In our view, Mizrahi Tefahot Bank Ltd. (Mizrahi)'s increasing real estate concentration exposes it to heightened risks amid toughening economic conditions. We therefore revised our outlook on Mizrahi to stable from positive and affirmed our 'A-/A-2' ratings on the bank. The stable outlook indicates that the bank is well positioned to benefit from rising rates while limiting negative spill-over effects on its asset quality. On July 20, 2023, S&P Global Ratings revised its outlook on Mizrahi Tefahot Bank Ltd. to stable from positive. At the same time, we affirmed our 'A-' long-term issuer credit rating and 'A-2' short-term issuer credit rating on the bank. We also affirmed all our debt ratings on the bank. The stable outlook on Mizrahi reflects
