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CAP - Midroog assigns a rating of il.Aaa, stable outlook, to the issuance of Series 13 bonds up to NIS 1.7 billion par value, and assigns a rating of il-1.P to the issuance of commercial papers up to NIS 1.

Company: Fibi Bank Date: 2025-09-02 Language: English Register to download
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# FIRST INTERNATIONAL BANK OF ISRAEL LTD.

## Rating Action Update – September 2025

### Contacts:

Avior Dagan Senior Analyst, Lead Rating Assessor [avior.dagan@midroog.co.il](http://#)

Amit Federman, CPA Senior Team Leader, Secondary Rating Assessor [amit.federman@midroog.co.il](http://#)

Moti Citrin, VP Head of Financial Institutions, Structured Finance and Additional Services [moty.c@midroog.co.il](http://#)

![](_page_0_Picture_7.jpeg)

Alt: FIRST INTERNATIONAL BANK OF ISRAEL logo

Alt: Additional symbol

![](_page_0_Picture_12.jpeg)

#### Midroog

| FIRST<br>INTERNATIONAL<br>BANK<br>OF<br>ISRAEL<br>LTD.                   |                    |  |
|--------------------------------------------------------------------------|--------------------|--|
| Internal<br>Financial<br>Strength<br>Assessment<br>(BCA)<br>aa2.il       |                    |  |
| Long-term<br>Deposits<br>and<br>Bonds<br>Aaa.il                          | Outlook:<br>Stable |  |
| Subordinated<br>Notes<br>with<br>Contractual<br>Mechanism<br>Aa3.il(hyb) | Outlook:<br>Stable |  |
| For<br>Loss<br>Absorption<br>(CoCo)                                      |                    |  |
| Short-term<br>Deposits/Commercial<br>Papers<br>P-1.il                    |                    |  |

Following the rating action report dated 20.08.2025, Midroog assigns a rating of Aaa.il, with a stable outlook, to the issuance of a new bond series (Series 13, up to NIS 1,700 million par value, replacing the previously rated amount of NIS 1,200 million par value), as well as a rating of P-1.il to the issuance of commercial papers (Series 1) up to NIS 1,300 million par value, replacing the previously rated amount of NIS 800 million par value. The issuances will be carried out by FIRST INTERNATIONAL ISSUES LTD., a wholly owned subsidiary of FIRST INTERNATIONAL BANK OF ISRAEL LTD. (hereinafter: "the Bank"), which serves as the Bank's issuing arm.

According to Midroog's methodology, the rating of the commercial papers is based on the long-term deposit and senior debt rating of the Bank, and on its short-term liquidity analysis, based on the liquidity profile examined in the Bank's financial strength assessment, as detailed below, the stability of the funding structure²⁰¹ and liquid assets²⁰² relative to total public deposits.

For information regarding the rating considerations, please refer to the monitoring report from July 2025 and the rating action report from August 2025²⁰³.

# Related Reports

- FIRST [INTERNATIONAL](http://#) BANK OF ISRAEL LTD. Related Reports
- Bank Rating Methodology [Methodological](http://#) Report, September 2019
- Promoting [Competition](http://#) in the Banking System Special Report, February 2023
- Guidelines for Assessing [Environmental,](http://#) Social, and Corporate Governance Risks in Credit Ratings - [Methodological](http://#) Report, February 2022
- Table of [Affiliations](http://#) and Holdings
- Midroog's Rating Scales and [Definitions](http://#)
- Reports are [published](http://#) on the Midroog website

#### [www.midroog.co.il](http://#)

## General Information

- Rating Report Date: 02.09.2025
- Last Rating Update Date: 20.08.2025
- Date of Initial Rating Publication: 28.09.2006
- Name of Rating Initiator: FIRST INTERNATIONAL BANK OF ISRAEL LTD.
- Name of Entity Paying for the Rating: FIRST INTERNATIONAL BANK OF ISRAEL LTD.

### Information from the Issuer

Midroog relies in its ratings, among other things, on information received from authorized sources at the issuer.

