This full analysis was republished on Nov. 5, 2026, to correct an error in the text and forecast summary table related to return on average assets and return on average equity. A corrected version follows. 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,
