Elbit Systems receives "ilA-1+" Short Term Rating From S&P Global Ratings Maalot Ltd. to Commercial Paper Issuance in Israel

Rhea-AI Summary

Elbit Systems Ltd. has been assigned an ilA-1+ short term issuer rating by S&P Global Ratings Maalot Ltd. The company is considering issuing commercial paper, but the details have not been determined yet. The commercial paper will not be listed on any stock exchange and will only be offered in Israel.

HAIFA, Israel, Aug. 16, 2023 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems" or the "Company") announced today that S&P Global Ratings Maalot Ltd., an Israeli rating agency ("Maalot") had assigned an ilA-1+ (on local scaling) short term issuer rating to the Company and an ilA-1+ (on local scaling) short term rating to commercial paper that may be issued by the Company in Israel ("Commercial Paper").

Maalot's rating report (the "Rating Report") in Hebrew was filed with the Israel Securities Authority and the Tel Aviv Stock Exchange. An unofficial English translation of the Rating Report will be submitted by the Company on Form 6-K to the U.S. Securities and Exchange Commission.

Elbit Systems is considering, and the Board of Directors has authorized management to prepare for, a potential issuance of Commercial Paper, which, if and when issued, will not be listed on any stock exchange. The execution, timing, terms and amounts of Commercial Paper to be issued have not been finally determined and there is no assurance that the issuance will be completed.

Any Commercial Paper, if offered, will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to U.S. Persons (as defined in Regulation "S" promulgated under the Securities Act) without registration under the Securities Act or an exemption from the registration requirements of the Securities Act. Any offering of Commercial Paper, if made, will be made only in Israel. 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.

Company Contact:  

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

Dalia Bodinger, VP, Communication & Brand
Tel: 972-77-2947602
dalia.bodinger@elbitsystems.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.

Logo: https://mma.prnewswire.com/media/2017806/Elbit_Systems_Logo.jpg

View original content:https://www.prnewswire.com/news-releases/elbit-systems-receives-ila-1-short-term-rating-from-sp-global-ratings-maalot-ltd-to-commercial-paper-issuance-in-israel-301902112.html

SOURCE Elbit Systems Ltd.

FAQ

What rating has Elbit Systems been assigned by S&P Global Ratings Maalot Ltd?

Elbit Systems has been assigned an ilA-1+ short term issuer rating.

What is Elbit Systems considering?

Elbit Systems is considering issuing commercial paper.

Will the commercial paper be listed on any stock exchange?

No, the commercial paper will not be listed on any stock exchange.

Where will the commercial paper be offered?

The commercial paper will be offered only in Israel.

Will the commercial paper be registered under the U.S. Securities Act?

No, the commercial paper will not be registered under the U.S. Securities Act.

Can the commercial paper be offered or sold in the United States?

No, the commercial paper cannot be offered or sold in the United States.

Is there a guarantee that the issuance of commercial paper will be completed?

There is no assurance that the issuance of commercial paper will be completed.