Associate Director - Corporates (EMEA Consumer & Healthcare) - London/Frankfurt

Fitch Ratings
London, United Kingdom
Oct 04, 2020
Nov 02, 2020
Job Function
Industry Sector
Finance - General
Employment Type
Full Time
Company Overview:

Dual-headquartered in New York and London, Fitch Ratings is a leading provider of credit ratings, commentary and research. Dedicated to providing value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise. The additional context, perspective and insights we provide help investors to make important credit judgments with confidence.

Fitch Ratings, along with Fitch Learning and Fitch Solutions, are part of the Fitch Group, a global leader in financial information services with operations in more than 30 countries. Fitch Group is a wholly-owned subsidiary of New York-based Hearst Corporation.

Department overview:

Fitch Ratings ' EMEA Corporate group provides public and private ratings of companies and their debt instruments in Western Europe, CEE, the CIS, Middle East and Africa.

The department employs over 90 credit analysts across Europe. In addition to London, Fitch ' s largest office, the department has analysts on the ground in Moscow, Paris, Frankfurt, Warsaw, Barcelona, Madrid, Stockholm, Milan, Riyadh and Dubai.

The department is split into five sector teams: Utilities and Transport, Natural Resources and Commodities, Consumer and Healthcare, Industrials, and Telecoms, Media, Technology. In addition, a specialist Leveraged Finance team contributes on credits with leveraged capital structures and leads research in that market. Dedicated research analysts supporting cross-sector publications complement the department.

The EMEA Consumer and Healthcare team of 20 analysts covers more than 100 public and private monitored credits in consumer-related sectors, split between three broad categories, namely Fast Moving Consumer Goods; Retail, Gaming and Lodging, as well as Healthcare and Pharmaceuticals. Eight members of the team are in London, with other analysts in Paris, Milan, Moscow, Frankfurt, Barcelona and Madrid.

Job Description:

As a member of the EMEA Consumer and Healthcare team, you will be in charge of a varied portfolio of corporate issuers across the C&H space, either as secondary or lead analyst role, with a strong focus on high-yield although you could work on investment-grade credits depending on demand. The portfolio may be biased towards specific consumer categories, such as healthcare, but could involve working a retail or consumer manufacturing segments, and involve collaboration with other groups at Fitch including, but not limited to, the Leveraged Finance Team.

The currently envisaged portfolio comprises a maximum of 10 credits either in the UK, or the EU, either as secondary or lead analyst role depending on your location, as well as a portfolio of credit opinions provided to CLO Asset Managers. You will monitor and analyse company news flow and financial results to identify events or trends which may lead to rating changes. You will also conduct meetings with company management (typically at the Head of Treasury, Investor Relations but also at CFO level).

You will present and discuss recommendations for new ratings or rating changes holding internal rating committees as well as communicating Fitch ' s credit opinions externally. You will also be involved with, and initiate, ad-hoc sector commentaries and topical research. The role will also involve some analytical support to business development activities, as well as interaction with issuers, investors and bankers, as well as some, but not an excessive level, of travel, primarily in Europe (albeit this is currently severely limited due to the pandemic).

Qualifications and experience:

The role would suit an individual with previous analytical experience looking to develop further in an intellectually challenging, analytically rigorous yet supportive environment.

Fitch ' s corporate analysts have diverse backgrounds, including career financial/credit analysts, professional services, or financial/operational roles in companies. Desirable qualities include:

A first rate academic background in a finance-related field. Professional qualifications (e.g. CFA, CA) would be an advantage.
  • A strong understanding of, or interest in, the consumer, retailing and healthcare sectors.
  • Strong analytical skills evidenced by experience of at least six years in an analytical or similar role.
  • Prior experience in leveraged finance and high-yield will be an advantage.
  • A strong team spirit, enabling him/her to work seamlessly with other members of the EMEA Corporates team. A willingness to mentor and develop junior analysts would also be looked upon favourably.
  • Solid written and verbal communication skills in English. Language skills - particularly French or German - would be helpful but is not essential.
  • Cash-flow modelling and accounting skills

Fitch is an equal opportunity employer that employs people across the full spectrum of society. Fitch works hard to create a workplace with an emphasis on inclusion, innovation and merit. By valuing diversity and equality in our workplace, we believe it adds strength to our business.

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