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S&P rates Hapoalim tier 2 notes BBB
S&P said it assigned its BBB long-term issue rating to the proposed tier 2 subordinated contingent capital notes with a loss absorption mechanism to be issued by Israel-based Bank Hapoalim B.M. (A/stable/A-1).
This is Bank Hapoalim's first issuance of contingent convertible notes in foreign currency.
“In accordance with our criteria for hybrid capital instruments ... the BBB issue rating reflects our analysis of the proposed instrument and our assessment of Bank Hapoalim's stand-alone credit profile (SACP) at a-,” S&P said in a news release.
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