S&P rates Mizrahi Tefahot notes BBB-

S&P said it assigned BBB- issue ratings to the proposed tier 2 subordinated contingent convertible bonds to be issued by Mizrahi Tefahot Bank Ltd. This issue is Mizrahi Bank's first issuance of contingent convertible notes in foreign currency.

The bond rating is two notches lower than S&P’s stand-alone credit profile on the bank. The agency subtracts a notch for subordination and another for the loss absorption feature built into the notes if the bank’s core tier 1 falls under 5% or a non-viability event.

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