BRIEF: Midroog cuts Clal Finance rating: The downgrade comes almost year after the company was put on the watch list. [Globes, Tel Aviv, Israel]
Apr. 15--Midroog Ltd. today cut its rating for Clal Finance Ltd. (TASE:CLFN) by two grade from A2 with a "Negative" outlook to Baa1 with a "Stable" outlook, almost year after putting the company on the watch list. Midroog has not yet published its monitoring report on the company.
The new rating for Clal Finance is still considered investment grade, but reflects the assessment by Midroog's analysts about the company's ability to repay its debts.
The downgrade was made despite a NIS 150 million owner's loan to Clal Finance by its parent company, Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS). The loan was aimed at strengthening Clal Finance's capital.
Midroog is a subsidiary of credit rating agency Moody's Investor Services Inc.
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