Mekorot CEO, Ido Rosolio: Mekorot has, for the past six years, kept a maximum Credit Rating of AAA/STABLE awarded by Standard & Poor's.
Mekorot CEO, Ido Rosolio, announced today that Mekorot was this year again awarded a credit rating of AAA. According to Rosolio, for the past six years Mekorot has maintained a maximum credit rating of AAA awarded by Standard & Poor's.
Mekorot, the National Water Company of Israel, has been awarded an AAA/STABLE (foreseeable fixed classification) for additional capital investment for the sum of 2 billion NIS between the years 2008–2010.
Mekorot's Financial Vice President, Avi Gefen, noted that the amount to be raised will be used for debt repayment, redemption of Bonds and funding for the company's investment program for the development of Israel's water infrastructure at a cost of 2.5 billion NIS between the years 2008-2010. It is worth noting that Mekorot is involved in a number of large scale projects including a fifth water supply system for Jerusalem and projects aimed at increasing the water supply in the light of the current water crisis.
Rosolio added that a stable credit rating for a number of years is evidence of the company's financial stability and good financial management. He added that Mekorot's strength is its engineering knowledge and wealth of experience gathered over the 71 years since the company's founding. In addition, the existing infrastructure, measures taken to improve efficiency over the past years and last, but by no means least, the use of new technologies and a view to the world, have also contributed to Mekorots stable credit rating.
The rating applies also to the Bonds issue valued at 4 Billion NIS that was floated by the company for investment companies in 2003.
For further details: Hila Izhak, Mekorot Spokesperson, 972-(0)3-6230705