An affiliate of Standard & Poor’s Corp.
Chairman of the Board: Amos Sapir
CEO: Dorit Salingar
Company Background
Maalot The Israel Securities Rating Company Ltd. was established in 1991 under the initiative and support of the Securities Authority with the assistance of Israel's Finance Ministry and the Tel Aviv Stock Exchange. These bodies do not have any legal association with Maalot, which today is owned by nine major Israeli banks and financial institutions and is a recognized rating agency in Israel.
Maalot has a staff of 30 professional analysts and provides credit ratings of both publicly issued and private long- and short-term liabilities, including bonds, convertible securities and commercial paper. Maalot rates municipalities, asset-backed securities, project finance and the financial strength of insurance companies. Bonds and liabilities that are rated include those issued by a broad spectrum of companies in sectors such as banking, real estate, manufacturing, commerce, services, telecommunications, insurance and finance. Maalot also rates the financial strength of issuers. Ratings are published through the Tel Aviv Stock Exchange.
Institutional investors, such as pension funds, provident funds and insurance companies, use Maalot ratings as investment guidelines.
In addition to its rating activities, Maalot provides financial consulting services to both the public and private sector. Maalot has helped the Ports and Railways Authority, the Ministry of Environment and the Commercial TV and Radio Authority in assessing the financial strength of bidders for specified projects.
Shareholders and Directors
Maalot's nine shareholders Bank Hapoalim Ltd., Bank Leumi Ltd., Israel Discount Bank Ltd., Mizrahi - Tefahot Bank Ltd., First International Bank Ltd., UBank Ltd., the Union of Stock Exchange Brokers, the Union of Life Insurance Companies Ltd. and Clal Finance Batucha Investment Management Ltd. each have equal ownership. The board of directors consists of 15 directors, including seven shareholder representatives and eight independent directors senior faculty members from leading Israeli academic institutions, lawyers, accountants and executives from private organizations.
Standard & Poor’s Affiliation
In November 1998, Standard & Poor's Rating Services and Maalot entered into a strategic affiliation, agreeing to cooperate on analytical and business development. Standard & Poor's shares its rating expertise, knowledge of the capital markets and analytical criteria with Maalot, and provides assistance with marketing, publishing and other credit rating operations. Maalot provides Standard & Poor's with business development assistance in Israel and shares its considerable knowledge of the local debt market and debt issuers.
Affiliation Benefits
• Enhanced service quality and timeliness stemming from the unique mix of Maalot's in-depth local knowledge and analytical resources, combined with Standard & Poor's global experience and wide range of sophisticated credit risk assessment products.
• Expanded rating coverage across a combination of Maalot national scale ratings and Standard & Poor's global scale ratings, with the ability to make broad comparisons of the relative credit standing of issuers and issues.
• Time and cost savings resulting from a single set of management meetings during the rating process.
Debt Ratings
The last two years have been characterized by huge changes in the Israeli capital markets. New reforms and regulations are reflected in the increased number of debenture issues and a rise in non-bank financing. In 2005, the total amount of straight debenture issues reached approximately NIS 50 billion. Almost all debentures issued were rated by Maalot.
Since its establishment, Maalot has analyzed more than 500 Israeli corporate issues. It tracks about 200 issues that were made publicly available. Companies whose debt received ratings are shown below. Parties interested in obtaining details of specific issues are urged to contact Maalot (Web site: www.maalot.co.il).
