Elbit Systems Ltd 6-K, filed Jun 2, 2022
Elbit Systems Ltd (ESLT)
6-K
2022-06-02
For: 2022-06-02
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April 06, 2026
About this 6-K
Elbit Systems Ltd filed this 6-K on June 2, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the Month of June 2022
_______________________
Commission File Number 000-28998
ELBIT SYSTEMS LTD.
(Translation of Registrant’s Name into English)
Advanced Technology Center, P.O.B. 539, Haifa 3100401, Israel
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
x Form 20-F o Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: o
o Yes x No
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-______________
Attached hereto and incorporated herein by reference as Exhibits 1 and 2, respectively, are the Registrant's Press Release dated June 2, 2022, and the Unofficial English Translation of the Rating Report of S&P Global Ratings Maalot Ltd.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ELBIT SYSTEMS LTD. (Registrant) | |||||||||||
| By: | /s/ Pinchas Confino Adi | ||||||||||
| Name: | Pinchas Confino Adi | ||||||||||
| Title: | Corporate Secretary | ||||||||||
Date: June 2, 2022
EXHIBIT INDEX
| Exhibit No. | Description | |||||||
| 1 | June 2, 2022 | |||||||
| 2. | June 2022 | |||||||
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Exhibit 1
Elbit Systems Announces S&P Global Ratings Maalot Reaffirming Rating of "ilAA" (Local Scale), With a Stable Outlook, for Elbit Systems Series B, C and D Notes
Haifa, Israel, June 2, 2022 – Elbit Systems Ltd. (NASDAQ: ESLT and TASE: ESLT) (“Elbit Systems” or the “Company”) announced today that S&P Global Ratings Maalot Ltd., an Israeli rating agency (“Maalot”), issued its rating report regarding the Series B, C and D Notes, issued by the Company in 2021 (the "Notes") and reaffirmed the Notes' “ilAA” (on local scaling) rating with a stable outlook.
Maalot's official rating report in Hebrew, was submitted by Maalot to the Israel Securities Authority and the Tel Aviv Stock Exchange. An unofficial English translation of Maalot's rating report will be submitted by the Company on Form 6-K to the U.S. Securities and Exchange Commission.
This announcement shall not constitute a solicitation or an offer to buy any securities.
About Elbit Systems
Elbit Systems Ltd. is an international high technology company engaged in a wide range of defense, homeland security and commercial programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned aircraft systems, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems, radios, cyber-based systems and munitions. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial applications and providing a range of support services, including training and simulation systems.
For additional information, visit: https://elbitsystems.com, follow us on Twitter or visit our official Facebook, Youtube and LinkedIn Channels.
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Company Contact:
Joseph Gaspar, Senior Executive VP – Business Management Tel: +972-77-2948661 j.gaspar@elbitsystems.com Dr. Yaacov (Kobi) Kagan, Executive VP - CFO Tel: +972-77-2946663 kobi.kagan@elbitsystems.com Rami Myerson, Director, Investor Relations Tel: +972-77-2948984 rami.myerson@elbitsystems.com David Vaaknin, VP, Head of Corporate Communications Tel: +972-77-2946691 david.vaaknin@elbitsystems.com | IR Contact: Ehud Helft Kenny Green GK Investor Relations Tel: 1-646-201-9246 elbitsystems@gkir.com | ||||
This press release may contain forward‑looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Israeli Securities Law, 1968) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current facts. Forward-looking statements are based on management’s current expectations, estimates, projections and assumptions about future events. Forward‑looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions about the Company, which are difficult to predict, including projections of the Company’s future financial results, its anticipated growth strategies and anticipated trends in its business. Therefore, actual future results, performance and trends may differ materially from these forward‑looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States among others; changes in global health and macro-economic conditions; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; changes in the competitive environment; and the outcome of legal and/or regulatory proceedings. The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.’s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward‑looking statements speak only as of the date of this release. Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company does not undertake to update its forward-looking statements.
