Associate Managing Director, North American CMBS Ratings

Morningstar•Chicago, IL

11d•Hybrid

About The Position

The Associate Managing Director will serve as a senior transaction lead and people manager on Morningstar DBRS’s North American Commercial Real Estate team, with primary responsibility for analytical rigor, credit quality, and execution of CMBS ratings. The role covers conduit, SASB, CRE CLO, Agency, and customized commercial real estate debt and structured finance transactions, requiring deep commercial real estate and structured finance expertise and independent judgment on complex transactions. The position leads analysis and rating decisions for high-profile transactions, evaluates credit risk through property-level, loan-level, and structural analysis, and determines stabilized and transitional net cash flows across commercial property types and loan sizes. It also oversees rating discussions and committees, chairs committees, manages and develops analysts, and helps allocate deals and monitor workloads across the new issuance team. As a senior market-facing representative, the Associate Managing Director engages with issuers, lenders, investors, and intermediaries, including through conferences, meetings, and speaking engagements. The role leads topical research, approves rating reports and publications, applies expert knowledge of credit models and tools, and contributes to refining and developing methodologies and processes. The North American Commercial Real Estate team analyzes and rates commercial real estate debt and structured finance transactions using property-level, loan-level, and structural analysis supported by rating methodologies and research. Morningstar DBRS provides independent rating services and opinions for entities and financial instruments globally.

Requirements

At least 20 years of progressive commercial real estate credit experience.
Substantial experience at a rating agency, lending institution, private credit platform, or comparable credit-focused organization.
Demonstrated depth of experience in CMBS, structured credit, or securitized real estate products.
Strong understanding of commercial real estate valuation, cash flow analysis, and credit risk drivers across market cycles.
Ability to exercise independent credit judgment and defend recommendations before senior committees.
Experience managing and mentoring analytical teams in a performance-driven environment.
Strong written and verbal communication skills, including the ability to synthesize complex analyses for senior audiences.
Advanced proficiency in Excel and financial modeling; comfort working with large datasets.
Bachelor’s degree in finance, real estate, accounting, or a related discipline.
Willingness to work outside normal business hours, including weekends.
Ability to travel domestically within North America approximately 15–20%.
Valid driver’s license and passport, and ability to complete international travel as required.

Nice To Haves

Advanced degree.

Responsibilities

Provide senior leadership and oversight for analysis and rating of CMBS transactions, including SASB, Conduit, CRE CLO, Agency, and customized commercial real estate debt and structured finance transactions.
Serve as primary lead analyst and senior credit decision-maker on complex, high-profile transactions, exercising independent judgment consistent with Morningstar DBRS methodologies.
Evaluate credit risk through property-level, loan-level, and structural analysis, including cash flow modeling and downside stress testing.
Determine stabilized and transitional net cash flows across commercial property types and loan sizes, from small-balance to large institutional exposures.
Assess transitional business plans, sponsor quality, capital structures, reserve mechanisms, and execution risks.
Oversee credit rating discussions and committees to ensure consistency and adherence to internal policies, compliance and regulatory requirements, and publishing standards.
Serve as a Committee Chair within the North American CMBS ratings team and fulfill required chair responsibilities; act as an independent voter with other Structured Credit groups when approved.
Manage, mentor, and develop analysts, establishing analytical standards and ensuring consistent application of rating criteria.
Work with business development and senior leaders to allocate deals throughout the new issuance team and monitor team workloads.
Represent the company with issuers, lenders, investors, and intermediaries, including at conferences and meetings and through speaking engagements.
Create and lead topical research with publishing and other content creators for presentation to the market.
Approve presale reports, final rating reports, press releases, and analytical publications.
Apply expert knowledge of credit models and tools, including their inputs, drivers, and outputs.
Contribute significantly to refining existing methodologies and developing new methodologies or processes.

Benefits

100% 401(k) match up to 6% of salary.
Stock ownership potential.
Company-provided life insurance of 1x salary plus commission.
Comprehensive medical, dental, and vision benefits, with potential premium discounts and company-provided HSA contributions of up to $500–$2,000 annually for specific plans and coverages.
Medical wellness incentives of up to $300–$600 annually.
Company-provided long- and short-term disability insurance.
Trust-based time off.
Six-week paid sabbatical program.
Six-week paid family caregiving leave.
Paid parental leave of 8–24 weeks.
Adoption assistance.
Leadership coaching and formal mentorship opportunities.
Annual flex stipend of $1,000 for personal education and well-being expenses.
Tuition reimbursement.
Charitable matching gifts program.
Dollars for Doers volunteer program.
Paid volunteering days.
15+ Employee Resource and Affinity Groups.
Hybrid work environment, generally four days in-office each week in most locations.