(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
Business Position Strong (+1)
Capital and Earnings Moderate (-1)
Risk Position Adequate (0)
Funding and Liquidity Average
and Adequate (0)
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.