Elbit Systems Ltd., its logo, brand, product, service and process names appearing in this Press Release are the trademarks or service marks of Elbit Systems Ltd. or its affiliated companies. All other brand, product, service and process names appearing are the trademarks of their respective holders. Reference to or use of a product, service or process other than those of Elbit Systems Ltd. does not imply recommendation, approval, affiliation or sponsorship of that product, service or process by Elbit Systems Ltd. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, copyright, trademark or other intellectual property right of Elbit Systems Ltd. or any third party, except as expressly granted herein.
1 | June 2, 2022 Rating Affirmation Elbit Systems Ltd. .................................................................................................................................. June 2, 2022 Primary Credit Analyst: Sivan Mesilati, 972-3-7539735 sivan.mesilati@spglobal.com Additional Contact: Tom Dar, 972-3-7539722 tom.dar@spglobal.com Please note that this translation was made for convenience purposes and for the company's use only and under no circumstances shall obligate S&P Global Ratings Maalot Ltd. The translation has no legal status and S&P Global Ratings Maalot Ltd. does not assume any responsibility whatsoever as to its accuracy and is not bound by its contents. In the case of any discrepancy with the official Hebrew version published on June 2, 2022, the Hebrew version shall apply. Table of Contents Overview ............................................................................................................................................. 3 Outlook................................................................................................................................................ 4 Downside Scenario ......................................................................................................................... 4 Upside Scenario .............................................................................................................................. 4 Base Case Scenario ........................................................................................................................... 4 Key Assumptions ............................................................................................................................ 4 Key Metrics ..................................................................................................................................... 5 Base Case Projections .................................................................................................................... 5 Company Description ......................................................................................................................... 5 Business Risk ..................................................................................................................................... 6 Financial Risk ..................................................................................................................................... 7 Liquidity ............................................................................................................................................... 8 Debt Maturities ................................................................................................................................ 9 Covenant Analysis .............................................................................................................................. 9 Modifiers ............................................................................................................................................. 9 Environmental, Social, And Governance ............................................................................................ 9 ESG Credit Indicators ..................................................................................................................... 9 Issue Ratings--Subordination Risk Analysis ..................................................................................... 10 Capital structure ............................................................................................................................ 10 Analytical conclusions ................................................................................................................... 10
Elbit Systems Ltd. June 2, 2022 www.maalot.co.il ׀ 2 Reconciliation ................................................................................................................................... 10 Related Criteria And Research ......................................................................................................... 11 Ratings List ....................................................................................................................................... 12
Elbit Systems Ltd. June 2, 2022 www.maalot.co.il ׀ 3 Elbit Systems Ltd. Issuer Rating Affirmed ilAA/Stable Overview Key Strengths Key Risks • Large order backlog (about $13.7 billion), equivalent to about 2-2.5 years of revenues. • Advanced technological capabilities developing systems with a technological advantage over competitors. • Maintaining balanced international geographic diversification of revenues. • Most of the Company's products are sold to the defense sector, which provides better revenue stability and visibility than the civilian sector. • Dependence on international defense budgets. • Lower revenue and EBITDA compared with global peers. • Extensive R&D investments required to maintain technological advantage. • Limited transparency given the nature of the Company's defense activity and absence of a public financial policy. At the end of Q1 2022, Elbit Systems Ltd. (“Elbit” or “the Company”)’s backlog was about $13.7 billion. We estimate that by year-end 2022 the Company's backlog will increase to about $14 billion following orders it has secured, including with the U.S. Marines, countries in Asia-Pacific, the Royal Swedish Navy, the British Royal Air Force and Navy, South Korea and South American countries. The backlog provides relatively good revenue visibility for a period of up to 2.5 years. The Company's revenues have increased, as have its expenses. In the first quarter of 2022, the Company posted revenues of about $1.35 billion, an increase of about 21% compared to the corresponding quarter last year, mainly due to organic growth and the merger of Sparton Corporation ("Sparton"). At the same time, the Company's total expenses grew due to expenses related to the Company’s stock-price linked compensation plan for employees, leading to a decrease of about 30% in operating profit to about $58.6 million. We believe that in 2022 the Company will maintain an EBITDA margin of about 12%-12.5%. We do not expect the expenditure structure to materially change. R&D expenditure will grow slightly to enable future value creation. We anticipate that in the next two years there may be significant transactions and acquisitions of about $100 million - $200 million, due to opportunities in the defense industry that are positively affected by the Russian-Ukraine conflict and the expected increase in neighboring European countries’ defense budgets.
