SPNS Sapiens International Corporation NV

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

 

FORM 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

 

For the month of July 2024

 

Commission File Number 000-20181

 

SAPIENS INTERNATIONAL CORPORATION N.V.

(Translation of registrant’s name into English)

 

Azrieli Center

26 Harokmim St.

Holon, 5885800 Israel

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒      Form 40-F ☐

 

 

 

CONTENTS

 

Confirmation of Rating for Sapiens and its Series B Debentures

 

On July 9, 2024, Sapiens International Corporation N.V. (“Sapiens” or the “Company”) issued a press release announcing that Ma’alot S&P Global (a part of the global rating firm Standard & Poor’s Financial Services LLC) (“S&P Ma’alot”) has confirmed the long-term corporate rating of Sapiens as “ilAA-”, with stable outlook, while also confirming the rating for Sapiens’ non-convertible Series B Debentures as “ilAA-”. Those ratings remain unchanged relative to the last ratings assigned by S&P Ma’alot to Sapiens and the Series B Debentures in July 2023.

 

The debentures are traded on the Tel Aviv Stock Exchange (“TASE”) and were originally offered in Israel pursuant to Sapiens’ Israeli shelf prospectuses filed with the Israeli Securities Authority in September 2017 and June 2020.

 

A copy of the above-referenced press release is appended to this Report of Foreign Private Issuer on Form 6-K (this “Form 6-K”) as Exhibit 99.1.

  

A copy of an English translation of the rating report issued by S&P Ma’alot is furnished as Exhibit 99.2 to this Form 6-K and is incorporated herein by reference.

 

Important Note re: Series B Debentures and Related Disclosures

 

This Form 6-K is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or an exemption from the registration requirements thereunder. Any offering and/or trading of Sapiens’ Series B Debentures pursuant to Sapiens’ Israeli shelf prospectus occurs only in Israel, on the TASE, for residents of Israel and is not registered under the Securities Act or the U.S. Securities Exchange Act of 1934, as amended. Sapiens’ Series B Debentures will not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the Securities Act), except pursuant to an applicable exemption from registration under the Securities Act.

 

Exhibits

 

The following exhibits are furnished as part of this Form 6-K:

 

Exhibit		Description
99.1		Press release issued by Sapiens on July 9, 2024 announcing the confirmation of rating of Sapiens and its non-convertible Series B Debentures
99.2		English translation of rating report of Ma’alot S&P Global (a part of the global rating firm Standard & Poor’s Financial Services LLC) with respect to Sapiens’ Series B Debentures, published on July 9, 2024

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	SAPIENS INTERNATIONAL CORPORATION N.V.
Date: July 9, 2024	By:	/s/ Roni Giladi
		Name:	Roni Giladi
		Title:	Chief Financial Officer

 

 

2

Exhibit 99.1

 

 

S&P Global Ratings Maalot Confirms Ratings of
Sapiens and its Series B Debentures as “ilAA-” with a
Stable Outlook/ “ilAA-”

 

Rochelle Park, NJ, July 9, 2024 – Sapiens International Corporation (Nasdaq and TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced that Ma’alot S&P Global (a part of the global rating firm Standard & Poor’s Financial Services LLC) (“Ma’alot”) has confirmed the long-term issuer rating for Sapiens as “ilAA-”, with stable outlook, while also confirming the rating for Sapiens’ Series B Debentures as “ilAA-”.

 

The Series B Debentures are traded on the Tel Aviv Stock Exchange (“TASE”) and were offered in Israel pursuant to Sapiens’ Israeli shelf prospectuses filed with the Israeli Securities Authority in September 2017 and June 2020.

 

Mr. Roni Al-Dor, President & CEO of Sapiens, commented: “Sapiens continues to achieve long-term success in realizing revenue growth, increasing profitability and generating strong cash flow. The rating confirmation reflects the ongoing confidence of the market and experts in Sapiens. Sapiens is well known in the market for its long-term track record of growth in both revenue and profit.

 

Maalot’s official rating report, in Hebrew, was submitted by Maalot to the Israel Securities Authority and the Tel Aviv Stock Exchange. For convenience, the English translation of Maalot’s rating report can be found by clicking here. The Company is also submitting a report on Form 6-K that attached this press release (with the link to the English translation of Maalot’s report) to the U.S. Securities and Exchange Commission.