# Midroog

Baseline Credit Assessment (BCA) Rating Scale

| According<br>to<br>Midroog's<br>judgment,<br>present<br>the<br>highest<br>internal<br>or<br>independent<br>(stand-alone)<br>financial<br>strength<br>relative<br>to<br>other<br>local<br>issuers,<br>in<br>the<br>absence<br>of<br>any<br>possibility<br>of<br>external<br>support<br>from<br>a<br>related<br>company<br>or<br>the<br>state.                                                                | aaa.il | Issuers<br>or<br>issuances<br>rated | aaa.il |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|
| According<br>to<br>Midroog's<br>judgment,<br>present<br>very<br>high<br>internal<br>or<br>independent<br>(stand-alone)<br>financial<br>strength<br>relative<br>to<br>other<br>local<br>issuers,<br>in<br>the<br>absence<br>of<br>any<br>possibility<br>of<br>external<br>support<br>from<br>a<br>related<br>company<br>or<br>the<br>state.                                                                  | aa.il  | Issuers<br>or<br>issuances<br>rated | aa.il  |
| According<br>to<br>Midroog's<br>judgment,<br>present<br>high<br>internal<br>or<br>independent<br>(stand-alone)<br>financial<br>strength<br>relative<br>to<br>other<br>local<br>issuers,<br>in<br>the<br>absence<br>of<br>any<br>possibility<br>of<br>external<br>support<br>from<br>a<br>related<br>company<br>or<br>the<br>state.                                                                          | a.il   | Issuers<br>or<br>issuances<br>rated | a.il   |
| According<br>to<br>Midroog's<br>judgment,<br>present<br>medium<br>internal<br>or<br>independent<br>(stand-alone)<br>financial<br>strength<br>relative<br>to<br>other<br>local<br>issuers,<br>in<br>the<br>absence<br>of<br>any<br>possibility<br>of<br>external<br>support<br>from<br>a<br>related<br>company<br>or<br>the<br>state,<br>and<br>may<br>have<br>certain<br>speculative<br>characteristics.    | baa.il | Issuers<br>or<br>issuances<br>rated | baa.il |
| According<br>to<br>Midroog's<br>judgment,<br>present<br>weak<br>internal<br>or<br>independent<br>(stand-alone)<br>financial<br>strength<br>relative<br>to<br>other<br>local<br>issuers,<br>in<br>the<br>absence<br>of<br>any<br>possibility<br>of<br>external<br>support<br>from<br>a<br>related<br>company<br>or<br>the<br>state,<br>and<br>have<br>speculative<br>characteristics.                        | ba.il  | Issuers<br>or<br>issuances<br>rated | ba.il  |
| According<br>to<br>Midroog's<br>judgment,<br>present<br>very<br>weak<br>internal<br>or<br>independent<br>(stand-alone)<br>financial<br>strength<br>relative<br>to<br>other<br>local<br>issuers,<br>in<br>the<br>absence<br>of<br>any<br>possibility<br>of<br>external<br>support<br>from<br>a<br>related<br>company<br>or<br>the<br>state,<br>and<br>have<br>significant<br>speculative<br>characteristics. | b.il   | Issuers<br>or<br>issuances<br>rated | b.il   |
| According<br>to<br>Midroog's<br>judgment,<br>present<br>the<br>weakest<br>internal<br>or<br>independent<br>(stand-alone)<br>financial<br>strength<br>relative<br>to<br>other<br>local<br>issuers,<br>in<br>the<br>absence<br>of<br>any<br>possibility<br>of<br>external<br>support<br>from<br>a<br>related<br>company<br>or<br>the<br>state,                                                                | caa.il | Issuers<br>or<br>issuances<br>rated | caa.il |

|                                                       | and<br>have<br>the<br>most<br>significant<br>speculative<br>characteristics.                                                                                                                                                                                                                                                                                                                                                                         |
|-------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Issuers<br>or<br>ca.il<br>issuances<br>ca.il<br>rated | According<br>to<br>Midroog's<br>judgment,<br>present<br>extremely<br>weak<br>internal<br>or<br>independent<br>(stand<br>alone)<br>financial<br>strength,<br>in<br>the<br>absence<br>of<br>any<br>possibility<br>of<br>external<br>support<br>from<br>a<br>related<br>company<br>or<br>the<br>state,<br>and<br>are<br>very<br>close<br>to<br>a<br>default<br>situation<br>with<br>some<br>chances<br>of<br>principal<br>and<br>interest<br>repayment. |
| Issuers<br>or<br>c.il<br>issuances<br>c.il<br>rated   | According<br>to<br>Midroog's<br>judgment,<br>present<br>the<br>weakest<br>internal<br>or<br>independent<br>(stand-alone)<br>financial<br>strength,<br>in<br>the<br>absence<br>of<br>any<br>possibility<br>of<br>external<br>support<br>from<br>a<br>related<br>company<br>or<br>the<br>state,<br>and<br>are<br>generally<br>in<br>a<br>default<br>situation<br>with<br>slim<br>chances<br>of<br>principal<br>and<br>interest<br>repayment.           |

Note: Midroog uses numerical modifiers 1, 2, 3 in each of the rating categories from aa.il to caa.il. The modifier '1' indicates that the bond is at the upper end of its rating category, as indicated by the letters. The modifier '2' indicates it is in the middle of the rating category, while the modifier '3' indicates the bond is at the lower end of its rating category, as indicated by the letters.

