Re: Midroog Ratings Maalot Ltd.- Monitoring and Rating Report | January 2023Midroog sets the issuer's rating at Aa2.il for the Company, with a stable rating outlook. In addition, Midroog upgraded the rating for the bonds (Series 4, 5 and 6) issued by the Company to Aa2.il from Aa3.il and changed the rating outlook from positive to stable.Furthermore, Midroog leaves the Aa2.il rating with a stable rating outlook for the bonds (Series 6) raised through the expansion of the series. The consideration of the issue is for the Company's current activities.Attached to this Immediate Report is the translated Rating Report which was published by Midroog & the Company on January 19, 2023. false

הפניקס אחזקות בע"מ	1 818
THE PHOENIX HOLDINGS LTD
Corporation no: 520017450	10820

	Israel Securities Authority			Tel Aviv Stock Exchange		ת150 ( Public )		Reported via MAGNA:	25/01/2023
	www.isa.gov.il			www.tase.co.il				Reference:	2023-01-009916	Time of broadcast: 19:05 19:05

English language report to Israeli corporate

This form is for reports that has been translated to English (convenience translation) and should be published alongside with the report in Hebrew in accordance with the Securities Regulations (Periodic and Immediate Reports), 5730 - 1970.

References of previous reports relating to this matter:   _________   _________   _________

_________

Attached hereto is a report on Re: Midroog Ratings Maalot Ltd.- Monitoring and Rating Report | January 2023 Midroog sets the issuer's rating at Aa2.il for the Company, with a stable rating outlook. In addition, Midroog upgraded the rating for the bonds (Series 4, 5 and 6) issued by the Company to Aa2.il from Aa3.il and changed the rating outlook from positive to stable. Furthermore, Midroog leaves the Aa2.il rating with a stable rating outlook for the bonds (Series 6) raised through the expansion of the series. The consideration of the issue is for the Company's current activities. Attached to this Immediate Report is the translated Rating Report which was published by Midroog & the Company on January 19, 2023.

19012023_MIDROOG_isa.pdf

	Reference to parallel Hebrew report:	2023-01-008212
	This report was not reported in Hebrew.

Details of the authorized signatories to sign on behalf of the corporation:

	Name of the signer	Corporate Role
1	Meni Neeman	Other Chief Legal Officer & Company Secretary

Note: According to Rule 5 of the Periodic and Immediate Reports Regulations (1970), a report submitted under these Regulations will be signed by the authorized persons to sign on behalf of the corporation. For the ISA staff notice Click here .

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note that the attached report is a convenience translation only and the parallel Hebrew immediate report published on January 19, 2023 is the binding report.
References of previous documents relating to this matter(the reference does not constitute incorporation by reference):
Stock Exchange/Market: הפניקס	Date of revision of form structure: 29/12/2022
Address: דרך השלום 53 , גבעתיים 53454   , Tel: 03-7332997 , 03-7338174 Fax: 03-7238855
E-mail address: menin@fnx.co.il
Previous names of reporting entity: הפניקס הישראלי חברה לבטוח בע"מ
Name of the Signatory: נאמן מנחם Position of Signatory in the reporting corporation: Name of Employer Company:
Address: דרך השלום 53 , גבעתיים 53454 Telephone: 03-7332997 Facsimile: 03-7238831 E-mail: menin@fnx.co.il 1