Credit Risk: ISG Counterparty Power & Utilities - Associate

Morgan Stanley•New York, NY

2d•$100,000 - $140,000

About The Position

Firm Risk Management enables Morgan Stanley to achieve its business objectives by partnering across business units to drive efficient risk adjusted returns, advise senior leadership, and protect the Firm from losses arising from credit, market, liquidity, operational, model, and other risks. Background on the Position This role sits within the Credit Risk Management team covering the Power & Utilities (P&U) sector in New York. The position focuses on assessing creditworthiness for both derivatives/trading and lending requests, and portfolio management. The team is responsible for counterparties across the regulated utilities, independent power producers (IPP), and renewable energy sectors.

Requirements

Bachelor's degree in Finance, Accounting, Economics, Engineering, or related quantitative field; advanced degree or CFA candidate a plus.
2-4 years of experience in credit risk, project finance, corporate underwriting, or energy sector finance.
Understanding of U.S. power markets, utility regulatory, and project finance preferred.
Familiarity with master agreement documentation (ISDAs, CSAs, credit agreement, etc) and traded products.
Exceptional financial modeling and analytical skills, attention to detail, and ability to synthesize complex information.
Strong written and verbal communication skills.
Ability to work independently and manage multiple priorities in a fast paced environment.
Fluency in English required.

Responsibilities

Credit Risk Assessment & Transaction Review - Conduct in depth credit analysis of P&U counterparties, including regulated utilities, IPPs, renewables, etc.
Participate in due diligence process for new transactions and client onboarding. Review lender presentations, coordinate with business units on the approval process, and assess covenant packages and structural protections.
Review trade requests from business / origination teams, evaluate sector specific risks, and understand credit exposure impact, tenor details, structure etc.
Assess exposure impact, tenor, collateral arrangements, ISDA/CSA terms, and transaction specific risk drivers.
Support underwriting of lending transactions, including revolvers, term loans, and structured lending facilities
Analyze borrower financials, business models, capital structures, cash flow resilience, and key lending risks.
Prepare comprehensive loan approval memos and recommendations for internal credit committees.
Portfolio Management - Prepare annual and quarterly credit reviews, assign internal credit ratings, propose credit limits, and monitor limit usage and excesses.
Track and monitor industry trend and contribute to sector reviews and stress tests.
Prepare portfolio level reports highlighting rating changes, market developments, regulatory impacts, and concentration risks.
Develop presentations for senior management, firm committees, and regulatory reviews on sector trends and portfolio themes.