US Project & Infrastructure Finance – Credit Analyst, Director (Legal) Fitch is seeking an attorney for a legal document review and analysis role within its Corporate Infrastructure & Project Finance Group, focused on Project & Infrastructure Finance. The role will work closely with the Complex Credit Group (CCG) to evaluate new and innovative project finance structures. The ideal candidate will be an attorney with strong analytical skills, and a deep understanding of project finance documentation, contractual risk allocation, and transaction structures. A core expectation is the ability to translate legal terms and structural protections into clear, decision-useful views on cash flow stability, default risk, and recovery outcomes.

Location: Toronto, ON, CA

What We Offer

A team-oriented environment where strong communication, high productivity, and a results-driven mindset are essential

Opportunity to contribute to high-visibility analysis at a global rating agency

A platform that supports more informed debt capital markets decisions through timely, insightful, and forward-looking rating actions and research

An workplace that supports work-life balance through predictable hours and a hybrid work arrangement

We'll Count on You To

Review and interpret transaction documents to inform credit analysis

by identifying key risks, mitigants, and watch items relevant to rating analysis, including:

Financing agreements, security documents, intercreditor arrangements, and core project contracts (leases, EPC, O&M;, offtake/PPAs, concessions)

Structural protections (cash waterfall mechanics, reserve accounts, distribution tests, DSCR-based covenants, cash sweeps)





Creditor protections and enforcement/recovery mechanics (security packages, step-in rights, direct agreements, intercreditor terms)

Construction and completion frameworks (EPC terms, LDs, performance security, guarantees)

Operating and revenue risk allocation (PPAs/offtake terms, merchant exposure, volume/price risk, curtailment, change-in-law, termination regimes)

Documentation trends across infrastructure and project financings

Produce clear, repeatable deliverables

that translate documentation into analytical inputs, such as:

Deal term sheets and key terms trackers

Assess key quantitative and qualitative credit factors

for individual transactions and issuers, including cash flow protections, counterparty risk, and enforceability considerations

Participate in meetings

with project sponsors, developers, operators, legal, and other stakeholders

Educate and advise analytical colleagues

by presenting your view on documentation, structural strengths/weaknesses, and areas of concern

Participate and vote in credit committees

for infrastructure and project finance transactions

You Need to Have

Experience practicing law (project finance/infrastructure preferred)

4–7+ years of relevant experience (attorney) , preferably in project finance, infrastructure finance, structured/project debt, or capital markets





Deep familiarity with project finance documentation and structures, including:

Common terms/credit agreements, intercreditor arrangements, and security packages

Cash flow waterfalls, covenants, events of default, cure rights, and remedies

Direct agreements/consents and step-in frameworks

Project documents (leases, power purchase agreements, offtake agreements)

Capital markets and/or credit analysis experience is a plus

Strong analytical, quantitative, and organizational skills

Excellent written and verbal communication skills and ability to work effectively in a team

Intellectual curiosity and motivation to analyze varied financing structures and asset types

Flexibility and adaptability as priorities change

What Would Make You Stand Out

Meaningful experience focused on project finance/infrastructure, including exposure to:

Digital infrastructure

P3/PPP concession structures

Hybrid merchant/contracted revenue frameworks

Strong interest in capital structures, creditor protections, and recovery outcomes—and the ability to form an independent, well-supported view

Experience executing research projects from idea generation through writing and presenting externally

Outstanding interpersonal skills, including demonstrated leadership and effective engagement with internal and external stakeholders

Toronto candidates:

Expected base pay rates for the role will be between $175,000 and $225,000 per year. Actual salaries will be determined on an individualized basis and may vary based on factors including but not limited to education, training, ex

📌 US Project (Toronto)
🏢 Fitch Group
📍 Toronto