Bank Leumi Proposed Tier 2 Subordinated Notes Assigned 'BBB' Rating

PARIS (S&P Global Ratings) Jan. 13, 2020--S&P Global Ratings said today that it had assigned its 'BBB' long-term issue rating to the proposed Tier 2 subordinated contingent capital notes with loss absorption mechanism to be issued by Israeli Bank Leumi le-Israel B.M. (A/Stable/A-1). The rating is subject to our review of the notes' final documentation. This is Bank Leumi's first issuance of contingent convertible notes in foreign currency. In accordance with our criteria for hybrid capital instruments ("General Criteria: Hybrid Capital: Methodology And Assumptions," published July 1, 2019), the 'BBB' issue rating reflects our analysis of the proposed instrument and our assessment of Bank Leumi's stand-alone credit profile (SACP) at 'a-'. The starting point for the rating on the subordinated

...January 13, 2020 PARIS (S&P Global Ratings) Jan. 13, 2020--S&P Global Ratings said today that it had assigned its '###' long-term issue rating to the proposed Tier 2 subordinated contingent capital notes with loss absorption mechanism to be issued by Israeli Bank Leumi le-Israel B.M. (A/Stable/A-1). The rating is subject to our review of the notes' final documentation. This is Bank Leumi's first issuance of contingent convertible notes in foreign currency. In accordance with our criteria for hybrid capital instruments ("General Criteria: Hybrid Capital: Methodology And Assumptions," published July 1, 2019), the '###' issue rating reflects our analysis of the proposed instrument and our assessment of Bank Leumi's stand-alone credit profile (SACP) at 'a-'. The starting point for the rating on the subordinated contingent capital notes is the bank's SACP. We don't use the issuer credit rating (ICR) as the starting point, since it includes government support and we do not expect these instruments...

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