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Rating company Midroog, of the Moody’s team, has announced that it is upgrading the 31 to 34 series secured bonds of Delek Team Ltd. (TASE:DLEKG), controlled by Yitzhak Tshuva, from Baa3 to Baa1. Delek also has 35 and 36 series bonds, which are not secured and therefore not rated.
Midroog mentioned that boosting the score was supported by Delek Group’s outstandingly great financial positioning, which is bettering. “The firm’s level of leverage has improved, which is supported by a rise in the price of the company’s holdings and the regular slide in debt presented by the team. The business ecosystem in which the keeping business operates has been supported about the earlier 18 months by a robust wind in the sharp rise in oil selling prices even though demand is rising and offer is slipping. The Russia-Ukraine war has been a catalyst for the sharp increase in natural gas price ranges.”
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Delek Team CEO Idan Wallace said, “The increase in the ranking is a really important accomplishment for Delek Team and signifies a immediate final result of small business processes that we have completed more than the previous few months, in advance of the planned IPO of Ithaca, which will guide to the development of significant further value.”
Delek Team share price has risen 70% since the get started of 2022, giving the firm a current market cap of NIS 8 billion.
The presenting of Ithaca, Delek’s North Sea oil and gas exploration and manufacturing device, is predicted to be at a valuation in the billions of dollars, and to crank out superior money gains for Delek Group, but mainly it will enhance its liquidity.
Published by Globes, Israel company news – en.globes.co.il – on July 12, 2022.
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