Elbit Systems Ltd. June 2, 2022 www.maalot.co.il ׀ 4 Outlook The stable outlook reflects our assessment that in the next 12-24 months Elbit will maintain its strong business position, including R&D capabilities, and a large backlog. We expect the Company to maintain adjusted financial ratios FFO (funds from operations)/debt of about 20%-30% and debt/EBITDA of about 3.0x-4.0x. Our expectations are underpinned by good revenue and cash flow visibility from the Company’s current backlog. Downside Scenario We may consider a negative rating action if the Company’s financial ratios deteriorate, or if its free operating cash flow (FOCF) to debt consistently drops below 10%. This could happen if the Company’s backlog diminished or if its quality deteriorated without a parallel adjustment in its cost structure, such that the adjusted EBITDA margin drops to about 5%. Upside Scenario We may consider a positive rating action if we estimate that the Company can consistently maintain an adjusted FFO to debt ratio above 30% and an FOCF to debt ratio above 15%, while maintaining its competitive advantage vis-à-vis global peers and continuing to expand its revenue base and improving its adjusted EBITDA margin. Base Case Scenario Key Assumptions • Backlog will increase to about $14 billion at year-end 2022 following orders secured with the U.S. Marines, countries in Asia-Pacific, the Royal Swedish Navy, the British Royal Air Force and Navy, South Korea and South American countries. • About 4%-4.5% revenue growth in 2022, mainly due to organic growth as well as the consolidation of full-year operations of Sparton and Rokar. • Adjusted EBITDA margin of about 12%-12.5% in the next two years. We do not expect the expenditure structure to materially change. The burden of retirement obligations will remain high, and R&D expenditures will grow slightly to enable future value creation. • Optional M&A activity of about $100 million - $200 million in the next two years. • Annual dividend distribution of about $90 million in the next two years.
Elbit Systems Ltd. June 2, 2022 www.maalot.co.il ׀ 5 Key Metrics Financial Metric 2021A 2022E 2023E FFO/debt 34.1% 30%-40% 30%-40% FOCF/debt 16.8% 15%-25% 15%-25% Debt/EBITDA 2.6x 2.2x-2.8x 2.2x-2.8x A - actual. E - expected. Base Case Projections Maintaining profitability rates We forecast about 4%-4.5% revenue growth in 2022, mainly due to organic growth as well as the consolidation of full-year operations of Sparton and Rokar. This is based on a backlog of about $13.7 billion expected to increase to about $14 billion at year-end, providing good revenue visibility for 2-2.5 years. On the other hand, we expect a slight decrease in profitability in 2022 due to R&D, marketing and sales costs and other expenses, alongside the effects of the dollar exchange rate. Overall, we believe that in the next two years, Elbit will maintain a stable EBITDA margin of about 12%-12.5%. Opportunities for material transactions and mergers and acquisitions Based on the Company's proven experience in mergers and acquisitions since the early 2000s, we estimate that it will continue to implement its long-term strategy for geographical balance alongside international revenue diversification, while focusing on emerging and similar markets and expanding its technology portfolio. Geopolitical changes occurred in recent months due to the military conflict between Russia and Ukraine. We expect the defense industry will be positively affected by the situation and by security threats in Western countries, through an increase in European countries’ defense budgets in upcoming years. This will create opportunities for material transactions and mergers and acquisitions of defense technology companies in Europe that we believe the Company will