Methodologies Index - 09.04.2020

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Ratings and/or publications issued by Midroog are or contain Midroog’s subjective opinions about the relative future credit risk of entities, credit obligations, debts and/or debt-like financial instruments, that apply on the date of their publication, and as long as Midroog has not changed the rating or withdrawn it. Midroog's publications may contain assessments based on quantitative models of credit risks, as well as related opinions. Ratings and publications by Midroog do not constitute a statement about the accuracy of the facts at the time of the publication or in general. 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 ratings are issued on a national scale and, as such, are opinions of the relative creditworthiness of issuers and financial obligations within Israel. National scale ratings are not designed to be compared between countries; rather, they address relative credit risk within a given country.
Midroog defines credit risk as the risk that an entity may fail to meet its contractual financial obligations on schedule and the estimated financial loss in the event of default. Midroog's ratings do not address any other risk, such as risks relating to liquidity, market value, change in interest rates, and fluctuation in prices or any other element that influences the capital market.
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All the information contained in Midroog ratings and/or publications, and on which it relied (hereinafter: "the Information") was delivered to Midroog by sources (including the rated entity) that it considers credible. Midroog is not responsible for the accuracy of the Information and presents it as provided by the sources. Midroog exercises reasonable means, to the best of its understanding, so that the Information 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 does not carry out audits and cannot therefore verify or validate the Information.
The provisions of any Midroog publication other than one expressly stated as a methodology do not constitute part of any Midroog methodology. Midroog may change its position regarding the content of such publications at any time.
Subject to applicable law, Midroog, its directors, its officers, its employees and/or anybody on its behalf involved in the rating shall not be held responsible under law,  for any damage and/or loss, financial or other, direct, indirect, special, consequential, associated or related, incurred in any way or in connection with the Information or a rating or a rating process, including not issuing a rating, including if they were advised in advance of the possibility of damage or a loss as said above, including but not confined to (a) any loss of profit in present or future, including the loss of other investment opportunities; (b) any loss or damage caused consequential to holding, acquisition and/or selling of a financial instrument, whether it is a subject of a rating issued by Midroog or not; (c) any loss or damage caused consequential to the relevant financial asset, that was caused, inter alia and not exclusively, as a result of or in respect to negligence (except for fraud, a malicious action or any other action for which the law does not permit exemption from responsibility) by directors, officers, employees and/or anybody acting on Midroog's behalf, whether by action or omission. 
Midroog maintains policies and procedures in respect to the independence of the rating and the rating processes. 
A rating 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. Updates and/or changes in ratings are presented on Midroog’s website at


Category: Corporate Finance

 'Income Producing Real Estate Companies'23.01.2019
 'Holding Companies'07.11.2017
 'Operating Lease Companies'07.06.2016
 'Retail Companies'17.05.2016
 'Telecommunications Companies'08.03.2016
 'Homebuilding Companies'11.02.2016
 'Industrial Manufacturing Companies'29.12.2015
 'Contractor Companies'16.09.2015
 'Non-Financial Corporates Rating'16.09.2015
 'Israeli Retirement Home Companies'28.10.2014
 'Defence Companies'12.02.2014

Category: Financial Institutions

 'Credit Card Companies'24.12.2018
 'Life, Health, P&C Insurance companies'25.12.2017
 'Credit Insurance Companies'14.05.2017
 'Finance Companies'01.03.2016
 'Investment Companies'16.11.2015

Category: Structured Finance

 'Consumer Loans-Backed ABS1'26.02.2019
 'Colleterlaized Debt Obligations (CDOs) - retired'21.08.2018
 'Deposit Notes Rating'10.05.2018
 'Auto Loan-and Lease-Backed'17.05.2017
 'Asset Backed Securities'17.05.2017
 'Servicer Quality Assesment and Originator Asessment in Deposit Notes and Managed Index Linked Certificates'20.04.2017
 'Index Linked Certificates (ILC) Rating - Retired'04.04.2017
 'Reverse Mortgage Securitizations (RMS)'28.03.2017
 '(Residential Mortgage Backed Securities (RMBS'02.03.2016
 'Servicer Quality Assesment and Originator Asessment in ABS Transactions'02.03.2016
 'Funded CDS/CLN'26.07.2015
 'Commercial Mortgage Backed Securities (CMBS)'03.05.2015
 'Whole Business Securitization (WBS)'06.12.2012

