Real-Time European Filings API. Request Access

AI Terminal

MODULE: AI_ANALYST
Interactive Q&A, Risk Assessment, Summarization
MODULE: DATA_EXTRACT
Excel Export, XBRL Parsing, Table Digitization
MODULE: PEER_COMP
Sector Benchmarking, Sentiment Analysis
SYSTEM ACCESS LOCKED
Authenticate / Register Log In

F.I.B.I. Holdings Ltd.

Capital/Financing Update • Sep 3, 2025

6789_rns_2025-09-03_61e23c67-26be-46ca-854d-143a99d6c0b2.pdf

Capital/Financing Update

Open in Viewer

Opens in native device viewer

FIRST INTERNATIONAL BANK OF ISRAEL LTD.

Rating Action Update – September 2025

Contacts:

Avior Dagan Senior Analyst, Lead Rating Assessor [email protected]

Amit Federman, CPA Senior Team Leader, Secondary Rating Assessor [email protected]

Moti Citrin, VP Head of Financial Institutions, Structured Finance and Additional Services [email protected]

FIRST INTERNATIONAL BANK OF ISRAEL logo

Additional symbol

Midroog

FIRST INTERNATIONAL BANK OF ISRAEL LTD.

Internal
Financial
Strength
Assessment
(BCA)		 aa2.il
Long-term
deposits
and
bonds		 Aaa.il Outlook:
Stable
Deferred
commitments
with
contractual
mechanism		 Aa3.il(hyb) Outlook:
Stable
For
loss
absorption
(CoCo)
Short-term
deposits/Commercial
Papers		 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 NIS 1,200 million par value), as well as a rating of P-1.il for the issuance of commercial papers (Series 1) up to NIS 1,300 million par value, replacing the previously rated 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 is 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 July 2025 follow-up report and the August 2025 rating action report²⁰³.

Related Reports

General Information

  • Rating report date: 02.09.2025
  • Last rating update date: 20.08.2025
  • Date rating was first published: 28.09.2006
  • Rating initiator name: FIRST INTERNATIONAL BANK OF ISRAEL LTD.
  • Entity that paid 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

aaa.il
According
to
Midroog's
judgment,
present
the
highest
internal
or
independent
(standalone)
financial
strength
relative
to
other
local
issuers,
in
the
absence
of
any
possibility
of
external
support
from
a
related
company
or
the
state.		 aaa.il
Issuers
or
issuances
rated
aa.il
According
to
Midroog's
judgment,
present
very
high
internal
or
independent
(standalone)
financial
strength
relative
to
other
local
issuers,
in
the
absence
of
any
possibility
of
external
support
from
a
related
company
or
the
state.		 aa.il
Issuers
or
issuances
rated
a.il
According
to
Midroog's
judgment,
present
high
financial
internal
or
independent
(standalone)
strength
relative
to
other
local
issuers,
in
the
absence
of
any
possibility
of
external
support
from
a
related
company
or
the
state.		 a.il
Issuers
or
issuances
rated
baa.il
According
to
Midroog's
judgment,
present
medium
financial
internal
or
independent
(standalone)
strength
relative
to
other
local
issuers,
in
the
absence
of
any
possibility
of
external
support
from
a
related
company
or
the
state,
and
may
have
certain
speculative
characteristics.		 baa.il
Issuers
or
issuances
rated
ba.il
According
to
Midroog's
judgment,
present
weak
financial
internal
or
independent
(standalone)
strength
relative
to
other
local
issuers,
in
the
absence
of
any
possibility
of
external
support
from
a
related
company
or
the
state,
and
have
speculative
characteristics.		 ba.il
Issuers
or
issuances
rated
b.il
According
to
Midroog's
judgment,
present
very
financial
weak
internal
or
independent
(standalone)
strength
relative
to
other
local
issuers,
in
the
absence
of
any
possibility
of
external
support
from
significant
a
related
company
or
the
state,
and
have
speculative
characteristics.		 b.il
Issuers
or
issuances
rated
caa.il
According
to
Midroog's
judgment,
present
the
weakest
internal
or
independent
(standalone)
financial
strength
relative
to
other
local
issuers,
in
the
absence
of
any
possibility
of
external
support
from
a
related
company
or
the
state,
and
have
the
significant
most
speculative
characteristics.		 caa.il
Issuers
or
issuances
rated
ca.il
According
to
Midroog's
judgment,
present
extremely
financial
weak
internal
or
independent
(standalone)
strength,
in
the
absence
of
any
possibility
of
external
support
from
a
related
company
or
the
state,
and
are
very
close
to
default
with
some
chance
of
principal
and
interest
recovery.		 ca.il
Issuers
or
issuances
rated
c.il
According
to
Midroog's
judgment,
present
the
weakest
internal
or
independent
(standalone)
financial
strength,
in
the
absence
of
any
possibility
of
external
support
from
a
related
company
or
the
state,
and
are
generally
in
default
with
slim
chances
of
principal
and
interest
recovery.		 c.il
Issuers
or
issuances
rated

