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JobDescription :

Role: Associate - Criteria Validation

The Location: 55 Water St, New York, NY 10041

The Team: The Criteria Validation Group (CVG) helps to ensure the quality of ratings criteria through validation activities and plays a key role in meeting regulatory requirements. You will be working with a collaborative team, but will also operate independently to focus on specific project work.

The Impact: In this role, you will perform data analyses, calculate and interpret ratings performance metrics and write up your results in validation reports. These results will be used to determine when criteria are fit for purpose and when they require revisions based on CVG’s objective and independent assessment. The impact for S&P is that our analysts will have high quality industry leading criteria to apply in ratings analysis and capital markets participants will have confidence in the high quality of our ratings.

What’s in it for you: Criteria Validation is a group that has global responsibilities for ratings criteria across all sectors. As a result, the successful candidate will experience working with senior analytical and criteria staff across all sectors in corporate, government and structured finance ratings. You will learn about all aspects of credit analysis through your interactions with top experts. This could lead to multiple career progression opportunities, from fundamental analysis in a practice area to other areas of risk management.

Standard & Poor’s Ratings Services’ ratings criteria contain all our key analytical principles, assumptions and methodologies. They provide the framework for all of our published ratings and analyses and, as such, represent our most significant intellectual property. The Associate, Criteria Validation will be a key member of a senior team of Criteria experts that enhance the management of Criteria-related risks by:

  • Validating that proposed new or revised Criteria effectively differentiate creditworthiness based on historical experience, and produce ratings which are consistent with Rating Services Ratings Definitions;
  • Developing quantitative metrics to assess criteria;
  • Conducting various statistical and quantitative analyses in the evaluation of Criteria (using Matlab, Visual Basic or SAS for example), including back-testing and benchmarking with historical data, prior year stress testing, and review of performance metrics to verify the soundness of the assumptions and of the calibration underpinning proposed new or revised Criteria, and forming and defending validation conclusions;
  • Providing support to senior team members in the generation of Criteria validation reports to present validation conclusions;
  • Supporting the periodic validation of existing Criteria by analyzing historical rating performance metrics that inform the fitness for purpose of existing Criteria based on discriminatory power, predictive power and historical robustness;  and
  • Researching and developing new tools for the statistical and quantitative analyses used for Criteria validation.
What We’re Looking For:
Basic Qualifications:
  • 2+ years of experience in fundamental credit analysis / fixed income capital markets with a quantitative orientation
  • Advanced degree or CFA
  • Quantitative skills in one or more of the areas of structured finance, credit derivatives, default and recovery, credit risk management or Criteria
  • Process-oriented with attention to detail
  • Highly organized with the ability to work independently
  • Strong written and verbal communication skills. You will be responsible for participating in meetings and writing reports on a regular basis.
Preferred Qualifications:
  • Advanced statistics or data science experience and credentials
  • Programming experience in SAS, MATLAB, Visual Basic, or C++
  • Experience in a rating agency analytical practice area or in criteria development or Criteria validation

About S&P Global Ratings

S&P Global Ratings is the world’s leading provider of independent credit ratings. Our ratings are essential to driving growth, providing transparency and helping educate market participants so they can make decisions with confidence. We have more than 1 million credit ratings outstanding on government, corporate, financial sector and structured finance entities and securities. We offer an independent view of the market built on a unique combination of broad perspective and local insight. We provide our opinions and research about relative credit risk; market participants gain independent information to help support the growth of transparent, liquid debt markets worldwide.


S&P Global Ratings is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence.For more information, visit


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New York, NY US
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