US Project & Infrastructure Finance - Credit Analyst, Director (Legal) - Chicago

Fitch Group • Chicago, IL

17d • $150,000 - $175,000 • Hybrid

About The Position

Fitch is seeking an AD for a legal document review and analysis role within its Corporates Infrastructure & Project Finance Group, focused on Project & Infrastructure Finance. The role will work closely with the Complex Credit Group (CCG) to evaluate new and innovative project finance structures. The ideal candidate has a legal background, strong analytical skills, and a deep understanding of project finance documentation, contractual risk allocation, and transaction structures. A core expectation is the ability to translate legal terms and structural protections into clear, decision-useful views on cash flow stability, default risk, and recovery outcomes.

Requirements

• Experience practicing law or working as a paralegal at a law firm (project finance/infrastructure preferred)
• 4–7+ years of relevant experience (attorney or senior paralegal), preferably in project finance, infrastructure finance, structured/project debt, or capital markets
• Deep familiarity with project finance documentation and structures, including: Common terms/credit agreements, intercreditor arrangements, and security packages; Cash flow waterfalls, covenants, events of default, cure rights, and remedies; Direct agreements/consents and step-in frameworks; Project documents (leases, power purchase agreements, offtake agreements).
• Capital markets and/or credit analysis experience is a plus
• Strong analytical, quantitative, and organizational skills
• Excellent written and verbal communication skills and ability to work effectively in a team
• Intellectual curiosity and motivation to analyze varied financing structures and asset types
• Flexibility and adaptability as priorities change

Nice To Haves

• Meaningful experience focused on project finance/infrastructure, including exposure to: Digital infrastructure; P3/PPP concession structures; Hybrid merchant/contracted revenue frameworks.
• Strong interest in capital structures, creditor protections, and recovery outcomes—and the ability to form an independent, well-supported view.
• Experience executing research projects from idea generation through writing and presenting externally.
• Outstanding interpersonal skills, including demonstrated leadership and effective engagement with internal and external stakeholders.

Responsibilities

• Review and interpret transaction documents to inform credit analysis by identifying key risks, mitigants, and “watch items” relevant to rating analysis, including: Financing agreements, security documents, intercreditor arrangements, and core project contracts (leases, EPC, O&M, offtake/PPAs, concessions); Structural protections (cash waterfall mechanics, reserve accounts, distribution tests, DSCR-based covenants, cash sweeps); Creditor protections and enforcement/recovery mechanics (security packages, step-in rights, direct agreements, intercreditor terms); Construction and completion frameworks (EPC terms, LDs, performance security, guarantees); Operating and revenue risk allocation (PPAs/offtake terms, merchant exposure, volume/price risk, curtailment, change-in-law, termination regimes); Documentation trends across infrastructure and project financings.
• Produce clear, repeatable deliverables that translate documentation into analytical inputs, such as: Deal term sheets and key terms trackers; “Key risks/mitigants” issue-spotting memos for new transactions.
• Assess key quantitative and qualitative credit factors for individual transactions and issuers, including cash flow protections, counterparty risk, and enforceability considerations.
• Participate in meetings with project sponsors, developers, operators, legal, and other stakeholders.
• Educate and advise analytical colleagues by presenting your view on documentation, structural strengths/weaknesses, and areas of concern.
• Participate and vote in credit committees for infrastructure and project finance transactions.

Benefits

• A team-oriented environment where strong communication, high productivity, and a results-driven mindset are essential
• Opportunity to contribute to high-visibility analysis at a global rating agency
• A platform that supports more informed debt capital markets decisions through timely, insightful, and forward-looking rating actions and research
• commission earnings
• discretionary bonuses
• long-term incentives
• other benefits sponsored by Fitch

What This Job Offers

• Job Type: Full-time
• Career Level: Director
• Education Level: No Education Listed