Phoenix : Immidiate Report

The Phoenix Holdings Ltd.

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January 23, 2023

New Issuance

'ilAA-' Rating Assigned To Bond Issuance Of Up To NIS 175 Mil. N.V.

Primary Credit Analyst:

Mark Nicholson, London, [e-mail]

Secondary Contact:

Avital Koren, Ramat Gan, [e-mail]

Please note that this translation was made for convenience purposes and for the company's use only and under no circumstances shall obligate S&P Global Ratings Maalot Ltd. The translation has no legal status and S&P Global Ratings Maalot Ltd. does not assume any responsibility whatsoever as to its accuracy and is not bound by its contents. In the case of any discrepancy with the official Hebrew version published on January 23, 2023, the Hebrew version shall apply.

1 | January 23, 2023

New Issuance

The Phoenix Holdings Ltd.

New Issuance

'ilAA-' Rating Assigned To Bond Issuance Of Up To NIS 175 Mil. N.V.

Following our announcement dated January 22, 2023, S&P Maalot hereby announces that the 'ilAA-' rating on bonds to be issued by The Phoenix Holdings Ltd. ("Phoenix Holdings", ilAA-/Stable) through the expansion of Series 6 is valid for a total amount of up to NIS 175 million par value. The rating on the bonds is identical to Phoenix Holdings' issuer rating, and reflects our view of Phoenix Holdings' capacity to service its ongoing cash needs.

For additional details about the rating on Phoenix Insurance and Phoenix Insurance and for other regulatory requirement, see our rating report dated November 2, 2022.

Phoenix Holdings	Rating	Date when the	Last date when
		rating was first	the rating was
		published	updated
Issuer rating(s)
Long term	ilAA-/Stable	14/03/2007	02/11/2022
Issue rating(s)
Senior Unsecured Debt
Series 4	ilAA-	03/02/2020	02/11/2022
Series 5	ilAA-	03/02/2020	02/11/2022
Series 6	ilAA-	14/12/2021	02/11/2022
Issuer Credit Rating history
Long term
October 06, 2019	ilAA-/Stable
October 07, 2018	ilA+/Positive
February 19, 2017	ilA+/Stable
November 17, 2015	ilA+/Negative
May 20 ,2014	ilA+/Stable
November 18, 2012	ilA+/Negative
July 18, 2012	ilA+/Watch Neg
January 12, 2012	ilA+/Stable
August 26, 2010	ilA/Stable
May 19 ,2009	ilA/Negative
November 16, 2008	ilAA/Watch Neg
March 14 ,2007	ilAA/Stable
Additional details
Time of the event	23/01/2023 11:21
Time when the event was learned of	23/01/2023 11:21
Rating requested by	Issuer

2 ׀ January 23, 2023

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3 ׀ January 23, 2023

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