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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WITHDRAWN IT AND MATERIALS, PRODUCTS,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.
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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.
