Associate Director, North America Regulated Utilities, Infrastructure Ratings

About the Role:
Grade Level (for internal use):
12
The Team
Credit Ratings is part of S&P Global's Global Ratings Services, bringing together more than 1,400 analysts across leading financial centers worldwide. The Infrastructure and Project Finance practice provides credit analysis on essential, long-lived assets and ring-fenced project financings — assessing contractual frameworks, demand and operating risks, sponsor strength, financial flexibility, and resilience under stress. The team's work supports capital formation for critical infrastructure and helps the market understand fast-evolving subsectors such as data centers and digital infrastructure. The North American Regulated Utilities team covers a portfolio of investor-owned utility companies, including leading U.S. and Canadian electric utilities such as NextEra Energy, Duke Energy, and Southern Company.
Responsibilities and Impact
Impact
This role offers a meaningful opportunity to contribute to independent credit opinions on some of North America's most critical infrastructure assets. As Associate Director, the role carries responsibility for leading end-to-end credit analysis across an assigned portfolio of North American regulated utility companies — producing committee-ready rating opinions and ongoing surveillance that investors, issuers, and market participants rely on. Based in New York, NY or Toronto, ON, the Associate Director also plays a key part in building team capability, embedding modern analytical practices, and contributing to thought leadership that shapes market understanding of the regulated utilities sector.
Responsibilities
Team Contribution & Capability Building
Coach and mentor junior analysts on credit fundamentals, modeling discipline, and the responsible use of AI tools, coordinating work across credits to manage quality and capacity risks.
Embed continuous improvement into team routines by developing and improving analytical playbooks, standard processes, and prompt libraries, and driving their adoption across the team.
Partner with stakeholders to identify high-impact analytical use cases and support testing, adoption, and rollout with appropriate governance, controls, and change management.
Core Analytical & Delivery
Lead end-to-end credit analysis for an assigned portfolio of North American regulated utility issuers, preparing committee-ready materials and participating actively in rating committees.
Lead portfolio surveillance and updates, connecting market developments and issuer performance to forward-looking risk themes, with strong ownership of output quality and clarity of reasoning.
Embed approved AI and large language model (LLM) tools into analytical workflows to accelerate research, comparisons, and drafting, with disciplined validation and documentation.
Stakeholder & Market Engagement
Synthesize data, analysis, and research into clear, market-facing narratives for senior stakeholders and market participants, and contribute to thought leadership and sector commentaries.
Risk Management and Operating
Ensure adherence to analytical methodology, confidentiality standards, and data governance requirements, escalating risks early.
Contribute to controlled automation and agentic workflows with appropriate governance and human oversight, partnering with Data and Engineering teams to scale safely.
Compensation/Benefits Information
US Candidates:
S&P Global states that the anticipated base salary range for this position is $142,100 to $188,000 USD. Final base salary for this role will be based on the individual's geographic location, as well as experience level, skill set, training, licenses and certifications. In addition to base compensation, this role is eligible for an annual incentive plan. This role is eligible to receive additional S&P Global benefits. For more information on the benefits we provide to our employees, please click here.
Canadian Candidates:
S&P Global states that the anticipated base salary range of compensation for this position is $147,900 to $163,000 CAD. Final base salary compensation for this role will be based on the individual's performance, geographic location, as well as experience level, skill set, training, licenses and certifications. In addition to base compensation, this role is eligible for an annual incentive plan, which is included in the range of compensation above. This role is eligible to receive additional S&P Global benefits. For more information on the benefits we provide to our employees, please click here.
In accordance with Ontario regulations effective January 1, 2026, this posting provides information on expected compensation. S&P Global will not be utilizing artificial intelligence in our hiring process. All interviewed candidates will be informed of hiring decisions within 45 days of their interview. This posting is for an existing vacancy.
What We're Looking For
Required Skills and Experience:
An S&P Global employee at this level would typically have 5 to 10 years of relevant experience in energy, infrastructure finance, or corporate credit analysis.
Strong energy or infrastructure background with a deep understanding of credit analysis, gained through transactional, analytical, or credit roles, and the ability to connect market and sector developments to emerging credit risk themes.
Demonstrated financial analysis skills, including cash flow modeling, ratio and covenant analysis, and accounting fundamentals.
Demonstrated ability to deliver high-quality credit analysis across a portfolio with limited oversight, and to coach junior analysts through structured feedback and quality review.
Practical experience embedding generative AI, large language models (LLMs), or agentic workflows into analytical processes, with disciplined governance, validation, and responsible AI practices including bias awareness and adherence to approved boundaries.
Effective written and verbal communication skills for committee-ready documentation and engagement with issuers, investors, and market participants.
Ability to pivot into different sectors to meet evolving client and analytical needs across the practice.
Preferred or Helpful Experience:
Experience scaling automation or agentic workflows by defining requirements, supporting testing, and enabling team adoption with appropriate governance controls.
Experience simplifying analytical processes through standardization, tooling, and automation.
Education: Bachelor's degree or equivalent required. A master's degree or professional certification (such as CFA) is highly valued. We welcome candidates from traditional finance disciplines as well as diverse academic backgrounds that support innovative and critical thinking.
Additional Information:
We require all candidates who reach the final stage of our interview process to attend at least one in-person interview, which is ordinarily at your nearest S&P Global Ratings office. This must be completed before we can proceed to an offer.
Employees are required to work from the office a minimum of two days per week.
About S&P Global Ratings
At S&P Global Ratings, our analyst-driven credit ratings, research, and sustainable finance opinions provide critical insights that are essential to translating complexity into clarity so market participants can uncover opportunities and make decisions with conviction. By bringing transparency to the market through high-quality independent opinions on creditworthiness, we enable growth across a wide variety of organizations, including businesses, governments, and institutions.
S&P Global Ratings is a division of S&P Global (NYSE: SPGI). S&P Global is the world’s foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world’s leading organizations navigate the economic landscape so they can plan for tomorrow, today.
For more information, visit www.spglobal.com/ratings
What’s In It For You?
Our Mission:
Advancing Essential Intelligence.
Our People:
We're more than 35,000 strong worldwide—so we're able to understand nuances while having a broad perspective. Our team is driven by curiosity and a shared belief that Essential Intelligence can help build a more prosperous future for us all.From finding new ways to measure sustainability to analyzing energy transition across the supply chain to building workflow solutions that make it easy to tap into insight and apply it. We are changing the way people see things and empowering them to make an impact on the world we

Skills
Artificial Intelligence, LLM, Generative AI, Financial Analysis, Accounting, Risk Management, Documentation