take advantage of. We therefore believe M&A activity of about $100 million - $200 million may occur in the next two years. Company Description Elbit Systems Ltd. is an international technological company developing, manufacturing and marketing advanced airborne, land, naval and space systems for defense, homeland security and commercial applications. The Company operates according to a synergistic business model that provides its customers with advanced and integrated technological solutions designed for application in four major business lines: airborne systems, C4ISR systems, land systems and electro-optic systems. The
Elbit Systems Ltd. June 2, 2022 www.maalot.co.il ׀ 6 Company's shares are traded on the Tel Aviv Stock Exchange and on NASDAQ. The controlling shareholder is Federman Enterprises Ltd. (approximately 44.2% directly and indirectly), whose controlling shareholder is Mr. Michael Federman. The remaining shares are held by the public. Business Risk Elbit’s business risk profile is underpinned by its strong business position as developer and producer of technologically advanced systems compared with peers. In addition, Elbit has extensive global operations compared with peers, including operations in the growing U.S. market, and provides key essential technological solutions to the Israeli Ministry of Defense. Elbit’s large backlog provides good revenue visibility for the next 2-2.5 years, thus supporting its business risk profile. Over the years, the Company has maintained wide geographical spread alongside revenue growth. Figure 1: Revenue Distribution by Geographical Location (2021) Figure 2: Revenue Distribution by Major Customers (2021) North America, 31% Israel, 21% Latin America, 2% Europe, 17% Asia-Pacific, 27% Other, 2% IMOD, 18% U.S. Government, 21% Others, 61%
Elbit Systems Ltd. June 2, 2022 www.maalot.co.il ׀ 7 Elbit engaged in successful mergers and acquisitions while expanding its advance technological capabilities in several fields of operations such as artillery, cyber security, night vision, soft and hard defense systems and laser protection systems, considered as an innovative field in the industry. The Company integrates its fields of operations in order to supply its clients with unique integrated technological solutions. Most of the Company's products target the growing defense sector, which provides better revenue stability and visibility than the civilian sector. Elbit also benefits from high barriers to entry into the defense industry, which are based on training and system integration costs and the high cost of spare parts, which create high customer loyalty. These advantages are somewhat mitigated by high dependence on international defense budgets, by lower revenues and EBITDA compared with global peers, and by the need to continue extensively investing in research and development in order to maintain a technological advantage. Figure 3: The Company's 2021 Revenues for 2021 by Business Lines: Financial Risk The Company’s financial risk profile reflects a medium leverage level, as reflected in adjusted FFO to debt of about 34% and in adjusted debt to EBITDA of about 2.6x in 2021. The Company's adjusted EBITDA was about $677 million in 2021, an increase of about 26.5% compared to 2020. Most of the increase was due to organic growth and to the significant acquisition of Sparton. The Company's adjusted debt at year-end 2021 was about $1.78 billion due to bond series issuances of about $600 million. We expect the Company to maintain coverage ratios well within the range commensurate with the current rating in the next two years. Airborne Systems, 38% Land Systems, 24% C4ISR Systems, 26% Electro-Optic Systems, 9% Other, 3%