 

This announcement shall not constitute a solicitation or an offer to buy any securities.

 

About Sapiens

 

Sapiens International Corporation (NASDAQ and TASE: SPNS) is a global leader in intelligent insurance software solutions. With Sapiens’ robust platform, customer-driven partnerships, and rich ecosystem, insurers are empowered to future-proof their organizations with operational excellence in a rapidly changing marketplace. We help insurers harness the power of AI and advanced automation to support core solutions for property and casualty, workers’ compensation, and life insurance, including reinsurance, financial & compliance, data & analytics, digital, and decision management. Sapiens boasts a longtime global presence, serving over 600 customers in more than 30 countries with its innovative SaaS offerings. Recognized by industry experts and selected for the Microsoft Top 100 Partner program, Sapiens is committed to partnering with our customers for their entire transformation journey and is continuously innovating to ensure their success.

 

For more information visit https://sapiens.com or follow us on LinkedIn

 

Media and Investors’ Contact 

 

Yaffa Cohen-Ifrah 

Chief Marketing Officer & 

Head of Investor Relations, Sapiens
yaffa.cohen-ifrah@sapeins.com 

 

 

 

www.sapiens.com

 

Exhibit 99.2

 

 

Sapiens International Corporation N.V.

 

July 9, 2024

 

Rating Affirmation

‘ilAA-’ Rating Affirmed; Outlook Stable

 

Primary Credit Analyst:

 

Sivan Mesilati, 972-3-7539735 sivan.mesilati@spglobal.com

 

Additional Contact:

 

Tom Dar, 972-3-7539722 tom.dar@spglobal.com

 

Please note that this translation was made for convenience purposes and for the company’s use only and under no circumstances shall obligate S&P Global Ratings Maalot Ltd. The translation has no legal status and S&P Global Ratings Maalot Ltd. does not assume any responsibility whatsoever as to its accuracy and is not bound by its contents. In the case of any discrepancy with the official Hebrew version published on July 9, 2024, the Hebrew version shall apply.

 

 

Sapiens International Corporation N.V.

 

Table of Contents

 

‘ilAA-’ Rating Affirmed; Outlook Stable	1
Table of Contents	2
‘ilAA-’ Rating Affirmed; Outlook Stable	3
Overview	3
Outlook	4
Downside Scenario	4
Upside Scenario	4
Base Case Scenario	4
Assumptions	4
Key Metrics	5
Company Description	5
Business Risk	5
Financial Risk	6
Liquidity	8
Covenant Analysis	8
Compliance expectations	8
Requirements	8
Modifiers	8
Environmental, Social, And Governance	8
Recovery Analysis	9
Key analytical factors	9
Simulated default assumptions	9
Simplified Waterfall	9
Reconciliation	10
Related Criteria And Research	11
Ratings List	12

 

 

Sapiens International Corporation N.V.

 

Rating Affirmation

‘ilAA-’ Rating Affirmed; Outlook Stable

 

Overview

 

Key Strengths			Key Risks
●	International geographic diversification.		●	Limited intellectual property rights and R&D capabilities.
●	Growth and modernization trends in software solutions for the insurance market.		●	Small revenue base and EBITDA compared with global peers.
●	High barriers to entry underpinned by high software replacement costs and long-term relationships with clients.		●	Exposure to cyber risks.
●	Strong liquidity.

 

As we expected, Sapiens International Corporation N.V. (“Sapiens” or “the Company”) continued growing in 2023, presenting an 8.4% increase in revenue. In the first quarter of 2024, the Company’s sales totaled $134.2 million, an increase of about 7.6% compared to the corresponding quarter last year. The growth was mainly due to the Company’s organic activity due to the creation of synergy between the companies it had acquired.

 

In our base case scenario, we expect the Company’s operations will continue to grow in 2024, including a ~5%-7% increase in sales. We believe the Company’s growth will be based on its expanding business in Europe, in particular Germany, Austria and the Nordic countries, and in its core segments in the United States, in addition to continued synergy between the companies acquired in the past two years and the Company’s existing products. As a result, we expect the Company’s adjusted EBITDA to increase to about $105 million - $110 million in 2024.

