April 2025
Copyright © All rights reserved to Midroog Ltd. (hereinafter: “Midroog”). CREDIT RATINGS ISSUED BY MIDROOG ARE MIDROOG’S SUBJECTIVE OPINIONS ABOUT THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT OBLIGATIONS, DEBTS AND/OR DEBT-LIKE FINANCIAL INSTRUMENTS, WHICH APPLY ON THE DATE OF THEIR PUBLICATION OR OTHER MEANS OF PROVISION, AND AS LONG AS MIDROOG HAS NOT CHANGED THE RATING OR WITHDRAWN IT AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED OR OTHERWISE MADE AVAILABLE BY MIDROOG (COLLECTVELY, “MATERIALS”) MAY INCLUDE SUCH OPINIONS. MIDROOG DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. MIDROOG'S CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO RISKS RELATING TO LIQUIDITY, MARKET VALUE, CHANGE IN INTEREST RATES, PRICE VOLATILITY, OR ANY OTHER NON-CREDIT RISK ELEMENT THAT INFLUENCES THE CAPITAL MARKETS. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MIDROOG’S MATERIALS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MIDROOG’S MATERIALS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK, AS WELL AS RELATED OPINIONS OR COMMENTARY. MIDROOG’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND MATERIALS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MIDROOG’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND MATERIALS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MIDROOG’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND MATERIALS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MIDROOG ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES OR OTHERWISE PROVIDES ITS MATERIALS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. EVERY INVESTOR SHOULD OBTAIN PROFESSIONAL ADVICE IN RESPECT TO THEIR INVESTMENTS, TO THE APPLICABLE LAW, AND/OR TO ANY OTHER PROFESSIONAL ISSUE. MIDROOG’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND MATERIALS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS, AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MIDROOG’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR MATERIALS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW AND BY INTELLECTUAL PROPERTY LAW. NONE OF SUCH INFORMATION MAY BE COPIED, OR OTHERWISE SCANNED, AMENDED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED, DUPLICATED, DISPLAYED, TRANSLATED, RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON, WITHOUT ADVANCE WRITTEN CONSENT FROM MIDROOG. Midroog makes use of rating scales to issue its opinions, according to definitions detailed in the scale itself. The choice of a symbol to reflect Midroog’s opinion with respect to credit risk reflects solely a relative assessment of that risk. Midroog’s credit ratings are not issued on a global scale – they are opinions of the creditworthiness of issuers and their financial obligations relative to that of other issuers and financial obligations within Israel. MIDROOG CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND MATERIALS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MIDROOG IN ANY FORM OR MANNER WHATSOEVER. All the information contained in Midroog Ratings, Assessments, other opinions and Materials (hereinafter: "the Information") is obtained by Midroog from sources believed by it to be accurate and credible. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. Midroog is not responsible for the accuracy of the Information. Midroog exercises reasonable means so that the information it uses in assigning a credit rating is of sufficient quality and that it originates from sources Midroog considers to be credible, including information received from independent third parties, if and when appropriate. However, Midroog is not an auditor and cannot in every instance independently verify or validate information received in the credit rating process or in preparing its Materials. The provisions of any Midroog Materials other than one expressly stated as a methodology do not constitute part of any Midroog methodology. To the extent permitted by law, Midroog and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if Midroog or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by Midroog. To the extent permitted by law, Midroog and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, Midroog or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. Midroog maintains policies and procedures in respect to the independence of the rating and the rating processes. A rating, assessment or opinion issued by Midroog may change as a result of changes in the information on which it was based and/or as a result of new information and/or for any other reason. When applicable, updates and/or changes in ratings are presented on Midroog’s website at www.midroog.co.il.