Elbit Systems Ltd. June 2, 2022 www.maalot.co.il ׀ 8 Table 1. Israel Corp. Ltd. – Financial Summary (Mil. $) Industry Sector: Aerospace & Defense 2021 2020 2019 2018 Revenue 5,278.5 4,662.6 4,508.4 3,683.7 EBITDA 676.8 534.9 519.1 453.7 Funds from operations (FFO) 606.1 458.0 459.9 382.9 Interest expense 37.7 36.5 45.5 42.3 Cash interest paid 32.5 32.6 46.3 44.3 Cash flow from operations 487.7 345.7 13.5 243.2 Capital expenditure 188.6 132.2 137.6 102.3 Free operating cash flow (FOCF) 299.0 213.5 (124.1) 140.9 Discretionary cash flow (DCF) 219.9 135.3 (186.7) 65.6 Cash and short-term investments 260.2 280.3 223.3 224.9 Gross available cash 260.2 280.3 223.3 224.9 Debt 1,778.0 1,552.8 1,601.4 1,321.3 Equity 2,546.3 2,231.4 2,159.8 1,854.4 Adjusted ratios EBITDA margin (%) 12.8 11.5 11.5 12.3 Return on capital (%) 11.0 8.4 8.6 8.1 EBITDA interest coverage (x) 17.9 14.7 11.4 10.7 FFO cash interest coverage (x) 19.7 15.0 10.9 9.6 Debt/EBITDA (x) 2.6 2.9 3.1 2.9 FFO/debt (%) 34.1 29.5 28.7 29.0 Cash flow from operations/debt (%) 27.4 22.3 0.8 18.4 FOCF/debt (%) 16.8 13.8 (7.7) 10.7 DCF/debt (%) 12.4 8.7 (11.7) 5.0 Liquidity According to our criteria, the Company’s liquidity is “strong”. We expect the ratio between the Company's sources and uses in the 12 months starting April 1, 2022, to exceed 1.5x. This assessment is based on cash and liquid investments, on steady operating cash flow and proceeds from asset sales, in particular Ashot, against debt maturity payments, volatile working capital needs, capital investments, acquisitions and annual dividend distribution. The Company has good financial flexibility, reflected in access to the local market and to banks and financial institutions with which it has been working for several years. Following are the Company’s main sources and uses for the 12 months starting April 1, 2022:
Elbit Systems Ltd. June 2, 2022 www.maalot.co.il ׀ 9 Principal Liquidity Sources Principal Liquidity Uses • Cash and cash equivalents of about $275 million. • Cash FFO of about $500 million - $550 million. • Proceeds from asset sales of about $105 million. • Debt maturities repayment of about $80 million. • Working capital needs of about $100 million. • Capital expenditure of about $140 million - $150 million. • Acquisitions of about $150 million. • Dividend distribution of about $90 million. Debt Maturities Year 2022 2023 2024 2025 2026 onwards Maturities (Mil $) 105 75 120 120 560 Covenant Analysis The Company has several covenants vis-à-vis banks and bond holders, mainly maintaining net financial debt of up to 50% of the balance sheet and minimum equity of $800 million. We understand that, as of March 31, 2022, the Company had sufficient headroom on its financial covenants. We expect the Company to maintain sufficient headroom on all covenants in the medium term. Modifiers Diversification/portfolio effect: Neutral Capital structure: Neutral Liquidity: Neutral Financial policy: Neutral Management and governance: Neutral Comparable ratings analysis: Neutral Environmental, Social, And Governance ESG Credit Indicators ESG Credit Indicator E-2 S-2 G-2 ESG factor Not relevant Not relevant Not relevant ESG credit indicators provide additional disclosure and transparency at the issuer level, and reflect our assessment of the impact of environmental, social and corporate governance factors on our credit rating analysis. ESG indicators are not a credit rating, a sustainability rating or an ESG Evaluation. The factors’ effect is expressed on a scale of 1 to 5, where 1 = positive effect, 2 = neutral, 3 = moderately negative effect, 4 = negative effect, and 5 = very negative effect. For additional information see ESG Credit Indicator Definitions And Application, published on October 13, 2021. ESG factors have an overall neutral influence on our credit analysis of Elbit Systems Ltd.