 

We expect Sapiens to continue to maintain low leverage. Sapiens has a cash cushion and bank deposits totaling about $196 million as of March 31, 2024, and in our base scenario we assume that if it makes small-medium acquisitions they will be financed with cash and/or by debt issuances. Accordingly, we believe that considering Sapiens’ low debt and projected increase EBITDA growth in the coming year, the Company is expected to present in 2024 an adjusted debt to EBITDA ratio of 0.7x-1.0x and an FFO (funds from operations) to debt ratio of 90%-100%. We estimate that in accordance with the Company’s dividend policy, in the next two years it will distribute an annual dividend totaling $25 million - $35 million in two semi-annual installments.

 

 

Sapiens International Corporation N.V.

 

We acknowledge a high degree of uncertainty regarding the scope, duration and effects of the war in Israel. If the conflict expands to additional fronts, it could significantly increase the adverse risk to macroeconomic parameters in Israel and capital market volatility. There are already concerns that Israel’s main economic indicators may be weaker than expected (see Israel Long-Term Ratings Lowered To ‘A+’ From ‘AA-’ On Heightened Geopolitical Risk; Outlook Negative, published on April 18, 2024). As the situation evolves, we will update our assumptions and estimates accordingly.

 

Outlook

 

The stable outlook reflects our assessment that Sapiens will maintain its position in the software solutions market in North America, EMEA (Europe, Middle East and Africa) and APAC (Asia Pacific). We also expect the Company to maintain organic growth, alongside acquisitions of companies in similar or tangent areas, while maintaining stable operating performance. The outlook also reflects our assessment that in the next 12 months the Company will maintain adjusted debt to EBITDA of about 1.0x and adjusted FFO to debt of about 90%, commensurate with the rating.

 

Downside Scenario

 

We may lower the rating if Sapiens’s competitive position is undermined. This could happen if market conditions worsen, leading to a deterioration in the Company’s operating performance and to continued or material decline in profitability. The rating will also come under pressure if Sapiens materially increases its financial debt in order to finance acquisitions or large dividend distributions to shareholders, such that it fails to consistently post an adjusted debt to EBITDA ratio of about 2.0x.

 

Upside Scenario

 

We may consider a positive rating action if Sapiens’s business risk profile materially improves, as reflected, inter alia, by a higher market share in its regions of operation, materially improved profitability and a wider client base and product variety compared with peers.

 

Base Case Scenario

 

Assumptions

 

●

About 5%-7% sales growth in 2024, due to organic growth, notably in Europe and APAC in life and elementary insurance.

 

●

R&D expenditures of 12%-13% of total expenses in 2024-2025.

 

●

Adjusted EBITDA margin of about 19%-20% in 2024-2025.

 

●

Acquisitions of about $15 million per year in 2024-2025.

 

 

Sapiens International Corporation N.V.

 

●

Dividend distribution of about $25 million - $35 million per year in two semi-annual installments, in accordance with the Company’s dividend distribution policy (about 40% of its non-GAAP net profit).

 

Key Metrics

 

Financial Metric		2023A		2024E		2025E
Debt/EBITDA		0.9x		0.7x-1.0x		0.7x-1.0x
FFO/debt		76.1%		90%-100%		105%-115%

 

A - actual. E – Estimate.

 

Company Description

 

Sapiens International Corporation N.V. (“Sapiens”) is engaged in the development and marketing of global software solutions for financial markets and in particular for insurance companies, adapted to the segments of general insurance, life insurance and pension, reinsurance, etc. Sapiens has been working with international insurance companies and banks for years, and serves more than 600 insurance companies in North America, Europe, Israel and Asia.

 

The controlling shareholder (43.6%) in Sapiens is Formula Systems (1985) Ltd. (“Formula”, ilAA- /Stable) which, through subsidiaries, is engaged in the development, marketing and distribution of software and software tools and the provision of software services for IT systems. The remaining shares are held by the public. The Company’s shares are traded on the Tel Aviv Stock Exchange and on NASDAQ.

 

Business Risk

 

Sapiens’s business risk assessment is supported by the geographical spread of its operations. Sapiens operates in North America, EMEA and APAC. The Company’s markets of operation are characterized by high barriers to entry, underpinned by long-term relationships with clients and by high replacement costs when changing software suppliers.

