Mizrahi Tefahot is Israel's third largest bank based on value of assets and offers a complete range of international, commercial, domestic and personal banking services. Its total assets as of September 30, 2020 amounted to USD 100.86 billion, and for the nine months ended September 30, 2020, Mizrahi Tefahot reported USD 519.32 million of operating profit before taxes, USD 320.84 million of net profit, and a return on equity of 9%. Mizrahi Tefahot has been assigned an international rating by Moody’s of A2/Stable with respect to foreign bank deposits. S&P Global Ratings Maalot Ltd has assigned Mizrahi Tefahot an issuer rating of ilAAA/Stable. Contingent subordinated notes with contractual loss-absorption provisions (CoCo), which notes qualify as Tier II equity in conformity with the provisions of Basel III, are rated ilAA-. The rating of the subordinated capital notes that qualify as Upper Tier II equity in conformity with the transitional provisions of Basel III, was raised to ilAA-. Midroog Ltd (created in partnership with Moody's) has assigned Mizrahi Tefahot a long-term deposit and senior debt rating of Aaa.il/Stable. Subordinated capital notes (Upper Tier II capital) are rated Aa2.il (hyb). Contingent subordinated notes with contractual loss-absorption provisions (CoCo), which notes qualify as Tier II equity in conformity with the provisions of Basel III, are rated ilAa3.il (hyb).