Government residential housing company
Amidar remains a government execution platform with strong credit backing, but 2025 showed that its profitability is highly sensitive to service and payroll costs, so the story has shifted from balance-sheet comfort to execution quality.
Amidar's Aaa.il rating and Bond Series A rest first on sovereign linkage and a high probability of state support, while the series' repayment structure and the company's stand-alone profile provide additional but more secondary support layers.
Amidar's 2025 cash flow improved sharply, but the quality of that improvement depended mainly on the swing in debtor and creditor balances with government entities and on shorter-duration state-linked balances, while customer days kept stretching.