 

In the past year, Sapiens’s organic growth stood out against the backdrop of significant acquisitions it has made in recent years, in particular growth for the deployment of global operations. The Company’s North American and European operations are currently generating most of its sales, following the acquisition of U.S.-based Delphi Technology, which provides software solutions for the insurance market with an emphasis on medical malpractice, Nordic Tia Technology, which provides digital software solutions, and Sum.Cumo which provides a foothold in the German market.

 

 

Sapiens International Corporation N.V.

 

Figure 1: Geographical distribution (% of revenue)

 

 

On the other hand, we believe Sapiens’s revenues and EBITDA to be small compared with global peers. Global competitors benefit from economies of scale allowing them to bear high R&D costs and to make substantial capital investments. Furthermore, the Company has relatively limited intellectual property rights and R&D capabilities compared with global peers. Intellectual property rights and R&D capabilities are critical to creating barriers to entry and a leading market position.It should also be noted that in the context of intellectual property, the Company is exposed to cyber risks, including the disclosure of confidential information, system failures, etc., which may affect its activities and reputation. However, the Company has been investing in information security, and has insurance policies to cover certain types of damages of this kind.

 

Financial Risk

 

Sapiens’s financial profile is based on low leverage and maintaining a cash cushion (which includes short-term bank deposits) amounting to about $196 million as of March 31, 2024. In 2023, its adjusted debt to EBITDA was about 0.9x, compared with about 1.3x in 2022.

 

The Company’s sales increased by about 7.6% In the first quarter of 2024 compared to the corresponding quarter last year, totaling about $134.2 million. This is mainly due to organic growth led by the North American region, where sales grew by about 9.5%, and Europe where sales grew by about 6.5%. Sales in the South Africa and APAC regions also grew, by about 5.4% compared to the first quarter of 2023. In addition, Non-GAAP operating income grew by about 7.8% to about $24.3 million, but the EBITDA margin remained about 18%.

 

 

Sapiens International Corporation N.V.

 

In our base case scenario, we assume that sales will grow by about 5%-7% in 2024, due to expected expansions in Europe, in particular Germany, Austria and the Nordic countries, and in its core segments in the United States, and due to continued synergy between acquired companies and the Company’s existing products. As a result, we expect the Company’s adjusted EBITDA to increase to about $105 million - $110 million in 2024. We believe that if small- to medium scale acquisitions are made this year, they will be financed with cash and/or debt. We therefore estimate that, considering Sapiens’ low debt and projected EBITDA growth in the coming year, the Company is expected to present an adjusted debt to EBITDA ratio of 0.7x-1.0x and an FFO to debt ratio of 90%-100%.

 

We expect Sapiens to distributed about $25 million -$35 million in dividends this year, and a similar amount next year. This is in accordance with the Company’s dividend distribution policy, according to which it distributes up to 40% of its net income (Non-GAAP).

 

Table 1.

Sapiens International Corp. N.V. -- Financial Summary (Mil. $)

Industry Sector: Software & Services

 

		2023				2022				2021				2020				2019
Revenue			514.6				474.7				461.0				382.9				325.7
EBITDA			102.4				92.5				90.9				74.7				58.0
Funds from operations (FFO)			69.7				78.8				78.4				50.5				46.5
Interest expense			2.1				3.6				6.4				6.8				5.7
Cash interest paid			2.8				3.1				5.8				7.9				5.1
Cash flow from operations			75.8				41.5				78.0				58.1				63.1
Capital expenditure			2.8				3.0				3.9				5.4				11.5
Free operating cash flow (FOCF)			73.1				38.5				74.1				52.7				51.6
Dividends paid			28.2				38.6				20.3				7.0				11.2
Discretionary cash flow (DCF)			44.9				(0.0	)			53.8				45.7				40.5
Cash and short-term investments			202.1				180.3				210.2				182.6				66.3
Gross available cash			202.1				180.3				210.2				182.6				66.3
Debt			91.6				116.6				151.6				180.2				121.7
Equity			449.9				402.9				408.7				383.7				225.5
Adjusted ratios
Annual revenue growth (%)			8.4				3.0				20.4				17.6				12.4
EBITDA margin (%)			19.9				19.5				19.7				19.5				17.8
Return on capital (%)			15.7				12.7				10.8				10.7				12.4
EBITDA interest coverage (x)			48.9				25.4				14.3				11.1				10.2
FFO cash interest coverage (x)			25.5				26.7				14.5				7.4				10.0
Debt/EBITDA (x)			0.9				1.3				1.7				2.4				2.1
FFO/debt (%)			76.1				67.6				51.7				28.0				38.2
Cash flow from operations/debt (%)			82.8				35.6				51.4				32.3				51.8
FOCF/debt (%)			79.8				33.1				48.8				29.3				42.4
DCF/debt (%)			49.0				(0.0	)			35.5				25.3				33.2