Maalot Ratings
(as of 7/2006)
Corporate Ratings |
A- A. Levy Investment & Construction Ltd. |
BBB- Africa Israel Hotels Ltd. |
AA- Africa Israel Properties Ltd. |
AA- Agis Industries (1983) Ltd. |
AA- Alony Hetz Properties & Investments Ltd. |
| |
AA- American Israeli Paper Mills Ltd. |
AA- Amot Investments Ltd. |
A Ashtrom Properties Ltd. |
A- Aspen Real Estate Ltd. |
A+ Azorim Investment Development and Construction Company Ltd. |
AA Bezeq - The Israel Telecommunication Corp. Ltd. |
A+ Big Shopping Centers Ltd. |
| AA Blue Square - Israel Ltd. |
| A- Brack Capital Holdings Ltd. |
| A Brack Capital Investments Ltd. |
| A British Israel Properties Ltd. |
| AA- Carmel Ulpinim Ltd. |
| AA- Cellcom Ltd. |
| AA Clal Industries Ltd. |
| A Dan Vehicle & Transportation D.R.T. Ltd. |
| AA Delek Car System Ltd. |
| AA Delek Energy Systems Ltd. |
| AA Delek Group Ltd. |
| A+ Delek Petroleum Ltd. |
| A-1 Commercial Paper |
| AA Series A |
| A+ Delek Real Estate Ltd. |
| AA- Secured Debt |
| A Delta Galil Industries Ltd. |
| AA Discount Investment Corp. Ltd. |
| BBB+ Dor Chemicals Ltd. |
| A Edgar Investment and Development Ltd. |
| AA- Elco Holdings Ltd. |
| A Electra Consumer Products Israel Ltd.(1) |
| AA- Electra Ltd. |
| A+ Electra Real Estate Ltd. |
| A- Engel Resources and Development Ltd. |
| A- Gadot Chemical Tankers and Terminals Ltd. |
| A- Gaon Agro Industries Ltd. |
| AA Gav-Yam Bayside Land Corporation Ltd. |
| AA Gazit-Globe Ltd. |
| AA- Gazit Inc. |
| A- Gold Bond Group Ltd. |
| A+ Granite Hacarmel Investments Ltd.(1) |
| AA- Secured Debt |
| A+ Hadarim Properties Ltd. |
| A+ Hilan Tec Ltd. |
| A- Housing & Construction Holding Company Ltd.(1) |
| AA IDB Development Corporation Ltd. |
| AA- IDB Holdings Ltd. |
| AA- Industrial Building Corp. Ltd. |
| A+ Ispro - The Israel Properties Rental Corp. Ltd. |
| AA Israel Aircraft Industries Ltd. |
| AA Israel Chemicals Ltd. |
| AA- Israel Cold Storage & Supply Company Ltd. |
| AA Israel Corporation Ltd. |
| AAA Israel Electric Corporation Ltd. |
| A- The Israel Land Development Company Ltd. |
| A- Isralom Properties Ltd. |
| A+ Israel Salt Industries Ltd. |
| A- Jerusalem Economic Corp. Ltd. |
| A Kardan Ltd. |
| A+ Koor Industries Ltd. |
| A Maabarot Products Ltd. |
| A Maariv Holdings Ltd. |
| AA Makhteshim - Agan Industries Ltd. |
| A Malam Systems Ltd. |
| AA- Maman Cargo Terminals & Handling Ltd. |
| AA Mashav Initiating and Development Ltd. |
| BBB+ Matav Cable Systems Media Ltd.(1) |
| AAA Mekorot Water Company Ltd. |
| AA- Melisron Ltd. |
| A Meshulam Levinstein Ltd. (Series B) |
| A- Middle East Tube Ltd. |
| AA Mifal Hapais Limited LLC |
| AA Mishan Center Ltd. |
| A- Mishkenot Clal Mediterranean Towers Ltd. |
| A Negev Minerals Ltd. |
| AA Nesher Israel Cement Enterprises Ltd. |
| A New Kopel Ltd. |
| A- Nitsba Holdings (1995) Ltd.(1) |
| A+ Secured Debt-Private Bond Series B |
| AA Oil Refineries Ltd. |
| AA- Partner Communications Company Ltd. |
| AA- Pelephone Ltd. |
| BBB+ Polar Investments Ltd. |
| AA Property and Building Corporation Ltd. |
| AA Ra’anana Municipality |
| A+ Scope - Metal Trading & Technical Services Ltd. |
| AA- Shikun Ovdim Holdings Ltd. |
| AA+ Strauss-Elite Ltd. |
| AA Super-Sol Ltd. |
| AA- Taavura Group Ltd. |
| A+ Taldor Computer Systems Ltd. |
| A- Taro Pharmaceutical Industries Ltd.(1) |
| AAA Tel Aviv Municipality |
| A Urdan Industries Ltd. |
| A+ Vilar International Ltd. |
| A Ytong Industries Ltd. |
| BBB+ Zarfati Zvi & Co. Ltd. |
| A+ Zim Integrated Shipping Services Ltd. |