Note: Midroog uses numerical modifiers 1,2,3 in each rating category from aa.il to caa.il. Modifier '1' indicates the bond is at the top of its rating category, '2' indicates it is in the middle, and '3' indicates it is at the bottom of its rating category.

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

Midroog

Local Long-Term Rating Scale

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

Note: Midroog uses numerical modifiers 1,2,3 in each rating category from Aa.il to Caa.il. Modifier '1' indicates the bond is at the top of its rating category, '2' indicates it is in the middle, and '3' indicates it is at the bottom of its rating category.

  1. 02/09/2025 FIRST INTERNATIONAL BANK OF ISRAEL LTD. – Rating Action Update

Midroog

Local Short-Term Rating Scale

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

The Relationship Between the Long-Term and Short-Term Rating Scales

The following table details the corresponding long-term ratings for the short-term ratings, where such long-term ratings exist⁵⁰⁴

דרוג זמן קצר
Prime-1.I
Prime-2.il
Prime-3.il
NotPrime

Table of correspondence 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, non-credit risk assessments (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.

Midroog's credit ratings, Midroog Assessments, Midroog opinions and other Midroog Materials do not constitute investment advice or financial advice, and are not a recommendation to purchase, sell or hold any securities.

Midroog's credit ratings, Midroog Assessments, Midroog opinions and other Midroog Materials do not constitute an opinion regarding the suitability of any investment to the needs of a particular investor.

Midroog issues credit ratings, assessments and other opinions and publishes or provides Midroog Materials with the assumption and expectation that every investor will exercise due caution and make their own assessments regarding the advisability of purchasing, selling or continuing to hold any security. Midroog recommends that every private investor consult with professional advice regarding the advisability of the investment, the applicable law, and any other professional matter, before making any investment decisions.

Midroog's ratings, Midroog Assessments and any other opinions or Midroog Materials are not intended for use by private investors. Private investors are hereby warned not to base investment decisions on Midroog Materials. A private investor who bases investment decisions on Midroog Materials does so recklessly and irresponsibly. Midroog recommends that every private investor consult with a financial advisor or other professional advisor before making any investment decisions.

All information contained in this document is protected by law, including, among others, under copyright and intellectual property laws. It is prohibited to copy all or any part of the information, scan it, rewrite it, distribute it, transfer it, duplicate it, display it, translate it or save it for further use for any purpose, in any way, without Midroog's prior written consent.

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 may 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.

All information included in Midroog's ratings, Midroog Assessments, Midroog opinions and Midroog Materials (hereinafter: "the Information"), is provided to Midroog by information sources considered by it to be reliable and accurate. However, as human error or technical failure may always occur, as well as other factors, all information included in this document is provided as is, without any warranty of any kind.

Midroog is not responsible for the accuracy of the information. Midroog takes reasonable measures to ensure that the information it uses for rating purposes is of sufficient quality and comes from sources it considers reliable, including information received from independent third parties, as relevant. However, Midroog is not an auditing body and therefore cannot verify or validate the information received in each case during the rating process or during the preparation of Midroog Materials.

The content of Midroog Materials is not part of Midroog's methodology, except for those parts of the content that are explicitly stated to be part of the methodology.

