The Phoenix Holdings Ltd.

Capital/Financing Update • Oct 24, 2023

The Phoenix Holdings Ltd.

Rating Action update | October 2023

This credit rating report is a translation of a report that was written in Hebrew for a debt issued in Israel. The binding version is the one in the original language.

Contacts:

Tzvika Erlichman Analyst, Lead Rating Analyst Tzvika.e@midroog.co.il

Amit Federman, CPA Senior Team Leader, Secondary Rating Analyst amit@midroog.co.il

Moty Citrin, Vice President Head of Financial Institutions, Structured Finance & Additional Services moty.c@midroog.co.il

The Phoenix Holdings Ltd.

Issuer Rating	Aa2.il	Outlook: Stable
Series Rating	Aa2.il	Outlook: Stable

Further to the Rating Action report dated 22.10.2023, Midroog assigns an Aa2.il rating to bonds (expansion of Series 5 and 6) which The Phoenix Holdings Ltd. (the "Company") in the amount of up to NIS 400 par value, instead of the amount of up to NIS 350 par value that was previously rated. The outlook is stable. The Company plans to use the proceeds from the offering for its current operating needs.

Outstanding bonds rated by Midroog:

Series	ISIN	Rating	Outlook	Maturity
4	7670250	Aa2.il	Stable	31/07/2028
5	7670284	Aa2.il	Stable	01/05/2030
6	7670334	Aa2.il	Stable	31/12/2032

For information regarding the rating considerations, please refer to the monitoring and rating action report from January 2023 and to the rating action report from October 2023.

Rating History

MIDROOG

Related Reports

The Phoenix Holdings Ltd. – Related Reports

The Phoenix Insurance Company Ltd. – Related Reports

Rating of Holding Companies – Methodology Report, January 2021

Rating of Life, Health and P&C Insurance Companies – Methodology Report, May 2022

Guidelines for examining Environmental, social and Governance Risks in Credit Ratings – Methodology Report, February 2022

Table of Affinities and Holdings

Midroog Rating Scales and Definitions

The reports are published on the Midroog website at www.midroog.co.il

General Information

Date of rating report:	October 23, 2023
Date of last revision of the rating:	October 22, 2023
Date of first publication of the rating:	November 1, 2010
Rating commissioned by:	The Phoenix Holdings Ltd.
Rating paid for by:	The Phoenix Holdings Ltd.

Information from the issuer

Midroog relies in its ratings inter alia on information received from competent personnel at the issuer.

MIDROOG

Long-Term Rating Scale

Aaa.il	Issuers or issues rated Aaa.il are those that, in Midroog judgment, have highest creditworthiness
	relative to other local issuers.
Aa.il	Issuers or issues rated Aa.il are those that, in Midroog judgment, have very strong creditworthiness
	relative to other local issuers.
A.il	Issuers or issues rated A.il are those that, in Midroog judgment, have relatively high creditworthiness
	relative to other local issuers.
Baa.il	Issuers or issues rated Baa.il are those that, in Midroog judgment, have relatively moderate credit
	risk relative to other local issuers, and could involve certain speculative characteristics.
Ba.il	Issuers or issues rated Ba.il are those that, in Midroog judgment, have relatively weak
	creditworthiness relative to other local issuers, and involve speculative characteristics.
B.il	Issuers or issues rated B.il are those that, in Midroog judgment, have relatively very weak
	creditworthiness relative to other local issuers, and involve significant speculative characteristics.
Caa.il	Issuers or issues rated Caa.il are those that, in Midroog judgment, have extremely weak
	creditworthiness relative to other local issuers, and involve very significant speculative
	characteristics.
Ca.il	Issuers or issues rated Ca.il are those that, in Midroog judgment, have extremely weak
	creditworthiness and very near default, with some prospect of recovery of principal and interest.
C.il	Issuers or issues rated C are those that, in Midroog judgment, have the weakest creditworthiness
	and are usually in a situation of default, with little prospect of recovery of principal and interest.

Note: Midroog appends numeric modifiers 1, 2, and 3 to each rating category from Aa.il to Caa.il. The modifier '1' indicates that the obligation ranks in the higher end of its rating category, which is denoted by letters. The modifier '2' indicates that it ranks in the middle of its rating category and the modifier '3' indicates that the obligation ranks in the lower end of that category, denoted by letters.

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