02/09/2025 FIRST INTERNATIONAL BANK OF ISRAEL LTD. – Rating Action Update

# Midroog

### Local Long-Term Rating Scale

| Aaa.il | Issuers<br>or<br>issuances<br>rated<br>present,<br>according<br>to<br>Midroog's<br>judgment,<br>the<br>highest<br>credit<br>repayment<br>ability<br>relative<br>to<br>other<br>local<br>issuers.                                                                                                     |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Aa.il  | Issuers<br>or<br>issuances<br>rated<br>present,<br>according<br>to<br>Midroog's<br>judgment,<br>very<br>high<br>credit<br>repayment<br>ability<br>relative<br>to<br>other<br>local<br>issuers.                                                                                                       |
| A.il   | Issuers<br>or<br>issuances<br>rated<br>present,<br>according<br>to<br>Midroog's<br>judgment,<br>high<br>credit<br>repayment<br>ability<br>relative<br>to<br>other<br>local<br>issuers.                                                                                                               |
| Baa.il | Issuers<br>or<br>issuances<br>rated<br>present,<br>according<br>to<br>Midroog's<br>judgment,<br>medium<br>credit<br>repayment<br>ability<br>relative<br>to<br>other<br>local<br>issuers<br>and<br>may<br>have<br>certain<br>speculative<br>characteristics.                                          |
| Ba.il  | Issuers<br>or<br>issuances<br>rated<br>present,<br>according<br>to<br>Midroog's<br>judgment,<br>weak<br>credit<br>repayment<br>ability<br>relative<br>to<br>other<br>local<br>issuers<br>and<br>have<br>speculative<br>characteristics.                                                              |
| B.il   | Issuers<br>or<br>issuances<br>rated<br>present,<br>according<br>to<br>Midroog's<br>judgment,<br>very<br>weak<br>credit<br>repayment<br>ability<br>relative<br>to<br>other<br>local<br>issuers<br>and<br>have<br>significant<br>speculative<br>characteristics.                                       |
| Caa.il | Issuers<br>or<br>issuances<br>rated<br>present,<br>according<br>to<br>Midroog's<br>judgment,<br>the<br>weakest<br>credit<br>repayment<br>ability<br>relative<br>to<br>other<br>local<br>issuers<br>and<br>have<br>the<br>most<br>significant<br>speculative<br>characteristics.                      |
| Ca.il  | Issuers<br>or<br>issuances<br>rated<br>present,<br>according<br>to<br>Midroog's<br>judgment,<br>extremely<br>weak<br>credit<br>repayment<br>ability<br>and<br>are<br>very<br>close<br>to<br>a<br>default<br>situation<br>with<br>some<br>chances<br>of<br>principal<br>and<br>interest<br>repayment. |
| C.il   | Issuers<br>or<br>issuances<br>rated<br>present,<br>according<br>to<br>Midroog's<br>judgment,<br>the<br>weakest<br>credit<br>repayment<br>ability<br>and<br>are<br>generally<br>in<br>a<br>default<br>situation<br>with<br>slim<br>chances<br>of<br>principal<br>and<br>interest<br>repayment.        |

Note: Midroog uses numerical modifiers 1, 2, 3 in each of the rating categories from Aa.il to Caa.il. The modifier '1' indicates that the bond is at the upper end of its rating category, as indicated by the letters. The modifier '2' indicates it is in the middle of the rating category, while the modifier '3' indicates the bond is at the lower end of its rating category, as indicated by the letters.

4. 02/09/2025 FIRST INTERNATIONAL BANK OF ISRAEL LTD. – Rating Action Update

Midroog

Local Short-Term Rating Scale

| P-1.il<br>Prime-1.il     | Rated<br>issuers<br>are,<br>according<br>to<br>Midroog's<br>judgment,<br>very<br>capable<br>of<br>meeting<br>their<br>short-term<br>obligations<br>relative<br>to<br>other<br>local<br>issuers.       |
|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| P-2.il<br>Prime-2.il     | Rated<br>issuers<br>are,<br>according<br>to<br>Midroog's<br>judgment,<br>capable<br>of<br>meeting<br>their<br>short-term<br>obligations<br>relative<br>to<br>other<br>local<br>issuers.               |
| P-3.il<br>Prime-3.il     | Rated<br>issuers<br>are,<br>according<br>to<br>Midroog's<br>judgment,<br>moderately<br>capable<br>of<br>meeting<br>their<br>short-term<br>obligations<br>relative<br>to<br>other<br>local<br>issuers. |
| NP.il<br>Not<br>Prime.il | Rated<br>issuers<br>do<br>not<br>belong<br>to<br>any<br>of<br>the<br>Prime categories.                                                                                                                |