 

 

Sapiens International Corporation N.V.

 

Liquidity

 

We assess Sapiens’s liquidity as strong, supported by a robust free operating cash flow. We expect the ratio between the Company’s sources and uses to exceed 1.5x in the 12 months starting April 1, 2024. This assessment reflects the Company’s cash balance, operating cash flow, debt maturities, maturities, relatively limited capital expenditure and dividend distributions.

 

Following are the Company’s main sources and uses for the 12 months starting April 1, 2024:

 

Principal Liquidity Sources			Principal Liquidity Uses
●	About $196 million in cash and cash equivalents (including short-term bank deposits).		●	Debt maturities of about $20 million.
●	Cash FFO of $90 million - $100 million.		●	Capital expenditure (capex) of about $10 million - $15 million.
			●	Dividend distribution of about $25 million - $35 million.

 

Covenant Analysis

 

Compliance expectations

 

As of March 31, 2024, the Company has adequate headroom on its financial covenants, and we estimate that it will maintain this headroom in the medium term.

 

Requirements

 

Under the terms of its bonds, the Company must maintain consolidated equity attributable to its shareholders (excluding minority interests) of at least $120 million. It must also maintain a ratio not exceeding 65% between net financial debt and net CAP on a consolidated basis, and a net financial debt to EBITDA ratio not exceeding 5.5x.

 

Modifiers

 

Diversification/portfolio effect: Neutral

Capital structure: Neutral

Liquidity: Neutral

Financial policy: Neutral

Management and governance: Neutral

Comparable ratings analysis: Neutral

 

Environmental, Social, And Governance

 

ESG factors have an overall neutral influence on our credit analysis of Sapiens International Corporation N.V.

 

 

Sapiens International Corporation N.V.

 

Recovery Analysis

 

Key analytical factors

 

●

We are affirming our ‘ilAA-’ rating, identical to the issuer rating, on Sapiens International Corporation N.V.’s unsecured Series B bonds. The recovery rating for this series is ’3’, reflecting our assessment that in the case of a hypothetical default, the recovery rate would be 50%-70%.

 

●

Our recovery prospects assessment is constrained to the 50%-70% range despite the simplified waterfall, according to which the value available for unsecured debtors exceeds total unsecured debt, due to our assessment that on the path to default the Company will replace unsecured debt by secured or senior debt.

 

Simulated default assumptions

 

●

Simulated year of default: 2029

 

●

A deep recession in the countries of operation, alongside failed M&A activity and the loss of several significant customers, will significantly hurt the Company’s operating performance.

 

●

The Company will continue operating as a going concern, an assessment supported by its long- term signed contracts with clients and by the high costs of replacing existing chip suppliers.

 

Simplified Waterfall

 

●

EBITDA on emergence: about $11.5 million

 

●

Industry EBITDA multiple: 6.5x

 

●

Gross enterprise value as going concern: about $75 million

 

●

Administrative and operating costs: 5%

 

●

Net value available for unsecured debt: about $70 million

 

●

Unsecured debt claims: about $36 million

 

●

Recovery expectations for unsecured debt: 50%-70% (constrained as noted above)

 

●

Unsecured recovery rating (1 to 6): 3

 

All debt amounts include six months’ prepetition interest.

 

 

Sapiens International Corporation N.V.

 

Mapping Recovery Percentages To Recovery Ratings

 

Recovery expectations (%)		Description		Recovery rating		Notching above/below issuer rating
100%		Full recovery		1+		+3 notches
90%-100%		Very high recovery		1		+2 notches
70%-90%		Substantial recovery		2		+1 notch
50%-70%		Meaningful recovery		3		0 notches
30%-50%		Average recovery		4		0 notches
10%-30%		Modest recovery		5		-1 notch
0%-10%		Negligible recovery		6		-2 notches

 

Recovery ratings are capped in certain countries to adjust for reduced creditor recovery prospects in these jurisdictions. Recovery ratings on unsecured debt issues are generally also subject to caps (see Step 6, paragraphs 90-98 of Recovery Rating Criteria For Speculative-Grade Corporate Issuers, December 7, 2016, for further detail). ICR--Issuer credit rating.

 

Reconciliation

 

In order to create a basis for comparison with other rated companies, we adjust the data reported in the financial statements which we use to calculate financial ratios. The main adjustment to Sapiens International Corporation N.V.’s consolidated data for 2023 is the discounting of R&D expenses and their deduction from EBITDA. Cash was not deducted from debt.

 

Table 2.

 

Sapiens International Corp. N.V.--Reconciliation Of Reported Amounts With S&P Global Ratings’ Adjusted Amounts (Mil. $) for the Fiscal Year Ended Dec 31, 2023

 

		Debt				Shareholder’ equity				EBITDA				Interest expense				S&P Global Ratings’ adjusted EBITDA				Cash flow from operations				Capital expenditure
Reported Amounts			59.3				447.3				100.3				--				102.4				79.4				9.3
S&P Global Ratings adjustments
Cash taxes paid			--				--				--				--				(29.9	)			--				--
Cash interest paid			--				--				--				--				(0.8	)			--				--
Reported lease liabilities			27.7				--				--				--				--				--				--
Operating leases			--				--				5.0				2.1				(2.1	)			2.9				--
Postretirement benefit obligations/deferred compensation			3.1				--				--				--				--				--				--
Capitalized development costs			--				--				(6.5	)			--				--				(6.5	)			(6.5	)
Share-based compensation expense			--				--				3.6				--				--				--				--
Nonoperating income (expense)			--				--				--				--				--				--				--
Noncontrolling interest/minority interest			--				2.7				--				--				--				--				--
Debt: Earnouts and deferred consideration for business acquisitions			1.5				--				--				--				--				--				--
Total adjustments			32.2				2.7				2.1				2.1				(32.7	)			(3.6	)			(6.5	)

 

 

Sapiens International Corporation N.V.

 

S&P Global Ratings adjusted amounts

 

			Debt				Equity				EBITDA				Interest expense				Funds from operations				Cash flow from operations				Capital expenditure
Adjusted				91.6				449.9				102.4				2.1				69.7				75.8				2.8

 

Related Criteria And Research

 

●

Principles Of Credit Ratings, February 16, 2011

 

●

Methodology: Industry Risk, November 19, 2013

 

●

Country Risk Assessment Methodology And Assumptions, November 19, 2013

 

●

Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, December 16, 2014

 

●

Recovery Rating Criteria For Speculative-Grade Corporate Issuers, December 7, 2016

 

●

Corporate Methodology: Ratios And Adjustments, April 1, 2019

 

●

Group Rating Methodology, July 1, 2019

 

●

Environmental, Social, And Governance Principles In Credit Ratings, October 10, 2021

 

●

Methodology For National And Regional Scale Credit Ratings, June 8, 2023

 

●

Corporate Methodology, January 7, 2024

 

●

Methodology: Management And Governance Credit Factors For Corporate Entities And Insurers, January 7, 2024

 

●

Sector-Specific Corporate Methodology, April 4, 2024

 

●

S&P Global Ratings Definitions, June 9, 2023

 

 

Sapiens International Corporation N.V.

 

Ratings List

 

Sapiens International Corporation N.V.		Rating		Date when the rating was first published		Date when the rating was last updated
Issuer rating(s)
Long term		ilAA-/Stable		13/08/2017		11/07/2023
Issue rating(s)
Senior Unsecured Debt
Series B		ilAA-		12/09/2017		11/07/2023
Issuer Credit Rating history
Long term
June 28, 2022		ilAA-/Stable
August 13, 2017		ilA+/Stable

 

Additional details
Time of the event		09/07/2024 09:19
Time when the event was learned of		09/07/2024 09:19
Rating requested by		Issuer

 

 

Sapiens International Corporation N.V.

 

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