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.

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 counter parties across the regulated utilities, independent power producers (IPP), and renewable energy sectors.

• Conduct in depth credit analysis of P&U counter parties, 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.

• 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.

• 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.

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.

To learn more about our offices across the globe, please copy and paste  into your browser.

Expected…