Subject to any law, Midroog, its directors, officers, employees, agents, representatives, any entity that granted Midroog a license, and its suppliers (hereinafter: "Midroog Personnel"), shall not be liable to any person or entity for any indirect, special, consequential or incidental damage arising from the information in this document or from the use of such information or from the inability to use such information, even if Midroog or any of Midroog Personnel have been advised that such damage may occur. Without derogating from the generality of the above, Midroog shall not be liable:

  • (A) for loss of present or future profits;
  • (B) for loss or damage arising 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 arising from their negligence (except for fraud, willful misconduct or any other action 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.

Midroog has adopted policies and procedures regarding rating independence and rating processes.

Any rating, assessment or opinion issued by Midroog may change as a result of changes in the information on which they were based and/or as a result of receiving new information and/or for any other reason. Where relevant, updates and/or changes in ratings appear on Midroog's website at www.midroog.co.il.

FIRST INTERNATIONAL BANK OF ISRAEL LTD. – Rating Action Update

02/09/2025

FIRST INTERNATIONAL BANK OF ISRAEL logo

FIRST INTERNATIONAL BANK OF ISRAEL logo

FIRST INTERNATIONAL BANK OF ISRAEL LTD.

FIRST INTERNATIONAL ISSUES LTD.

2 September 2025

Issuance Rating

Assignment of 'ilAAA' rating to bond issuance of up to NIS 1.7 billion par value and assignment of '+ilA-1' rating to new commercial papers of up to NIS 1.3 billion par value

Lead Credit Analyst:

Matan Benjamin 972-3-7539716 [email protected]

Additional Contact:

Eyal Chelouche 972-3-7539737 [email protected]

Following our announcement dated 20 August 2025, S&P Maalot hereby announces that the 'ilAAA' rating for bonds to be issued by FIRST INTERNATIONAL BANK OF ISRAEL LTD. (+ilAAA/Negative/ilA-1) through the issuance of a new series, Series 13, is valid for an amount of up to NIS 1.7 billion par value. S&P Maalot also announces that the '+ilA-1' rating for commercial papers to be issued by the bank through the issuance of a new series, Series 1, is valid for an amount of up to NIS 1.3 billion par value. The issuances will be carried out through FIRST INTERNATIONAL ISSUES LTD.

For more details about the bank's rating and additional regulatory requirements, see Rating Report from 29 May 2025.

1. | 2 September 2025 | Issuance Rating

**FIRST INTERNATIONAL BANK OF ISRAEL LTD.**

FIRST INTERNATIONAL ISSUES LTD.

FIRST
INTERNATIONAL
BANK
OF
ISRAEL		 Rating Date
Published		 Last
Rating
Update
Ltd. First
Rating
Issuer
Rating(s)
Short
Term		 ilA-1+ 20/08/2025 20/08/2025
Long
Term		 ilAAA\Negative 23/11/1997 29/05/2025

Issuance Rating(s)

Issuer Rating History

Date Rating
October
31,
2023		 ilAAA\Negative
July
11,
2019		 ilAAA\Stable
December
20,
2018		 ilAA+\Positive
October
07,
2014		 ilAA+\Stable
November
15,
2010		 ilAA\Stable
June
16,
2009		 ilAA\Negative
September
24,
2008		 ilAA\Stable
March
12,
2007		 ilAA\Positive
February
20,
2003		 ilAA
December
26,
2001		 ilAA+
November
23,
1997		 ilAAA
Short
Term
August
20,
2025		 ilA-1+

FIRST INTERNATIONAL ISSUES LTD.

Rating Date
Published		 Last
Rating
Update
First
Rating

Issuance Rating(s)

Type Rating Date
Published		 Last
Rating
Update
Subordinated
complex
debt
Deferred
commitments
with
loss
absorption
mechanism
Series
27		 ilAA- 29/08/2022 29/05/2025
Deferred
commitments
with
loss
absorption
mechanism
Series
26		 ilAA- 14/03/2022 29/05/2025
Deferred
commitments
with
loss
absorption
mechanism
Series
25		 ilAA- 09/06/2020 29/05/2025
Short-term
debt
Commercial
Papers
Series
1		 ilA-1+ 20/08/2025 20/08/2025
Senior
unsecured
debt
Bonds
Series
10		 ilAAA 27/08/2019 29/05/2025
Bonds
Series
12		 ilAAA 23/11/2021 29/05/2025
Bonds
Series
13		 ilAAA 20/08/2025 20/08/2025

Issuer Rating History

Term Date Rating
Long
Term		 October
09,
2024		 ilAAA\Negative

2 | 2 September 2025

Issuance Rating

**FIRST INTERNATIONAL BANK OF ISRAEL LTD.**

FIRST INTERNATIONAL ISSUES LTD.

