The ratings on Bank Leumi le-Israel B.M. (Leumi) are based on its strong domestic banking franchise, with about 30% of the Israeli banking market, and reflect its stand-alone stable financial profile. Leumi's franchise blankets all market and product segments providing a window view of the Israeli economy. The government's ownership at March 31, 2001, reflects a reduced share of less than 42% corresponding to its long-standing position of privatization. With consolidated assets of new Israeli shekel (NIS) 220 billion ($52.5 billion) at March 31, 2001, Leumi is the second-largest bank in the Middle East after its domestic rival, Bank Hapoalim B.M. (A-/Stable/A-2). Leumi's risk profile and operating performance are closely linked with the fate of the Israeli economy. Along with
