U.S. Public Finance - Municipal Infrastructure, Senior Analyst - Chicago

Fitch Ratings is Seeking a U.S.-Based Senior Analyst for its Municipal Infrastructure Team.

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. For over 100 years, Fitch Ratings has been creating value for global markets through its rigorous analysis and deep expertise, which have resulted in a variety of market leading tools, methodologies, indices, research, and analytical products. 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 lifeblood of our organization. With a legacy of over a century, our unique approach to credit ratings offers unmatched opportunities for professional growth. 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 modeling. Lastly, 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.

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About the Team

The role sits within the U.S. Municipal Infrastructure team, which is part of Fitch Ratings’ broader U.S. Public Finance group, and provides ratings to municipal issuers in the infrastructure and transportation sectors, including airports, toll roads and seaports. The team has six analysts across Fitch’s offices in New York, Chicago, San Francisco and Austin.

How You’ll Make an Impact:

• Conduct in-depth analysis of U.S. municipal infrastructure issuers by evaluating financial statements, legal documents, and other relevant qualitative and quantitative information.
• Monitor a portfolio of credit ratings across airports, toll roads, and seaports; prepare and present credit views at rating committees; and deliver timely and accurate rating commentary for credits under your primary analyst coverage.
• Lead ratings analysis and execution for new and existing U.S. municipal infrastructure transactions.
• Identify relevant sector and market trends, assess their credit impacts and communicate these trends in publishable research, including sector commentary.
• With senior members of the team, participate in issuer meetings and industry conferences, engaging with issuers, investment bankers, financial advisors, and other market participants.

You May be a Good Fit if:

• Have 2+ years of public finance and infrastructure credit experience at a bank credit department, a rating agency, a buy side credit department, etc.
• Demonstrate excellent written and verbal communication skills, with the ability to present analytical conclusions clearly and concisely.
• Possess strong modeling skills and the ability to perform cash flow analysis using analytical tools or spreadsheet-based financial models.
• Exhibit strong analytical and critical thinking skills.
• Demonstrate the ability to work both collaboratively within a team and independently with minimal supervision while contributing to broader team objectives.
• Highly organized and efficient, with the ability to manage multiple priorities, meet tight deadlines and display a strong degree of flexibility to take on additional responsibilities, as required. 

What Would Make You Stand Out:

• Experience at a rating agency experience or in ratings advisory.
• A strong understanding of, and interest in, infrastructure and public finance.
• A professional background in capital markets and/or credit analysis.
• Familiarity with credit rating methodologies and committee-based analytical processes.
• CFA designation.
• A master’s degree in finance, business or public administration.

Why Choose Fitch:

• Hybrid Work Environment: 3 days a week in office required
• 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

At Fitch, AI is embedded in how we work every day—supporting smarter decision-making, streamlining workflows, and enabling new ways to create value for our business and clients. Intelligent solutions are increasingly part of our day-to-day operations, helping teams work more efficiently and think differently as we continue to evolve. We’re looking for colleagues who are comfortable operating in an AI-enabled environment—or who are curious, adaptable, and eager to build their AI literacy over time. We value professionals who embrace technology as part of continuous learning and who are committed to using it thoughtfully to enhance how work gets done.

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. 

FOR CHICAGO ROLES ONLY:  Expected base pay rates for the role will be between $80,000 and $95,000 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. Base pay is one part of Fitch’s total compensation package, which, depending on the position, may also include commission earnings, discretionary bonuses, long-term incentives, and other benefits sponsored by Fitch. 

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