Senior Analyst/Associate Director

Senior Analyst/Associate Director - Structured Finance & Covered Bonds

Requisition ID: 48884

Business Unit: Fitch Ratings

Category: Credit Analysis & Research

Location:Paris, FR

Date Posted: Nov 3, 2025

Senior Analyst/Associate Director – Structured Finance & Covered Bonds

The Structured Finance and Covered Bonds team is seeking a Senior Analyst/ Associate Director based out of our Paris office.

Fitch's European Structured Finance (SF) & Covered bonds (CVB) department maintains existing ratings and assigns ratings to new SF transactions and CVB programmes. Fitch currently rates Structured Finance transactions across four main asset classes: Asset Backed Securities, Residential Mortgage Backed Securities, Commercial Mortgage Backed Securities and Structured Credit. Fitch Ratings maintains surveillance across a broad range of European structured finance transactions and over 101 covered bonds programmes from 96 institutions located in 18 countries across Europe, Northern America and Asia-Pacific, accounting for about 810 billion euros of bonds.

The department is spread across several locations, mainly in continental Europe. The Paris-based team focuses on the analysis of SF & CVB out of France, Belgium and the Netherlands.

What We Offer:

• A small team within a larger European and global department which allows you to think differently and have a tangible impact on the team's output and performance. Move across teams is encouraged, via secondment or internal transfers.
• A rare opportunity to develop knowledge and technical expertise across multiple jurisdictions and sectors, especially in Structured Finance, European mortgage & consumer markets and financial institutions' secured funding
• Variety of work on multiple asset classes and on multiple issuers and jurisdictions
• An inclusive atmosphere based on a culture of continual learning - through curiosity, outspoken debate and collaboration and in pursuit of the highest analytical standards.

We'll Count on You To:

• Apply credit risk analysing to new transactions by modelling of asset and liability cash-flows in rating scenarios within the scope of Fitch's rating criteria, ensuring consistency while treating cases on their merits
• Produce fluent, concise commentaries and reports publishing our rating actions and credit rationale
• Review of relevant transaction documents and accompanying legal opinions
• Conduct a qualitative assessment of the operational risks based on calls or on-site reviews at the issuing financial institutions
• Monitor a portfolio of structured finance transactions and covered bonds programmes, including the preparation and presentation of rating committee documentation
• Write and publish comprehensive rating reports and research reports on your sector of expertise
• Participate in committees on covered bonds and structured finance in other jurisdictions
• Maintain effective channels of communication with debt arrangers to handle inbound enquiries, clarify project status and discuss analytical questions/feedback on a timely basis, always striving to be clear and professional

What You Need to Have:

• Prior experience in credit risk analysis within the banking industry, ideally in the securitisation and/or covered bond market
• Numeracy and computer proficiency is a pre-requisite, including use of Excel and application of modelling skills

• Native or fluent French, with the capacity to present analysis and complex ideas to internal and external audiences—verbally and in clear, concise business English. Excellent written and oral English skills are required.

• Other European languages are desirable

• Master degree or equivalent with a specialty in Finance, Economics, Accounting, Maths or Statistical Sciences

What Would Make You Stand Out:

• Strong analytical and problem-solving skills
• Strong communication skills, ability to work with team member and share knowledge
• Multicultural experience is a plus, such as time spent studying or working abroad

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 Group, the combined power of our global perspectives is what differentiates us. Our global network of colleagues comes together to accomplish things greater than they ever could alone.

Every team member is essential to our business and each perspective is critical to our success. We embrace a diverse culture that encourages a free exchange of ideas, guaranteeing your voice will be heard and your work will have an impact, regardless of seniority.

We are building incredible things at Fitch and we invite you to join us on our journey.

For more information please visit our websites

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 evaluatequalified applicants without regard to race, color, national origin, religion, sex, sexual orientation, gender identity, disability, protected veteran status, and other statuses protected by law.