This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Leading mortgage bank in Israel. High exposure to geopolitical and security risk. Resilient profitability and strong efficiency despite weakened economic environment. High exposure to the real estate sector. Large domestic customer base and resilient access to the domestic capital market. Strong and fast growth in the business sector during the turning cycle. In this context, mortgage-focused Mizrahi is better positioned than the rest of the sector to face higher economic risk, in our view. About two-thirds of Mizrahi's book is mortgages, which we see as more resilient than Israel's construction and commercial real
