Credit Analyst (AD), Corporate, Infrastructure and Project Finance Ratings (Utilities) - Madrid

Fitch Ratings is currently seeking an Associate Director for our EMEA Utilities team based out of our Madrid office.

As one of the world’s top three credit ratings agencies, Fitch Ratings plays a critical role in global capital markets by providing supplementary credit analysis, ratings, research, and commentary to financial market participants. Fitch Ratings is part of Fitch Group, a global leader in financial information services with operations in more than 30 countries, which also includes Fitch Solutions. With dual headquarters in London and New York, Fitch Group is owned by Hearst.

At Fitch Ratings, credit analysts play a pivotal role in moving markets, as quality credit analysis is the life blood of our organization. Embracing a “challenger mindset,” you'll join a team dedicated to innovating service to our clients. Our people-driven analysis thrives on collaboration across all levels and locations, surpassing traditional financial modelling. As part of our global community, you'll find inspiration, challenge, and support, with ample opportunities for visibility and influence in the global financial marketplace.

About the Team

The EMEA Corporate Infrastructure and Project Finance group provides public and private ratings of companies and their debt instruments across Western Europe, CEE, CIS, the Middle East and Africa. The Utilities team covers a wide range of industries (full value chain of electricity, gas, waste, water) including both corporate and infrastructure-style transactions, with ca. 200 public and private credits and more than 20 analysts based across several cities, including London, Frankfurt, Barcelona, Madrid, Milan, Warsaw and Dubai. You will be part of a successful, diverse, truly multinational team (with colleagues from many different countries) that values cooperation and open discussion, with a natural attitude to continuous improvement. This role is a permanent position.

How You’ll Make an Impact

• Work with team colleagues on rating processes for a portfolio of credits, focusing on Utilities sector (covering both corporate and infrastructure-style transactions)


• Interact with issuers and rating advisors, sometimes in collaboration with other corporates sector teams.


• Monitor news and results flow to identify events or trends which may lead to rating changes.


• Support the growth of more junior colleagues


• Present and discuss rating recommendations and supporting data effectively in writing and verbally to rating committees.


• Deliver quality outputs to internal and external parties within deadlines.


• Use effective questioning and listening skills in internal credit discussions and those with external constituents (companies, advisors, investors, etc.).


• Work with team colleagues in producing thematic research reports in your coverage sectors and presentations to investors and prospective issuers.


• Ensure all work is conducted in compliance with relevant policies and procedures.


• Be available to travel within the EMEA region, primarily in Western Europe.


• Contribute to a team spirit of intelligent and open discussion as well as constructive cooperation.

You May Be a Good Fit if

• You have independent thought and solid experience (min. 5-7 years) gained from corporate finance background in banking, financial services, or industry.


• You have solid cash flow modelling skills and knowledge of the infrastructure and project finance key features.


• You possess good knowledge of financing instruments and familiarity with financing documentation, especially for infrastructure and project finance.


• You have well-developed communication and teamwork skills.


• You are fluent in all forms of written and spoken English.


• You have strong time management skills and the ability to cope with tight deadlines.


• You demonstrate reliability and integrity.

What Would Make You Stand Out

• Knowledge of the Utilities sector and rating agencies methodologies.


• Knowledge of the typical features of infrastructure financing and project finance.


• Proficiency in other European languages such as French, Italian, or German.


• Advanced modeling skills and/or advanced knowledge of debt financing documentation.

Why Choose Fitch:

• Hybrid Work Environment: 3 days a week in office required based on your line of business and location.


• A Culture of Learning & Mobility: Dedicated trainings, leadership development and mentorship programs designed to ensure that your time at Fitch will be a continuous learning opportunity.


• Investing in Your Future: Retirement planning and tuition reimbursement programs that empower you to achieve your short and long-term goals.


• Promoting Health & Wellbeing: Comprehensive healthcare offerings that enable physical, mental, financial, social, and occupational wellbeing.


• Supportive Parenting Policies: Family-friendly policies, including a generous global parental leave plan, designed to help you balance career and family life effectively.


• Inclusive Work Environment: A collaborative workplace where all voices are valued, with Employee Resource Groups that unite and empower our colleagues around the globe.


• Dedication to Giving Back: Paid volunteer days, matched funding for donations and ample opportunities to volunteer in your community.

Fitch is committed to providing global securities markets with objective, timely, independent and forward-looking credit opinions. To protect Fitch’s credibility and reputation, our employees must take every precaution to avoid conflicts of interest or any appearance of a conflict of interest. Should you be successful in the recruitment process at Fitch Ratings you will be asked to declare any securities holdings and other potential conflicts prior to commencing employment. If you, or your immediate family, have any holdings that may conflict with your work responsibilities, you may be asked to divest yourself of them before beginning work.

Fitch is proud to be an Equal Opportunity and Affirmative Action Employer. We evaluate qualified applicants without regard to race, color, national origin, religion, sex, sexual orientation, gender identity, disability, protected veteran status, and other statuses protected by law

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