Senior Vice President, Credit Ratings - CMBS/Real Estate

Morningstar•Chicago, IL

2d•Hybrid

About The Position

Morningstar DBRS is seeking an accomplished senior credit professional with deep commercial real estate and structured finance expertise to join its Commercial Mortgage-Backed Securities (CMBS) team as a Senior Vice President. This role is intended for individuals with significant, hands-on credit experience gained at a rating agency, lending institution, or other credit-focused platform, who are capable of exercising independent judgment on complex transactions. The Senior Vice President will serve as a senior transaction lead and people manager, with primary responsibility for the analytical rigor, credit quality, and execution of CMBS ratings. This position plays a critical role in upholding DBRS Morningstar’s analytical standards, mentoring junior professionals, and engaging with senior market participants. Morningstar DBRS is a leading provider of independent rating services and opinions for corporate and sovereign entities, financial institutions, and project and structured finance instruments globally. Rating more than 4,000 issuers and 60,000 securities, it is one of the top four credit rating agencies in the world. Morningstar DBRS empowers investor success by bringing more transparency and a much-needed diversity of opinion in the credit rating industry. Our approach and size allow us to be nimble enough to respond to customers' needs in their local markets, but large enough to provide the necessary expertise and resources they require. Market innovators choose to work with us because of our agility, tech-forward approach, and exceptional customer service. Morningstar DBRS is the next generation of credit ratings. At Morningstar we believe people are at their best when they are at their healthiest. That’s why we champion your wellness through a wide range of programs that support all stages of your personal and professional life. Here are some examples of the offerings we provide: 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. A range of other benefits are also available to enhance flexibility as needs change. No matter where you are, you'll have tools and resources to engage meaningfully with your global colleagues.

Requirements

Minimum of 15 years of progressive commercial real estate credit experience, with substantial exposure 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.
Proven ability to exercise independent credit judgment and defend recommendations before senior committees.
Established experience managing and mentoring analytical teams in a performance-driven environment.
Exceptional written and verbal communication skills with 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 required;
Ability to travel domestically within North America approximately 10–20%.
Valid driver’s license and passport; ability to complete international travel as required.

Nice To Haves

advanced degrees preferred.

Responsibilities

Provide senior leadership and oversight for the analysis and rating of CMBS transactions, including SASB, Conduit, CRE-CLO, and Agency executions.
Serve as the primary lead analyst and senior credit decision-maker on complex and high-profile transactions, exercising independent judgment consistent with DBRS Morningstar methodologies.
Manage, mentor, and develop a team of analysts, establishing analytical standards and ensuring consistent application of rating criteria.
Act as the primary client-facing representative, engaging with issuers, lenders, investors, and intermediaries.
Evaluate credit risk through detailed property-level, loan-level, and structural analysis, including cash flow modeling and downside stress testing.
Determine stabilized and transitional net cash flows across all major 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.
Prepare and present comprehensive credit recommendations to senior credit committees.
Oversee the drafting and quality control of presale reports, final rating reports, and analytical publications.
Ensure adherence to internal policies, regulatory requirements, and publishing standards.

Benefits

Financial Health
100% 401k match up to 6% of salary
Stock Ownership Potential
Company provided life insurance - 1x salary + commission
Physical Health
Comprehensive health benefits (medical/dental/vision) including potential premium discounts and company-provided HSA contributions (up to $500-$2,000 annually) for specific plans and coverages
Additional medical Wellness Incentives - up to $300-$600 annual
Company-provided long- and short-term disability insurance
Emotional Health
Trust-Based Time Off
6-week Paid Sabbatical Program
6-Week Paid Family Caregiving Leave
Competitive 8-24 Week Paid Parental Leave
Adoption Assistance
Leadership Coaching & Formal Mentorship Opportunities
Annual Flex Stipend - $1000 annually to cover personal education & well-being expenses
Tuition Reimbursement
Social Health
Charitable Matching Gifts program
Dollars for Doers volunteer program
Paid volunteering days
15+ Employee Resource & Affinity Groups