International credit rating company Moody's Investors Service has increased its stake in Midroog Ltd. to 51% from 40%. The company did not disclose the size of the deal.
A month ago, S&P announced that it was buying full ownership of Israel's other credit rating company, Maalot The Israel Rating Company Ltd.. "Globes" first reported that S&P was in talks to acquire Maalot at the end of November.
Moody's has been increasing its stake in Midroog ever since the latter was founded in 2003. It initially acquired 10% of Midroog Ltd., increasing its stake to 30% in 2005.
Midroog was founded by Yosef Zinger and Eli Kraizberg, partners in financial services provider Giza Singer Even.
Moody's senior managing director EMEA Fredrick Drevon said, "This increased stake reflects not only our confidence in the local management, but our desire to continue to work together even more closely to capitalize on the growth in the Israeli capital markets."
Midroog chairman Gideon Eilat added, "We have enjoyed great cooperation with Moody's to date and we expect the partnership to continue to be mutually beneficial. The partnership continues to allow Midroog to better serve market participants in Israel."
Published by Globes [online], Israel business news - www.globes.co.il - on January 7, 2008
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