Midroog

What Midroog does

Midroog Ltd. (מידרוג בע"מ), founded in 2003 and headquartered at Harba'im Street 21, Platinum Tower, Tel Aviv, is one of two dominant credit rating agencies operating in Israel (alongside S&P Maalot). The firm is the only Israeli rating agency affiliated with Moody's Corporation, operating under a strategic partnership that provides Midroog access to Moody's global rating standards and analytical frameworks while maintaining Israel-specific expertise. Midroog provides credit ratings, methodologies, and analytical reports for the full universe of Israeli rated issuers — corporate entities, financial institutions, structured finance vehicles, and infrastructure projects — using an Israel-specific national rating scale denoted by the .il suffix (e.g., Aaa.il, A2.il) that calibrates creditworthiness relative to other Israeli issuers.

Midroog's product offerings are organized across four sector verticals: Corporate Finance (income-generating real estate, holding companies, non-financial corporations, residential development, industry, retail, construction, telecommunications, hospitality), Projects and Infrastructure (energy, electricity, natural gas, public transportation), Financial Institutions (banks, insurance, investment houses, finance companies, credit card companies), and Structured Finance (deposit certificates, ABS, CDO, CMBS, structured notes). Beyond ratings, the firm publishes ongoing methodological updates (most recently covering holding companies in February 2026 and distressed debt in January 2026), monthly bond market activity reports, bond spread and credit rating analysis, and the proprietary Midroog Financial Conditions Index. Ratings are referenced by the Tel Aviv Stock Exchange for listed instruments and by Israeli institutional investors for investment decisions.

The company operates as a private entity under Israeli jurisdiction and generates revenue through professional services fees charged to issuers for credit rating assessments and ongoing monitoring. Pricing is not publicly disclosed; engagements are negotiated per issuer per rating on a multi-year basis. Distribution is direct: Midroog engages issuers through a sales-led motion and publishes ratings, research, and methodologies on its corporate website. The firm is led by CEO Eran Heimer. As a regulated financial infrastructure provider serving a single-country market within a duopoly structure, Midroog functions as a stable, specialized business whose growth ceiling is fundamentally bounded by the size of the Israeli capital market.

Name

Midroog

Legal name

מידרוג בע"מ

Website

https://midroog.co.il

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

Midroog Ltd. is an Israeli credit rating agency operating in partnership with Moody's Corporation. It provides credit ratings, methodologies, and research for Israeli corporate, financial institution, structured finance, and infrastructure issuers using a national .il rating scale.

Ownership category

akta.pro rank

Product category

Credit Rating Services

akta.pro primary industry

Structured Finance Ratings & Surveillance (FSACACAI)

Keywords

• Credit rating services
• Issuer credit assessments
• Structured finance ratings
• Corporate bond ratings
• Financial institution ratings

Headquarters

HQ city

Tel Aviv

HQ country

Israel

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Credit rating fees: Midroog charges issuers fees for credit rating assessments, both for initial ratings and ongoing monitoring/rating updates. Ratings cover corporate issuers, financial institutions, structured finance instruments, and infrastructure projects.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Midroog provides credit ratings for Israeli issuers, debt instruments, and financial instruments, delivering independent opinions on relative creditworthiness and default risk. Services span initial ratings and ongoing monitoring across four sector verticals: Corporate Finance, Projects and Infrastructure, Financial Institutions, and Structured Finance. Ratings are calibrated using an Israeli-specific national scale (.il suffix) anchored to Moody's global standards.

Product overview

Midroog is an Israeli credit rating agency operating in partnership with Moody's global company. The company provides credit ratings across four main sectors: Corporate Finance (covering income-generating real estate, holding companies, non-financial corporations, residential development, industry, retail, construction, and more), Projects and Infrastructure (energy, electricity, natural gas, and public transportation), Financial Institutions (finance companies, insurance, banks, investment houses, credit card companies), and Structured Finance (deposit certificates, ABS, CDO, CMBS, and structured notes). Midroog's offerings include credit ratings, methodologies, reports, and professional research content including market activity summaries, bond spread analysis, financial conditions indices, and sector-specific special reports.

Differentiator

Problem solved

Functional benefit

Products and services

• Credit Ratings (דירוגים)

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Moody's CorporationcoreStrategic or Co-development PartnerMidroog is a credit rating agency operating in partnership with Moody's Corporation. The company uses Moody's global rating standards and methodologies, adapted to the Israeli market. The partnership provides Midroog with access to Moody's analytical frameworks, training, and global brand while allowing Midroog to serve the Israeli capital markets with localized expertise.

Scale indicators1 record

Recent moves5 records

Expansion highlights4 records

Emerging players

• Scope Ratings: European-based credit rating agency challenging the Big Three with a focus on European corporate, financial institution, and structured finance ratings. Comparable to Midroog as a non-incumbent global rating agency building scale through methodology differentiation.
• Egan-Jones Ratings: Independent US-based credit rating agency focused on corporate and sovereign ratings. Comparable to Midroog as a non-Big-Three rating agency competing for market share with differentiated methodology and fee structure.
• DBRS Morningstar: Global credit rating agency acquired by Morningstar. Comparable to Midroog as a credit rating agency operating across corporate and structured finance; positioned as a challenger to the Big Three globally with growing international footprint.

Broad incumbents

• Fitch Ratings: One of the three major global credit rating agencies alongside Moody's and S&P. Operates across corporate, financial institution, sovereign, and structured finance ratings globally; comparable in business model and revenue structure to Midroog at a much larger scale.
• S&P Global Ratings: Global credit rating agency and parent of S&P Maalot. Competes directly with Moody's (and by extension Midroog) in global credit ratings across corporates, sovereigns, structured finance, and financial institutions.
• Moody's Investors Service: Global credit rating agency and Midroog's strategic parent/partner. Moody's provides the methodology backbone for Midroog and competes in adjacent international markets; directly comparable as a rating agency but operates at a vastly larger global scale.

Regional players

• HR Ratings: Mexican credit rating agency that is the dominant domestic player in Mexico, comparable to Midroog's positioning in Israel. Both operate as local-market rating specialists with sector-specific methodologies and strong domestic regulatory recognition.
• RAM Ratings: Malaysian credit rating agency and one of the dominant domestic rating providers in ASEAN. Comparable to Midroog as a local rating agency with sector methodologies, structured finance expertise, and regulatory recognition in its home market.
• Japan Credit Rating Agency (JCR): Japanese domestic credit rating agency with strong local market share in corporate and structured finance ratings. Comparable to Midroog as a nationally focused rating agency with methodology specialization and deep domestic market expertise.

Direct peers

• S&P Maalot: The other major Israeli credit rating agency and Midroog's sole direct competitor in the domestic market. S&P Maalot is affiliated with S&P Global and competes head-to-head with Midroog for ratings on Israeli corporate, financial institution, and structured finance issuers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Midroog