S&P rates Bank Leumi notes BBB

S&P said it assigned its BBB long-term issue rating to the proposed tier 2 subordinated contingent capital notes with loss absorption mechanism to be issued by Bank Leumi le-Israel BM. This is Bank Leumi's first issuance of contingent convertible notes in a foreign currency.

The rating is two notches below Bank Leumi’s a- stand-alone credit profile. S&P uses the stand-alone profile as its starting point for this type of security because it doesn’t see any state support for these securities in the event of financial distress.

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