July 2, 2012 / 9:26 AM / 5 years ago

TEXT-S&P summary: Bank Hapoalim B.M.

(The following statement was released by the rating agency)

July 02 -


Summary analysis -- Bank Hapoalim B.M. ---------------------------- 02-Jul-2012


CREDIT RATING: BBB+/Stable/A-2 Country: Israel

Primary SIC: Commercial banks,


Mult. CUSIP6: 062510


Credit Rating History:

Local currency Foreign currency

30-Apr-2009 BBB+/A-2 BBB+/A-2

28-Feb-2006 A-/A-2 A-/A-2


Ratings Score Snapshot

Issuer Credit Rating BBB+/Stable/A-2

SACP bbb

Anchor bbb

Business Position Strong (+1)

Capital and Earnings Moderate (-1)

Risk Position Adequate (0)

Funding and Liquidity Average

and Adequate (0)

Support +1

GRE Support 0

Group Support 0

Sovereign Support +1

Additional Factors 0

Major Rating Factors


-- Leading position in Israel.

-- Diversified funding base which supports solid liquidity position.

-- Relativity stable operating environment.


-- High credit concentration which puts negative pressure on asset quality.

-- Moderate profitability and capitalization.

-- Limited growth prospects.


Standard & Poor’s Ratings Services’ stable outlook on Israel-based Bank Hapoalim (BNHP) reflects its view that the bank’s business and financial profile will remain relatively unchanged in the next 18-24 months, despite potential economic turbulence, including a slowdown in the residential real estate sector and significant stress on a few large domestic conglomerates.

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