Shari Arison's holding company controls financial and infrastructure firms.
Standard & Poor's Maalot Ltd. has downgraded the credit rating on bonds of Shari Arison's holding company Arison Holdings Ltd. to AA- AA. S&P Maalot maintained its negative outlook for the bonds.
S&P Maalot cited the deterioration in Arison Holdings' financial ratios. The new rating is partly based on a commitment by its shareholders to maintain sufficient cash to make interest payments on its bonds in 2009-12 in the event that dividends from Bank Hapoalim (TASE: POLI; LSE:80OA) cannot cover the amount necessary.
Arison Holdings' investments include stakes in Bank Hapoalim, Housing and Construction Holding Co. Ltd. (Shikun u'Binui) (TASE: HUCN), and water venture fund MIYA.
Published by Globes [online], Israel business news - www.globes-online.com - on February 3, 2009
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