Rafael Advanced Defense Systems has been upgraded to an ‘A’ credit rating by S&P Global Ratings, with a stable outlook.
The agency reassessed Rafael’s business risk profile from ‘fair’ to ‘satisfactory,’ reflecting the compamy’s strengthened market position and the increasing demand for its defence solutions.
“Our view of Rafael’s competitive advantage and improved profitability underpins our reassessment of its business risk profile. Rafael’s improving competitive advantage and high demand for many of its products and services mean it is well placed to capture customer demand, both from the Israeli Ministry of Defense and from overseas governments and militaries,” the agency said.
Rafael’s financial risk profile has been upgraded from ‘modest’ to ‘minimal,’ underpinned by a solid net cash position. The company’s cash balances are projected to exceed US$4 billion through 2024. It has an order backlog exceeding ILS 50 billion (approximately US$ 13 billion), representing about three years of revenue.
The stable outlook from S&P Global Ratings is based on the expectation of continued strong demand for Rafael’s products and services, bolstered by rising government defence budgets. This trend is anticipated to support our order backlog and financial performance over the next two years.
“In the heat of the tireless efforts invested by the company during the “Swords of Iron” war and despite the extensive reserve enlistment from its ranks, Rafael continues to grow consistently with improvements of tens and hundreds of percent compared to previous years in most parameters,” said Dr. Yuval Steinitz, Chairman of Rafael.
“Rafael maintains its growth trajectory, demonstrating excellent financial results and stability,” said Rafael CEO Yoav Tourgeman. “The S&P rating, the highest ever awarded to an Israeli company, is a testament to this. The year 2023 was a record year for Rafael, marked by technological breakthroughs and robust business activity, a trend we continue into 2024. Since the onset of the war, Rafael’s systems have been saving lives daily and making a decisive contribution to the ‘Swords of Iron’ efforts.”
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