	LIST OF BOND RATINGS (Corporate) as of March 2000
A	A. Levy Investment & Construction Ltd
BBB+	Adgar Investment & Development Ltd
A+	Africa Israel Hotels Ltd
A+	Alrov (Israel) Ltd (1)
AA-	Ashtrom Properties Ltd
AA	Azorim Investment Development and Construction Company Ltd
A+	Azorim Properties Ltd
AAA	Bank Leumi Le-Israel B.M.
AA+	Bayside Land Corporation Ltd
B	Ben Yakar-Gat Engineering & Construction Co. Ltd
AA	Bezeq, The Israel Telecommunication Corp. Ltd
AA+	Blue Square - Israel Ltd.
A-	Cham Foods (Israel) Ltd
A	Danbar Resources and Development Ltd (1)
A-	Delta Galil Industries Ltd
AAA	Discount Investment Corp. Ltd
A+	Dor Chemicals Ltd
A+	Dovrat, Shrem & Co. Ltd
A-	Electrochemical Industries (1952) Ltd
AA	Elite Industries Ltd
AAA	EMI - Ezer Mortgage Insurance Company Ltd
AA-	"Export" Investment Corp. Ltd
A+	Gazit Inc
D	Gibor Sabrina Textile Enterprises Ltd
AA	Hadarim Properties Ltd
AAA	Bank Hapoalim (Hapoalim Hanpkot) Ltd
AA-	Housing & Construction Holding Co. Ltd
A+	Howard Johnson Hotels & Inns (1)
AA	Industrial Building Corp. Ltd
D	Israel Credit Lines Complementary Financial Services Ltd
AA+	Koor Industries Ltd
AA+	Leumi Mortgage Bank Ltd
A	Malam Systems Ltd
AA-	Matav Cable Systems Media Ltd
AA-	MeLisron Ltd
AA-	Mercantil Discount Bank Ltd
BBB	Middle East Tube Co. Ltd (1)
AA+	Mishkan - Hapoalim Mortgage Bank Ltd
A+	Mordechai Aviv Building Enterprises
AA-	Nitsba Holdings 1995 Ltd
AA	Ofer Development and Investment Ltd
AAA	Oil Refineries Ltd
B	P.A.D.N Investment Ltd
	Poalim Investment Ltd
AA-	Sahar Development And Investments Limited
A+	Scope - Metal Trading & Technical Services Ltd
A+	Solel Boneh Building and Infrastructure Ltd
A	Solomon Holdings Ltd
A+	Taldor computer system Ltd
A	Taro Pharmaceutical Industries Ltd
AA-	Tedea Huntleigh International Ltd
AA+	Tefahot Israel Mortgage Bank Ltd
AA	Teva Pharmaceutical Industries Ltd
AAA	The First International Bank of Israel Ltd
AA+	The First International Mortgage Bank Ltd
AA-	The Israel Land Development Company Ltd
A+	The Maritime Bank of Israel Ltd
A	Zarfati Zvi & Co. Ltd
CCC	Zeller Avlagon Leasing Ltd
	LIST OF BOND RATINGS (Structure Finance) as of November 1999
AA^s-	Automobile Rant a Car Ltd
AA^s-	Arbel Bonds Ltd
AA^s-	Gazit Arlon Peles
AA^s-	Hod Migdale Al (1993) Ltd
AA^s+	Index S.P.N. International Indices Ltd
AA^s	M.K.H Haifa Shopping Center Ltd
AA^s-	P.R.I. Planning Resources Inc
AA^s-	Secutech Israel Ltd

Maalot's rating coverage

Rating of bonds in Israel is not mandatory, but following legislation introduced in 1994 by the Minister of Finance, Maalot was recognized officially as a rating company, and those provident funds, indemnity funds and some saving funds, which invested in Maalot rated bonds carrying an "Investment Grade" rating category, were given considerable benefits. Currently, Maalot issues ratings on over 60 Israeli entities and in terms of issues, the company analyses the credit quality of over 50% of debentures issued on the Israeli primary market. At present, there is no commercial paper market or mortgage backed securities market. However, both areas are seen to have good potential for near term development and accordingly Maalot expects to be able to expand its rating activities into these sectors in due course.

Maalot's National Credit Rating Scale Maalot rates on local currency (i,e., New Shekel-denominated) debt issues, most of with are linked to the consumer price index and some of which are linked to foreign currencies, mostly the US$. The company's rating scale and definitions are indicated below.

Rating Definitions:

AAA - Bonds considered to be of the highest credit quality. The obligor has an exceptionally strong ability to pay interest and repay principal, which is unlikely to be affected by reasonable forseeable events.

AA - Bonds considered to be of very high credit quality. The obligor's ability to pay interest and repay principal is very strong, and is only slightly lower than bonds rated 'AAA'.

Investment Grade
A - Bonds considered to be of high credit quality. The obligor's ability to pay interest and repay principal is considered to be strong, but may be more vulnerable to adverse changes in economic conditions and circumstances than bonds with higher ratings.

BBB - Bonds considered to be of satisfactory credit quality. The obligor's ability to pay interest and repay principal is considered to be adequate.
Adverse changes in economic conditions and circumstances, however, are more likely to have adverse impact on these bonds, and therefore impair timely payment.

Speculative Grade
BB - The obligor's ability to pay interest and repay principal is not high and may be negatively affected over time by adverse economic changes.

B - The obligor's ability to pay interest and repay principal is low and could further deteriorate in adverse economic conditions.

CCC - Bonds have certain identifiable characteristics which, if not remedied, may lead to default.

CC - Bonds are minimally protected. Default in payment of interest and/or principal seems probable over time.

C - Bonds are in imminent default in payment of interest or principal.

DDD, DD and D - Bonds are in default on interest and/or principal payments. Such bonds are extremely speculative and should be valued on the basis of their ultimate recovery value in liquidation or reorganization of the obligor. 'DDD' represents the highest potential for recovery on these bonds, and 'D' represents the lowest potential for recovery.

Plus (+) Minus (-) - Plus and minus signs are used with a rating symbol to indicate the relative position of a credit within the rating category. Plus and minus signs are used in the AA to B categories only.

Maalot Ratings: How Do They Run?

"Maalot" Bond Ratings

Maalot's rating coverage

Rating Definitions: