S&P Global Raises Elbit Systems' Credit Rating to ilAAA with Stable Outlook

S&P Global Ratings Maalot has upgraded Elbit Systems Ltd.'s long-term credit rating to 'ilAAA' (the highest rating on local scale) from 'ilAA+', while reaffirming the short-term rating of 'ilA-1+'. The upgrade reflects significant improvement in Elbit's financial ratios, with debt-to-EBITDA decreasing to 1.8x in 2025 from 3.0x in 2024, and FFO-to-debt increasing to 50% from 28%. The company reported record-high backlog of $28.1 billion and revenues of $7.9 billion for 2025. The stable outlook is based on expectations that Elbit will maintain strong business position, with backlog exceeding $30 billion in 2026 and continued improvement in financial metrics. The rating action is supported by strong operating performance amid geopolitical escalation and increased global defense budgets.