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

Job title: Credit Analyst, Director (Legal) – US Project & Infrastructure Finance

About the Role Fitch is seeking a Director-level Credit Analyst (Legal) within the US Project & Infrastructure Finance group to review and analyze project finance documentation. The role focuses on translating complex contracts and protections into clear, decision-useful views on cash flow stability, default risk, and recovery outcomes to inform credit analysis and rating actions. You will work closely with the Complex Credit Group to assess innovative project structures and contribute to high-visibility global analysis.

What You'll Do

• Review and interpret transaction documents to inform credit analysis by identifying key risks, mitigants, and watch items in financing agreements, security documents, intercreditor arrangements, and core project contracts (leases, EPC, O&M, PPAs, concessions).
• Analyze structural protections (cash waterfalls, reserve accounts, distribution tests, DSCR-based covenants, cash sweeps) and creditor protections and enforcement mechanics (security packages, step-in rights, direct agreements, intercreditor terms).
• Assess construction/commissioning frameworks (EPC terms, LDs, performance guarantees).
• Evaluate operating and revenue risk allocation (PPAs/offtake terms, merchant exposure, volume/price risk, curtailment, change-in-law, termination regimes).
• Produce repeatable deliverables translating documentation into analytical inputs (deal term sheets, key term trackers, risk/mitigants memos).
• Assess quantitative and qualitative credit factors for transactions and issuers (cash flow protections, counterparty risk, enforceability).
• Participate in meetings with sponsors, developers, operators, legal, and other stakeholders; educate and advise analytical colleagues; present views on documentation, structural strengths/weaknesses, and areas of concern.
• Participate and vote in credit committees for infrastructure and project finance transactions.

What We're Looking For

• 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; 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 Have

• 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.

Compensation & Benefits

• FOR NEW YORK AND CHICAGO ROLES ONLY: Expected base pay rates for the role will be between $150,000 and $175,000 per year. Actual salaries will be determined on an individualized basis and may vary based on factors including but not limited to education, training, experience, past performance, and other job-related factors.