The relationship between the long-term and short-term rating scales

The following table details the long-term ratings corresponding to the short-term ratings, as long as long-term ratings exist⁵⁰⁴

| דירוג זמן ארוך          | דרוג זמן קצר |
|-------------------------|--------------|
| Aaa.II                  |              |
| Aa1.il                  |              |
| Aa2.il                  |              |
| Aa3.il                  | Prime-1.il   |
| A1.il                   |              |
| A2.il                   |              |
| A3.il                   |              |
| Baa1.il                 | Prime-2.il   |
| Baa2.il                 |              |
| Baa3.Il                 | Prime-3.il   |
| Ba1.il,Ba2.il,Ba3.il    |              |
| B1.il,B2.il,B3.il       |              |
| Caa1.il,Caa2.il,Caa3.il | NotPrime     |
| Ca.il                   |              |
| C.il                    |              |
|                         |              |

Alt: Mapping table between short-term

and long-term ratings

# Midroog

#### © All rights reserved to Midroog Ltd. (hereinafter: "Midroog").

Ratings issued by Midroog reflect Midroog's subjective opinions regarding the relative future credit risk of entities, obligations, debts and/or debt-like financial instruments, as of their publication or provision date, and as long as Midroog has not changed or discontinued the rating, and all materials, products, services, and information published or provided by Midroog (hereinafter: "Midroog Materials"), may include such subjective opinions as stated above.

Midroog defines credit risk as the risk that the rated entity may not meet its contractual financial obligations on time, as well as the estimated financial loss in the event of default or in the event the debt becomes impaired.

Midroog's ratings do not refer to any other risk, such as liquidity risk, market value, interest rate changes, price volatility, or any other factor that may affect the capital market, except for credit risks.

Midroog's ratings, assessments not regarding credit risks (hereinafter: "Midroog Assessments"), or any opinion included in Midroog Materials, are not facts or historical data. Midroog Materials may also include quantitative assessments of credit risks, based on models, as well as opinions and comments regarding these assessments.

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For the purpose of the opinions produced by Midroog, Midroog uses rating scales, according to the definitions detailed in each scale. The symbol chosen to reflect Midroog's opinion regarding credit risk reflects only a relative assessment of that risk. Midroog's ratings are not conducted on a global scale – they are opinions regarding the credit repayment ability of the issuer or issuance relative to other issuers or issuances in Israel.

Midroog's credit ratings, assessments, and opinions, and Midroog Materials are not intended for use as a "benchmark," as defined in the regulatory context, and should not be used in any way that could lead to them being considered a "benchmark."

#### Midroog does not provide any warranty, express or implied, regarding the accuracy of any rating, assessment, or other opinion or information provided or created by Midroog in any way, or regarding their correctness at a certain date, or regarding their completeness, merchantability, or fitness for any purpose.

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- (A) for loss of present or future profits;
- (B) for loss or damage resulting from a financial instrument that was not the focus of a specific Midroog credit rating.

Subject to any law, Midroog and Midroog Personnel shall not be liable to any person or entity for any direct damage or loss arising from the information contained in this document, or from its use or inability to use it, including, among others, for damage or loss resulting from their negligence (except for fraud, willful misconduct, or any other act for which the law does not allow exemption from liability), or from an unforeseen event, whether or not such event is under the control of Midroog or Midroog Personnel.

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| 6 | 02/09/2025 | FIRST<br>INTERNATIONAL<br>BANK<br>OF<br>ISRAEL<br>LTD.<br>–<br>Rating<br>Action<br>Update |
|---|------------|-------------------------------------------------------------------------------------------|

#### FOOTNOTE:

²⁰¹ Deposits from banks, deposits from institutional entities, and bonds and promissory notes payable within the next 12 months from total assets

²⁰² Cash and deposits in banks, Israeli government bonds and US government bonds, and assets guaranteed by the US government

²⁰³ The rating reports are available on the Midroog website.

⁵⁰⁴ Short-term ratings in structured finance are generally based on the short-term rating of the liquidity provider to the transaction or on the assessment of the available cash flow for the repayment of the rated obligation.