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

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US Project & Infrastructure Finance – Credit Analyst, AD (Legal)

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.

What We Offer

• 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

We’ll Count on You To

• 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

You Need to Have

• 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

What Would Make You Stand Out

• 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

#LI-RA1 #LI-HYBRID

Fitch is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, protected veteran status, sexual orientation, gender expression, gender identity or any other characteristic protected by law.