Project & Infrastructure Finance - Credit Analyst, Director (Legal) - Toronto

In this role, you'll translate complex project finance documentation into actionable credit views that support rating analyses. You will work within CIPF and alongside the Complex Credit Group to assess risk, cash flow protections, and recovery outcomes. You'll engage with sponsors, developers, and legal teams to shape clear, decision-useful insights. This opportunity lets you influence high-visibility infrastructure finance decisions at a global ratings firm, with a balanced, hybrid work environment.

• hybrid work arrangement
• work-life balance
• competitive base pay with potential bonuses and long-term incentives

• Review transaction documents to identify key risks, mitigants, and watch items for rating analysis
• Analyze financing agreements, security packages, intercreditor terms, and core contracts (leases, EPC, O&M, PPAs)
• Assess structural protections (cash waterfalls, reserve accounts, covenants) and enforcement mechanics
• Evaluate project documents (leases, PPAs, offtake) and related risk allocations
• Prepare term sheets and key terms trackers; produce memo on risks and mitigants
• Quantitatively and qualitatively assess cash flow protections, counterparty risk, and enforceability
• Participate in meetings with sponsors, developers, operators, and other stakeholders
• Present views on documentation strengths/weaknesses to educate colleagues and contribute to credit committees

• 4-7+ years of legal practice (preferably in project/infrastructure finance)
• Deep familiarity with project finance documentation and structures
• Experience with cash flow waterfalls, covenants, defaults, and remedies
• Knowledge of direct agreements, intercreditor terms, and security packages
• Project documents such as PPAs and leases
• Capital markets or credit analysis experience is a plus
• Strong analytical, organizational, and communication skills
• Ability to work effectively in a team and adapt to changing priorities

• strong communication
• intellectual curiosity
• team collaboration
• project finance documentation and structures
• cash flow waterfalls and covenants
• intercreditor agreements and security packages