Data Additional
Details
Time
of
event		 02/09/2025
14:39
Time
first
known		 02/09/2025
14:39
Rating
initiator		 Rated
company
  1. 2 September 2025 Issuance Rating

**FIRST INTERNATIONAL BANK OF ISRAEL LTD.**

FIRST INTERNATIONAL ISSUES LTD.

S&P Maalot is the trade name of "S&P Global Ratings Maalot Ltd." For the most updated list of ratings and more information about the credit rating monitoring policy, please refer to the S&P Global Ratings Maalot Ltd. website at maalot.co.il.

All rights reserved ©. It is prohibited to alter, reverse engineer, duplicate, distribute in any form or by any means, or store in a database or retrieval system the content (including ratings, analyses and information related to ratings, assessments, models, software and its products), and any part thereof (hereinafter, collectively, "the content"), without the prior written consent of S&P Global Ratings Maalot Ltd. or its related companies (hereinafter, collectively, "S&P"). The content shall not be used for illegal or unauthorized purposes. S&P and third parties providing it services, including directors, managers, shareholders, employees or agents (hereinafter, collectively, "S&P and related parties") do not guarantee the accuracy, completeness, timeliness or availability of the content. S&P and related parties are not responsible for errors or omissions (whether due to negligence or otherwise), for any reason, for results arising from the use of the content, or for its security or maintenance of information provided by users. The content is provided on an AS-IS basis. S&P and related parties make no representations or warranties, express or implied, including, but not limited to, regarding

satisfactory quality or fitness for a particular purpose, absence of bugs, software errors or defects, that the content's operation will not be interrupted or that the content will operate with any software or hardware configuration. In any case, S&P and related parties shall not be liable

for any direct and/or indirect damages of any kind, including incidental or consequential damages, exemplary, punitive or special damages, costs, expenses, legal expenses or losses (including, without limitation, damages for loss of income or profits, loss of business opportunities or losses caused by negligence), incurred in connection with the use of the content, even if they were advised in advance of the possibility of such damages.

Ratings and other analytical analyses, including the ratings and other information included in the content, constitute an expression of opinion that is correct as of the date of publication and do not constitute a statement of fact. S&P's ratings and other analytical analyses do not constitute a recommendation to purchase, hold or sell any securities, or a decision regarding making investments, and do not relate to the suitability of any securities. S&P does not undertake any obligation to update the content after its publication in any form or format. Do not rely on the content in making investment or other business decisions, and it is not a substitute for the skills, judgment or experience of users, their management, employees, advisors and/or clients in making such decisions. S&P does not serve as an "expert" or as an investment and/or securities advisor, except where it is registered as such. Rating reports are correct as of their publication date. S&P updates rating reports following ongoing monitoring of events or annual monitoring.

S&P collects information from sources it considers reliable, but does not audit the information and is not obligated to perform due diligence or independent verification of the information it receives. S&P publishes reports related to ratings for various reasons that are not necessarily the result of a rating committee, including the publication of a periodic update regarding credit rating and related analyses.

In order to maintain the independence and objectivity of the activities of S&P's various units, S&P maintains separation between these activities. As a result, certain units may have information that is not available to other S&P units. S&P has established procedures and processes to maintain the confidentiality of certain non-public information received in connection with any analytical process it conducts.

S&P receives financial compensation for providing its rating services and analytical analyses, usually from the issuers or underwriters of the rated securities, or from the obligors. S&P reserves the right to distribute its opinions and analytical analyses. S&P's public ratings and analyses appear on the S&P Maalot website at maalot.co.il or on the S&P website at spglobal.com/ratings, and may also be distributed by other means, including in S&P and third-party publications.

4. | 2 September 2025 | Issuance Rating

FOOTNOTE:

²⁰¹ Deposits from banks, deposits from institutional entities, and bonds and commitments to pay within the next 12 months out of total assets

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

²⁰³ The rating reports are published on the Midroog website.

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

Talk to a Data Expert

Have a question? We'll get back to you promptly.