TEL AVIV, Israel , Aug. 20, 2024 /PRNewswire/ -- Phoenix Financial Ltd. (formerly Phoenix Holdings), a leading Israel-based financial, insurance, and investment group (TLV:PHOE) ("Phoenix," the "Group," or the "Company"), today announced that rating agency Midroog upgraded Phoenix Insurance's credit rating to Aaa.il, the highest on the Israeli rating scale.

This rating joins the existing ilAAA Israel rating from Maalot and international ratings A2 by Moody's and A- by S&P, positioning Phoenix at the forefront of Israeli financial services.

The assigned ratings constitute Israeli and international recognition of Phoenix's financial resilience, risk management systems, and financial performance. They also reinforce the group's commitment to its clients, investors, and business partners, and highlight the market's confidence in the stability and robustness of the group's activities. In addition, the ratings emphasize Phoenix's ability to address challenges and maintain stability even under challenging market conditions.

In response to the rating upgrade, Phoenix CEO Eyal Ben Simon said: "We are very proud of the rating upgrade to Aaa.il by Midroog. This is a further demonstration of the group's robustness and the successful execution of our long-term strategy. The high rating constitutes another phase in our long-term relationship with our clients across the group and with our investors."

About Phoenix Financial (formerly Phoenix Holdings)
Phoenix Financial is a leading Israel-based financial and investment group traded on the Tel Aviv Stock Exchange (TASE: PHOE). Group activities include multi-line insurance, asset management, credit, and brokerage services, and have demonstrated strong growth and performance across the cycle. Phoenix serves a significant portion of Israeli households with a broad set of activities and solutions across businesses and client segments. Managing over $120 billion in assets, Phoenix accesses Israel's vibrant and innovative economic activity through a robust investment portfolio, creating value for clients and shareholders.

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SOURCE Phoenix Financial Ltd.