Following a review under Standard&Poor's revised bank criteria (released on Nov. 9th, 2011), we affirmed our 'BBB+/A-2' long- and short-term ratings on Bank Leumi le-Israel B.M. (Leumi). Our ratings reflect the bank's 'bbb' anchor, as well as its strong business position, moderate capital and earnings, adequate risk position, average funding, and adequate liquidity. They also take into account our view of the moderately high likelihood of extraordinary government support given the bank's high systemic importance in a supportive country. The stable outlook reflects our view that Leumi's business and financial profile will remain relatively unchanged over the next 12 to 24 months. As we previously announced on Dec. 6, 2011, Standard&Poor's Ratings Services affirmed its long-
