Credit Risk: ISG Counterparty Power & Utilities - Associate

Firm Risk Management (FRM)
Firm Risk Management enables Morgan Stanley to achieve its business objectives by partnering across business units to drive efficient risk adjusted returns, advise senior leadership, and protect the Firm from losses arising from credit, market, liquidity, operational, model, and other risks.

Background on the Position
This role sits within the Credit Risk Management team covering the Power & Utilities (P&U) sector in New York. The position focuses on assessing creditworthiness for both derivatives/trading and lending requests, and portfolio management. The team is responsible for counterparties across the regulated utilities, independent power producers (IPP), and renewable energy sectors.

Primary Responsibilities
Credit Risk Assessment & Transaction Review
- Conduct in depth credit analysis of P&U counterparties, including regulated utilities, IPPs, renewables, etc.
- Participate in due diligence process for new transactions and client onboarding. Review lender presentations, coordinate with business units on the approval process, and assess covenant packages and structural protections.
- Review trade requests from business / origination teams, evaluate sector specific risks, and understand credit exposure impact, tenor details, structure etc.
- Assess exposure impact, tenor, collateral arrangements, ISDA/CSA terms, and transaction specific risk drivers.
- Support underwriting of lending transactions, including revolvers, term loans, and structured lending facilities
- Analyze borrower financials, business models, capital structures, cash flow resilience, and key lending risks.
- Prepare comprehensive loan approval memos and recommendations for internal credit committees.

Portfolio Management
- Prepare annual and quarterly credit reviews, assign internal credit ratings, propose credit limits, and monitor limit usage and excesses.
- Track and monitor industry trend and contribute to sector reviews and stress tests.
- Prepare portfolio level reports highlighting rating changes, market developments, regulatory impacts, and concentration risks.
- Develop presentations for senior management, firm committees, and regulatory reviews on sector trends and portfolio themes. Experience & Qualifications
- Bachelor's degree in Finance, Accounting, Economics, Engineering, or related quantitative field; advanced degree or CFA candidate a plus.
- 2-4 years of experience in credit risk, project finance, corporate underwriting, or energy sector finance.
- Understanding of U.S. power markets, utility regulatory, and project finance preferred.
- Familiarity with master agreement documentation (ISDAs, CSAs, credit agreement, etc) and traded products.
- Exceptional financial modeling and analytical skills, attention to detail, and ability to synthesize complex information.
- Strong written and verbal communication skills.
- Ability to work independently and manage multiple priorities in a fast paced environment.
- Fluency in English required.

WHAT YOU CAN EXPECT FROM MORGAN STANLEY:

At Morgan Stanley, we raise, manage and allocate capital for our clients – helping them reach their goals. We do it in a way that’s differentiated – and we’ve done that for 90 years. Our values - putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back - aren’t just beliefs, they guide the decisions we make every day to do what's best for our clients, communities and more than 80,000 employees in 1,200 offices across 42 countries. At Morgan Stanley, you’ll find an opportunity to work alongside the best and the brightest, in an environment where you are supported and empowered. Our teams are relentless collaborators and creative thinkers, fueled by their diverse backgrounds and experiences. We are proud to support our employees and their families at every point along their work-life journey, offering some of the most attractive and comprehensive employee benefits and perks in the industry. There’s also ample opportunity to move about the business for those who show passion and grit in their work.

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Expected base pay rates for the role will be between $100,000 and $140,000 year at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs

Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees.

It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law.

Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).