Credit Analyst (Associate Director) - International Public Finance - Frankfurt

Fitch Ratings is currently seeking a Credit Analyst (Associate Director) based out of our Frankfurt or London office.

As one of the world’s top three credit ratings agencies, Fitch Ratings plays a critical role in global capital markets by providing supplementary credit analysis, ratings, research, and commentary to financial market participants. For over 100 years, Fitch Ratings has been creating value for global markets through its rigorous analysis and deep expertise, which have resulted in a variety of market leading tools, methodologies, indices, research, and analytical products. Fitch Ratings is part of Fitch Group, a global leader in financial information services with operations in more than 30 countries, which also includes Fitch Solutions. With dual headquarters in London and New York, Fitch Group is owned by Hearst.

At Fitch Ratings, credit analysts play a pivotal role in moving markets, as quality credit analysis is the lifeblood of our organization. With a legacy of over a century, our unique approach to credit ratings offers unmatched opportunities for professional growth. Embracing a “challenger mindset,” you'll join a team dedicated to innovating service to our clients. Our people-driven analysis thrives on collaboration across all levels and locations, surpassing traditional financial modeling. Lastly, as part of our global community, you'll find inspiration, challenge, and support, with ample opportunities for visibility and influence in the global financial marketplace.

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About the Team:

The International Public Finance team (IPF) is responsible for assigning and maintaining international credit ratings on public entities and their debt issues. The Group is split into broad geographic regions: APAC, EMEA, North America and LATAM.

In EMEA, a strong portfolio of public ratings of sub-national entities is maintained, split between local and regional governments (LRGs) and policy-mission government related entities (GREs), such as key state-owned holding companies, railways and development lenders. This is a dynamic team with deep knowledge of Fitch-rated subnational public entities in emerging markets in the EMEA region, as well as broader credit trends, and it produces high-quality research and rating reports complementing the ratings.

The role will concentrate on, but will not be limited to, a portfolio of LRGs and GREs in emerging market countries in the EMEA region (focusing on CIS+ and Türkiye). It contributes to Fitch’s franchise maintenance and development in the region by broadening credit research and expanding issuer ratings coverage. This position reports to the IPF team head, based in either Frankfurt or Warsaw.

The role requires occasional travel, primarily within the EMEA region.

How You’ll Make an Impact:

• Conduct in-depth credit analysis of public entities (LRGs and GREs), including evaluating financial statements, budget execution reports and other relevant qualitative and quantitative information.
• Monitor a portfolio of credit ratings; prepare and present credit views, recommendations, and rationales at rating committees; and contribute to the timely and accurate preparation of rating reports for credits under your primary analyst coverage.
• Actively contribute to the drafting of research reports, providing analytical insights into key credit issues and trends.
• Monitor and interpret developments in the public finance sector, including regulatory changes, macroeconomic trends, and market dynamics, and assess their credit implications.
• Participate in and contribute to regular credit review meetings with issuers’ senior management for credits under your primary and secondary analyst coverage.
• Support the team with analysis, ad-hoc tasks and other research initiatives and related duties.

You May be a Good Fit if:

• Have 3–6 years of experience in credit analysis, corporate or financial institutions analysis, or a related area within advisory, ratings, banking, investment research, or financial services.
• The role will involve coverage of the portfolio in the CIS+ countries and Türkiye. Therefore, you must have professional fluency in Russian and/or Turkish (essential).
• Have a sound academic track record, with at least a first university degree, preferably in finance, economics, or accounting.
• Have professional fluency in English (essential).
• Exhibit strong analytical skills with the ability to interpret complex financial data and draw well-supported conclusions. Proficiency in Excel and Word is required.
• Demonstrate excellent written and verbal communication skills, with the ability to present analytical conclusions clearly and concisely to internal and, where required, external audiences.
• Demonstrate the ability to work collaboratively within a team while managing multiple projects and deadlines effectively.

What Would Make You Stand Out:

• CFA, ACCA or similar qualifications would be considered an advantage.

Why Choose Fitch:

• Hybrid Work Environment: 3 days a week in office required
• A Culture of Learning & Mobility: Dedicated trainings, leadership development and mentorship programs designed to ensure that your time at Fitch will be a continuous learning opportunity
• Investing in Your Future: Retirement planning and tuition reimbursement programs that empower you to achieve your short and long-term goals
• Promoting Health & Wellbeing: Comprehensive healthcare offerings that enable physical, mental, financial, social, and occupational wellbeing
• Supportive Parenting Policies: Family-friendly policies, including a generous global parental leave plan, designed to help you balance career and family life effectively
• Inclusive Work Environment: A collaborative workplace where all voices are valued, with Employee Resource Groups that unite and empower our colleagues around the globe
• Dedication to Giving Back: Paid volunteer days, matched funding for donations and ample opportunities to volunteer in your community

At Fitch, AI is embedded in how we work every day—supporting smarter decision-making, streamlining workflows, and enabling new ways to create value for our business and clients. Intelligent solutions are increasingly part of our day-to-day operations, helping teams work more efficiently and think differently as we continue to evolve. We’re looking for colleagues who are comfortable operating in an AI-enabled environment—or who are curious, adaptable, and eager to build their AI literacy over time. We value professionals who embrace technology as part of continuous learning and who are committed to using it thoughtfully to enhance how work gets done.

Fitch is committed to providing global securities markets with objective, timely, independent and forward-looking credit opinions. To protect Fitch’s credibility and reputation, our employees must take every precaution to avoid conflicts of interest or any appearance of a conflict of interest. Should you be successful in the recruitment process at Fitch Ratings you will be asked to declare any securities holdings and other potential conflicts prior to commencing employment. If you, or your immediate family, have any holdings that may conflict with your work responsibilities, you may be asked to divest yourself of them before beginning work.

Fitch is proud to be an Equal Opportunity and Affirmative Action Employer. We evaluatequalified applicants without regard to race, color, national origin, religion, sex, sexual orientation, gender identity, disability, protected veteran status, and other statuses protected by law.

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