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Bank Hapoalim B.M. Nov 03
Standard & Poors, Nov 2003
Abstract
The ratings on Israel-based Bank Hapoalim B.M. (Hapoalim) reflect the group's dominant market position in Israel's banking and financial services sector, strong liquidity, and stable performance record. The ratings are constrained, however, by Standard & Poor's measures of core capital, which reflect a downward trend to year-end 2002, and Israel's economy, which is vulnerable to shocks. With a one-third share in Israeli corporate and retail banking, Hapoalim's risk profile and operating performance are closely linked with its domestic economy. The unabating domestic political situation, the U.S. economic slump, and the global technology slowdown have collectively taken their tolls on Israeli economic growth and deferred foreign direct investment and privatizations. Moreover, the continuing unrest has undermined consumer confidence, delaying any real...
Companies mentioned in this report are: Bank Hapoalim B.M.,Hapoalim International N.V.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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