Elbit Systems Ltd. June 2, 2022 www.maalot.co.il ׀ 10 Issue Ratings – Subordination Risk Analysis Capital structure Elbit's capital structure currently includes debt from banks and financial institutions amounting to about $390 million, and unsecured senior bonds totaling about $600 million. Analytical conclusions We rate the senior unsecured bonds of about $600 million ‘ilAA’, identical to the issuer rating, as we believe the subordination risk in this capital structure is negligible. Reconciliation In order to create a basis for comparison with other rated companies, we adjust the data reported in the financial statements which we use to calculate financial ratios. The main adjustments we made to Elbit Systems Ltd.'s consolidated data for 2021 are as follows: • Deducting available cash and cash equivalents, as we define it, from reported financial debt. • Adding pension liabilities to reported financial debt. • Adding liabilities due to the acquisition of IMI Systems to reported financial debt. Table 2. Elbit Systems Ltd.--Reconciliation Of Reported Amounts With S&P Global Ratings' Adjusted Amounts (Mil. $) for the Fiscel Year Ended Dec 31, 2021 Debt Shareholders' equity EBITDA Operating income Interest expense S&P Global Ratings' adjusted EBITDA Cash flow from operations Reported Amounts 991.3 2,531.6 571.6 418.5 24.3 676.8 416.9 S&P Global Ratings adjustments Cash taxes paid -- -- -- -- -- (38.2) -- Cash interest paid -- -- -- -- -- (19.0) -- Reported lease liabilities 463.4 -- -- -- -- -- -- Operating leases -- -- 84.2 13.5 13.5 (13.5) 70.7 Postretirement benefit obligations/deferred compensation 553.9 -- -- -- -- -- -- Accessible cash and liquid investments (260.2) -- -- -- -- -- -- Share-based compensation expense -- -- 5.3 -- -- -- -- Dividends received from equity investments -- -- 30.3 -- -- -- -- Nonoperating income (expense) -- -- -- 30.3 -- -- -- Noncontrolling interest/minority interest -- 14.6 -- -- -- -- --
Elbit Systems Ltd. June 2, 2022 www.maalot.co.il ׀ 11 Debt Shareholders' equity EBITDA Operating income Interest expense S&P Global Ratings' adjusted EBITDA Cash flow from operations Debt: Contingent considerations 34.3 -- -- -- -- -- -- Debt: Earnouts and deferred consideration for business acquisitions 54.3 -- -- -- -- -- -- Debt: Government cost recovery (defense sector) (59.0) -- -- -- -- -- -- EBITDA: Gain/(loss) on disposals of PP&E -- -- (14.7) (14.7) -- -- -- Total adjustments 786.7 14.6 105.2 29.1 13.5 (70.6) 70.7 S&P Global Ratings adjusted amounts Debt Equity EBITDA EBIT Interest expense Funds from operations Cash flow from operations Adjusted 1,778.0 2,546.3 676.8 447.7 37.7 606.1 487.7 Related Criteria And Research • Principles Of Credit Ratings, February 16, 2011 • Methodology: Management And Governance Credit Factors For Corporate Entities And Insurers, November 13, 2012 • Methodology: Industry Risk, November 19, 2013 • Country Risk Assessment Methodology And Assumptions, November 19, 2013 • Corporate Methodology, November 19, 2013 • Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, December 16, 2014 • Reflecting Subordination Risk In Corporate Issue Ratings, March 28, 2018 • Methodology For National And Regional Scale Credit Ratings, June 25, 2018 • Corporate Methodology: Ratios And Adjustments, April 1, 2019 • Group Rating Methodology, July 1, 2019 • Environmental, Social, And Governance Principles In Credit Ratings, October 10, 2021 • S&P Global Ratings Definitions, November 10, 2021
Elbit Systems Ltd. June 2, 2022 www.maalot.co.il ׀ 12 Ratings List Elbit Systems Ltd. Rating Date when the rating was first published Last date when the rating was updated Issuer rating(s) Long term ilAA/Stable 15/06/2021 15/06/2021 Issue rating(s) Senior Unsecured Debt Series B,C,D ilAA 15/06/2021 15/06/2021 Issuer Credit Rating history Long term June 15, 2021 ilAA/Stable Additional details Time of the event 02/06/2022 09:00 Time when the event was learned of 02/06/2022 09:00 Rating requested by Issuer
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