Answer continues to recover: Ratings raised rating to Delek Group

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Idan Wells, Yitzhak Tshuva (Photo from the Delek Group website, Flash 90 / Moshe Shai)

Good news for Yitzhak Tshuva, the rating company Madrog has recently raised Delek Group’s debt rating to a level of Baa3, a level that already allows the group to return to the capital market and reduce its heavy financing expenses. Maalot has not yet published their rating announcement to the group.

In the rating reasons, the rating writes that the management’s recent actions to sell assets, debt recycling and reduce it, as well as the high oil prices, support the group and therefore the forecast given by the rating to the group is “stable”.

More in-

Recall that today there are two significant plans facing Yitzhak Tshuva and may yield significant value and they are: the structural change of Delek Drilling which for some reason is delayed but its goal is to turn the partnership into a company, delisting it from trading on the Tel Aviv Stock Exchange and listing it on London. More that will flood value for investors.

The second move is the issuance of Ithaca against the background of high oil prices, which will allow the Wells era to trade this holding and realize part of it if necessary or if it reaches a realizable price, but in general, the issuance of holdings and merchandise yields value not currently embodied.

It should be noted that with the Delek Group’s rating increase, Idan Wells managed to overcome the major obstacles facing the group and now it meets the financial criteria for the bondholders – ie the main breach that could have led to the group’s debt being repaid immediately was removed.

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