments with confidence.

Since 2008, Fitch Solutions has offered a range of comprehensive data, analytical tools and risk services to fixed-income investors and other market participants. The firm also distributes Fitch Ratings' credit ratings, research and data through a variety of platforms. Product offerings cover research services, risk and performance analytics, structured finance solutions, pricing and valuation services, quantitative analytics and training.

Fitch Ratings and Fitch Solutions, as well as Algorithmics, a leader in enterprise risk management solutions, are part of the Fitch Group. The Fitch Group is a majority-owned subsidiary of Fimalac , S.A., headquartered in Paris, France