The increased geopolitical tension in Europe could mean another year of strong results for aerospace and defense company, Rafael Advanced Defense Systems Ltd. We still see a high likelihood of timely and sufficient extraordinary financial support from the Israeli government for Rafael, if needed. Because we no longer expect Rafael's credit metrics to revert to the stronger level we previously forecast, and see a possibility that it could deteriorate further, we now consider the financial risk profile has weakened. We are affirming our 'A-' long-term issuer credit rating. The stable outlook indicates that, given the supportive market conditions, we expect Rafael to have time to build some headroom under the rating, as long as it does not make any sizable
