This report does not constitute a rating action. E 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. As Israel’s largest mortgage lender, Mizrahi Tefahot Bank Ltd. benefits from its strong domestic franchise. The bank further enjoys wide access to retail customer deposits which support its funding and liquidity profile. While providing diversification, we cautiously see the bank’s