Category: Projects and Intrastructure

 'Power Projects Finance'20.02.2018
 'Rating Construction and Operation of Project Finance and Infrastructure'20.02.2018
 'Unregulated Power Companies'21.05.2015
 'Public Transport Companies'04.05.2015
 'Port Development Companies Rating'22.04.2015
 'Regulated Electric and Gas Networks'22.04.2015
 'Regulated Electric and Gas Utilities'22.04.2015
 'Ports Rating'13.04.2015
 'Toll Roads Projects Finance'25.09.2011

Category: Cross Sector

 'Corporate Finance Subordinated Debt, Hybrid Securities and Preferred Stocks Rating'14.08.2018
 'Government Related Issuer'05.07.2018
 'Long Term Operating Lease Adjustments'01.07.2018
 'Aspect in Liquidity Assessment of Corporates - Retired'07.11.2017
 'Structural Considerations in Corporate Financial Instruments Ratings'10.09.2017
 'Rating Defaulted Issues and Issuers and Impaired Debt'05.09.2017
 'Moody's Idealised Cumulative Expected Default and Loss Rates'20.07.2016
 'Short Term Commercial Paper Rating'02.07.2015

Category: Other

 'Retired-reManaged Index Linked Certificates (MILC) Rating'24.12.2018
 'Municipal Ratings'05.07.2018
 'Management Quality (MQ) Assessment of Pension Funds and Provident Funds - Retired'08.03.2018

Category: Request For Comments

 'Structural Considerations in Corporate Financial Instruments Ratings - Request for Comments -Closed'11.06.2019
 'דירוג בנקים- תוצאות הערות הציבור'26.03.2019
 'Bank- Request for Comments - Closed'13.03.2019
 'Consumer Loans-Backed ABS -Request for comments'26.02.2019
 '- Request for comments - ResultIncome Producing Real Estate Companies'23.01.2019
 'Consumer Loans-Backed ABS1- Request for comments - closed'09.01.2019
 'Credit card companies - Request for comments - Result'24.12.2018
 'Credit Card Companies - Request for comments - closed'24.12.2018
 'Income Producing Real Estate Companies'19.11.2018
 'Corporate Finance Subordinated debts, hybrid debts and preferred stocks Rating - Closed for Comments'14.08.2018
 'Corporate finance Subordinated debts, hybrid debts and preferred stocks Rating -Request for Comments- Results'14.08.2018
 'Municipal Ratings-Request for Comments - Results'05.07.2018
 'Government Related Issue -Request for Comments -Results'05.07.2018
 'Credit card companies - Request for comments - Result'20.06.2018
 'Govermment Related Issuer- Request for coments -Closed'21.05.2018
 'Municipal Ratings-Request for Comments - Closed'21.05.2018
 'Credit Card Companies - Request for comments - closed'16.05.2018
 'Deposit Notes – Request for Comments – Result'10.05.2018
 'Deposit Notes Ratins - Request for Comments - Closed'20.03.2018
 'Rating construction and operation of project finance and infrastructure-Closed'20.02.2018
 'Rating construction and operation of project finance and infrastructure-Results'20.02.2018
 'Power Projects Finance - Closed'20.02.2018
 'Power Projects Finance - Results'20.02.2018
 'Deposit Notes Ratings - Request for Comments - Results'23.01.2018
 '.Life, Health and Property and Casualty Insurance – Request for Comments - Closed'25.12.2017
 'Life, Health and Property and Casualty Insurance- Request for Comments -Results'25.12.2017
 'Banks-Request for Comments – Result'23.11.2017
 'Government Related Issue -Request for Comments -Results'23.11.2017
 'Govermment Related Issuer- Request for coments -Closed'23.11.2017
 'Municipal Ratings-Request for Comments - Closed'23.11.2017
 'Municipal Ratings-Request for Comments - Results'23.11.2017
 'Holding Companies -Request for Comments – Results'07.11.2017
 'Holding Companies - Request for Comments - Closed'24.09.2017
 'Structural Considerations in Corporate Financial Instruments Ratings -Request for comments-Results'10.09.2017
 'Rating Defaulted Issues and Issuers and Impaired Debt - Request for Comments - Closed'05.09.2017
 'Rating Defaulted Issues and Issuers and Impaired - Request for Comments - Results'05.09.2017
 'Structural Considerations in Corporate Financial Instruments Ratings - Request for Comments -Closed'22.08.2017
 'Life, Health and Property and Casualty Insurance- Request for Comments -Results'31.07.2016
 'Life, Health and Property and Casualty Insurance – Request for Comments - Closed'20.06.2016
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