Senior Analyst, Credit Analysis - Project Finance

About the Role:
Grade Level (for internal use):
11
About the Role
The Infrastructure & Project Finance practice provides credit analysis on essential, long-lived assets and ring-fenced project financings — assessing contractual frameworks, demand and operating risks, long-term financial forecasts, and resilience under stress. The EMEA Transport team consists of 15 analysts across London, Madrid, Paris, Milan, Frankfurt, and Dubai, covering approximately 130 issuers across Europe — comprising project financings and transport infrastructure corporate entities including airports, ports, toll roads, and rail operators. The team works closely with the global Digital Infrastructure team and EMEA Utilities colleagues, while also supporting project finance transactions in Israel. Team members value collaboration, analytical excellence, and cross-skilling to deliver high-quality ratings in a timely manner.
What You'll Do
Impact
At S&P Global, our values — Discovery, Integrity, and Partnership — shape how we work, collaborate, and earn trust. We embrace AI as an enabler, guided by rigorous governance and risk management, to enhance the intelligence of our people, deep relationships, and trusted insights. By leveraging technology with human expertise, we help our teams navigate complexity and deliver actionable, decision-ready intelligence without compromising quality, accountability, or integrity.
Responsibilities
Core Analytical & Delivery
Lead end-to-end analytical execution for assigned project finance credits, ensuring high-quality analysis and timely delivery; own surveillance and updates for the assigned portfolio, synthesizing performance, market signals, and peer context into decision-useful insights.
Prepare and review key outputs and financial model inputs, reconcile metrics, document assumptions and changes to ensure adherence to methodologies and standard operating procedures, while supporting AI tools and automation to accelerate workflows with structured validation and analytical judgment.
Team Contribution & Capability Building
Provide day-to-day guidance and coaching to junior analysts, building capability in credit analysis, data discipline, and tooling; drive consistency through codified standard work, propose lightweight automations that free capacity for higher-value analysis, and foster continuous improvement by removing manual steps without compromising governance.
Stakeholder & Market Engagement
Engage with issuer management teams alongside senior colleagues; craft client- and committee-ready narratives that translate complex data and analysis into clear, evidence-based insights that convey S&P Global's analytical expertise and drive engagement with market participants.
Risk Management and Operating
Ensure adherence to methodology, confidentiality, and data governance requirements; embed responsible AI use with approved tools only, and contribute to controlled automation and agentic workflow design, supporting testing, rollout, and training others.
What We're Looking For
Required Skills and Experience
Demonstrated analytical experience in project finance methodology, with the ability to independently manage a portfolio of project finance transactions with limited oversight.
Strong financial modelling skills, with a high degree of accuracy in validating inputs, reconciling metrics, and documenting model assumptions.
Strong credit, financial, and risk analysis skills, linking fundamental drivers to forward-looking views and risk appetite, with practical experience embedding AI tools and large language models into analytical workflows.
Effective written and verbal communication skills, with the ability to synthesize complex analysis into clear, structured narratives for external clients and internal committees.
High standards for quality, traceability, and governance, with sound judgment on responsible AI use in controlled environments.
English: Required — Fluent (able to conduct meetings, collaborate effectively, and communicate clearly in writing and verbally).
Preferred or Helpful Experience
Coaching capability with an ability to improve team consistency through shared standards and tools, and a continuous improvement mindset.
Demonstrated ability to contribute to scalable automation and agentic workflow design.
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
An S&P Global employee at this level would typically have 2 to 5 years of relevant experience in project finance credit analysis.
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.
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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 live in. We’re committed to a more equitable future and to helping our customers find new, sustainable ways of doing business. Join us and help create the critical insights that truly make a difference.
Our Values:
Integrity, Discovery, Partnership
Throughout our history, the world's leading organizations have relied on us for the Essential Intelligence they need to make confident decisions about the road ahead. We start with a foundation of integrity in all we do, bring a spirit of discovery to our work, and collaborate in close partnership with each other and our customers to achieve shared goals.
Benefits:
We take care of you, so you can take care of business. We care about our people. That’s why we provide everything you—and your career—need to thrive at S&P Global.
Our benefits include:
Health & Wellness: Health care coverage designed for the mind and body.
Flexible Downtime: Generous time off helps keep you energized for your time on.
Continuous Learning: Access a wealth of resources to grow your career and learn valuable new skills.
Invest in Your Future: Secure your financial future through competitive pay, retirement planning, a continuing education program with a company-matched student loan contribution, and financial wellness programs.
Family Friendly Perks: It’s not just about you. S&P Global has perks for your partners and little ones, too, with some best-in class benefits for families.
Beyond the Basics: From retail discounts to referral incentive awards—small perks can make a big difference.
For more information on benefits by country visit:

Skills
Risk Management