Delta Galil Announces Upgrade to Bond Rating from A1 to Aa3

Israeli Credit Rating Agency Midroog Raises Rating on Series A and F Bonds, Citing Ongoing Improvement in the Company?s Financial Position

CAESAREA, Israel--(BUSINESS WIRE)-- Delta Galil Industries, Ltd. (DELT/Tel Aviv Stock Exchange), the global manufacturer and marketer of branded and private label intimate, activewear, loungewear and denim apparel for men, women and children, today announced that Israeli credit rating agency Midroog, a subsidiary of Moody?s, has upgraded Delta Galil?s corporate bond rating to Aa3 with a stable outlook from a previous rating of A1 with a positive outlook.

According to the report from Midroog, the rating upgrade is supported by the ongoing improvement in Delta Galil?s financial position, including an increase in revenues and EBITDA over the past several years. The agency also notes Delta Galil?s high revenue turnover, substantial market share and increased operating profit as well as the Company?s strong capital position.

?Our recently released, fourth quarter and record year-end financial results demonstrate our significant market share and financial strength, despite the global challenges facing the retail industry,? said Isaac Dabah, CEO of Delta Galil. ?This increase in our credit rating from A1 to Aa3 reflects the solid position we hold in the global marketplace and the general outlook for our growth and profitability for 2023 and beyond.?

About Delta Galil Industries
Delta Galil Industries is a global manufacturer and marketer of branded and private label apparel products for men, women and children. Since its inception in 1975, the Company has continually endeavored to create products that follow a body-before-fabric philosophy, placing equal emphasis on comfort, aesthetics and quality. Delta Galil develops innovative seamless apparel including bras, shapewear and socks; intimate apparel for women; underwear for men including under its owned brands Schiesser, Eminence, and Athena; babywear, activewear, sleepwear, and loungewear including under its owned PJ Salvage and Delta brands. Delta Galil also designs, develops, markets and sells branded denim and apparel under the brand 7 For All Mankind?, and ladies? and kids? apparel under the brand Splendid?. In addition, it sells its products under brand names licensed to the company, including Adidas, Wolford, Wilson, Columbia, Tommy Hilfiger and others. For more information, visit www.deltagalil.com.

Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may" "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.

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Source: Delta Galil Industries, Ltd.