| A Zur Shamir Holdings Ltd. |
Finance Ratings |
| (as of 7/2006) |
| A+ Ayalon Holdings Ltd. |
| AAA Bank Hapoalim Ltd. |
| AA- Upper Tier 2 |
| AA- Hybrid Tier 1 |
| AAA Bank Leumi le-Israel B.M. |
| AA- Tier 3 Capital |
| AA- Upper Tier 2 |
| A+ Bank of Jerusalem Ltd. |
| A+ Clal Finance Ltd. |
| A+ Clal Finance Batucha Ltd. |
| AA Clal Insurance Company Ltd. |
| AA Clal Insurance Enterprises Holdings Ltd. |
| A+ Direct - I.D.I. Insurance Company Ltd. |
| AAA EMI - Ezer Mortgage Insurance Company Ltd. |
| A Excellence Investments Ltd. |
| AA First International Bank of Israel Ltd. |
| AA Harel Insurance Investments Ltd. |
| AA- Israel Discount Bank Ltd. |
| AAA Leumi Mortgage Bank Ltd. |
| AA- Mercantile Discount Bank Ltd. |
| AA+ Mizrahi Tefahot Bank Ltd. |
| AA Otzar Hashilton Hamekomi Ltd. |
| A-1+ Short term Deposits |
| AA The Phoenix Holdings Ltd. |
Project Ratings |
| (as of 7/2006) |
| AA Derech Eretz Highways (1997) Ltd. |
| AA- Meniv Rishon Ltd. |
| AA- Meytav Water, Channeling and Sewage Ltd. |
| A+ RYST Ltd. |
| AA- VID Desalination Company Ltd. |
Structured Finance Ratings |
| (as of 7/2006) |
| AAs Albar Ltd. 9 |
| As Subordinated Tranche |
| AAs Ampa Capital Car Lease Ltd. (2, 3, 4, 6) |
| AAAs Asia Issuances (2005) Ltd. |
| AA+s Best Issuances Ltd. |
| AAs Car & Go Ltd. (Series A) |
| AA-s Cohen Development & Industrial Building Corp. Ltd. |
| AA-s Dor Alon Energy Ltd. |
| A+s Series 2 |
| AAAs Eden Dollar Ltd. - Clal Finances Ltd. |
| AA-s Egged Assets Ltd. |
| AA-s Egged Debentures 2004 Ltd. |
| AA-s Elad REIT Canada Inc. |
| AAAs Eshel Bonds Ltd. |
| AAAs Excellence Adir Debentures Ltd. |
| AAAs Excellence Atzmon Debentures Ltd. |
| AAAs Excellence Bashan Debentures Ltd. |
| AA+s Excellence Carmel Debentures Ltd. |
| AAAs Excellence Gilad Debentures Ltd. |
| AAAs Excellence Eitan Debentures Ltd. |
| AAAs Excellence Keshet Debentures Ltd. |
| AAAs Excellence Omer Debentures Ltd. |
| AAAs Excellence Ram Debentures Ltd. |
| AAAs Excellence Ramon Debentures Ltd. |
| AAAs Excellence Tavor Debentures Ltd. |
| AA+s Galila Deposits Ltd. |
| AAAs Gilboa Dollar Ltd. - Clal Finances Ltd. |
| AA-s Global Finance GR1 Ltd. |
| AA+s Global Finance GR2 Ltd. |
| AA-s Global Finance GR3 Ltd. |
| AAs Global Finance GR5 Ltd. |
| AAAs Hadas Negotiable Dollar Obligation Ltd. |
| AA+s Hadas Euro - Series B |
| AA+s Hadas Quarterly (2004) Ltd. |
| AAs Hamit Trade Leasing & Financing Company Ltd. |
| AA-s Housing and Construction House Ltd. (Senior Debt) |
| A+s Subordinated Debt |
| AAAs Kessem Jumbo Ltd. |
| CCCs M.K.H. Haifa Shopping Center Ltd. |
| AAAs Mabat Foreign Currency Ltd. - Clal Finances Ltd. |
| AA-s Mall Ha’Yam Eilat (1987) Ltd. |
| AAs Netivim Derech Eretz - Excellence |
| AAs New Kopel 1 Ltd. |
| AAs New Kopel 3 Ltd. |
| AAs New Kopel 4 Ltd. |
| AA+s New Kopel 7 Ltd. |
| AAs New Kopel 8 Ltd. |
| AAs New Kopel 9 Ltd. |
| As Subordinated Tranche |
| AAs New Kopel 11 Ltd. |
| AA-s Ovnat Mall Ltd. |
| AA-s P.R.I. Planning Resources Inc. |
| AAAs Paz - Foreign Deposit 1 Ltd. - Excellence |
| AA+s Paz - Foreign Deposit 2 Ltd. - Excellence |
| AAAs Psagot Ofek Currency Strategy Ltd. |
| AA+ss Psagot Ofek Tali Dollar, Tali Euro |
| A+s Ramla Municipality |
| BBBs Seculife Israel Ltd. |
| AAAs Seon Bonds Ltd. |
| AAAs Shaharit Issuances Ltd. |
| AAs Shikun Ovdim Hanpakot Ltd. |
| AA-s Subordinated Tranche |
| AAAs Tachlit Dollar Worldwide Ltd. |
| AAAs Tachlit Currencies Ltd. |
| AAAs World Currencies Ltd. |
| A+s Yehud Municipality |
(1)Watch List