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About the Role

The European Structured Finance team is seeking an Assistant Vice President to support the rating and surveillance of Nonperforming Loan (NPL) and Reperforming Loan (RPL) securitisations across multiple European jurisdictions. The successful candidate will play a key analytical role in assessing credit risk, performing cash flow modelling, preparing rating documentation, and supporting senior colleagues in rating committees and external meetings. We are looking for an analytical, detail-oriented, and collaborative individual with deep expertise in pan-European NPL/RPL transactions, seeking to work within a dynamic, team-driven environment.

Responsibilities

Conduct detailed credit and cash flow analysis on European NPL and RPL securitisations using Morningstar DBRS methodologies and internal tools.
Lead analysis and rating process for new issue transactions, with defined analytical ownership of assigned workstreams.
Review and analyse servicer business plans and recovery assumptions.
Review and analyse historical collection curves.
Review and analyse jurisdictional factors affecting legal timelines and recoveries across different European markets.
Review and analyse collateral characteristics (secured/unsecured, borrower types, property valuations).
Support quantitative modelling of expected recoveries, stress scenarios, and sensitivity analyses.
Monitor and interpret the performance of existing NPL/RPL transactions, including actual vs. projected collections, resolution timelines and legal processes, collateral value trends, and servicer performance indicators.
Assist in assessing amendment requests or transaction restructurings.
Draft analytical documents for senior review, including rating committee materials, rating reports, press releases, and research notes.
Help maintain accurate records, model files, and documentation in line with Morningstar DBRS governance.
Work closely with other Structured Finance teams, Surveillance teams, and senior analysts.
Participate in internal rating committees and contribute analytical insights.
Engage with external stakeholders (originators, arrangers, servicers) across different European jurisdictions, under senior supervision.

Requirements

Bachelor’s degree in finance, economics, mathematics, financial engineering, accounting, or another quantitative discipline.
Minimum 5 years of relevant experience in structured finance, credit analysis, NPL servicing, loan underwriting, banking, or related analytical fields.
Familiarity with NPL/RPL markets, distressed debt, recovery processes, or securitisation is highly desirable.
Strong quantitative and analytical skills, including comfort working with cash flow models.
High proficiency in Microsoft Excel; good working knowledge of Word, PowerPoint, Outlook.
Excellent written and verbal communication skills in English.
Strong attention to detail and the ability to produce high-quality analytical work under deadlines.
Proactive attitude, willingness to learn, and ability to collaborate in a team environment.

Skills

NPL/RPL securitisations
Credit risk assessment
Cash flow modelling
Rating documentation
Pan-European NPL/RPL transactions
Microsoft Excel
Microsoft Word
Microsoft PowerPoint
Microsoft Outlook

Location

Europe

Work Type

Hybrid

Experience Level

Assistant Vice President
Minimum 5 years of relevant experience

Education Level

Bachelor’s degree in finance, economics, mathematics, financial engineering, accounting, or another quantitative discipline.

Salary/Compensations

GBP 67,500 - 98,500
20% Annual Bonus Target

Benefits

A range of other benefits are also available to enhance flexibility as needs change.
Tools and resources to engage meaningfully with your global colleagues.

About the Company

Morningstar DBRS' European Structured Finance team is seeking a Assistant Vice President to support the rating and surveillance of Nonperforming Loan (NPL) and Reperforming Loan (RPL) securitisations across multiple European jurisdictions.
Morningstar's hybrid work environment gives you the opportunity to collaborate in-person each week as we've found that we're at our best when we're purposely together on a regular basis.
In most of our locations, our hybrid work model is four days in-office each week.