We are assigning our 'A-2' short-term rating to Rafael Advanced Defense Systems. All other ratings on Rafael remain unchanged. We believe that Rafael has a good track record of accessing the capital markets in Israel and maintains strong relationships with local banks. The short-term rating reflects our 'A-' long-term issuer credit rating on Rafael. We understand that Rafael will use any short-term financing for acquisitions and other general corporate purposes. We expect the company will keep sufficient liquidity through available cash on hand, currently in excess of Israeli new shekel (ILS) 2 billion. For our latest analysis see "Rafael Advanced Defense Systems Ltd.," published on Jan. 10, 2019. General Criteria: Methodology For National And Regional Scale Credit Ratings, June 25,
