Tower Semiconductor (TSEM) credit outlook lifted to Positive

Rhea-AI Filing Summary

Tower Semiconductor Ltd. reported that Standard & Poor’s Maalot completed its annual review and reaffirmed the company’s corporate credit rating at “ilAA”. The rating outlook was raised from Stable Outlook to Positive Outlook, indicating the agency now sees stronger prospects for the company’s future credit profile. The official Hebrew rating report was filed with the Israel Securities Authority and the Tel Aviv Stock Exchange, and an unofficial English translation is available on Tower Semiconductor’s investor relations webpage.

Positive

• Credit outlook improved: Standard & Poor’s Maalot reaffirmed Tower Semiconductor’s “ilAA” corporate credit rating and raised its outlook from Stable to Positive, reflecting a more favorable external view of the company’s future creditworthiness.

Negative

• None.

Insights

Credit analyst

Outlook lifted to Positive, signaling improved perceived credit strength.

Standard & Poor’s Maalot reaffirmed Tower Semiconductor at an “ilAA” corporate credit rating while revising the outlook from Stable to Positive. This keeps the company in a strong rating category and suggests the agency now views its future credit risk more favorably.

A Positive Outlook can, in some cases, precede an upgrade if performance and leverage trends remain supportive, though no change is guaranteed. The formal Hebrew report is available via the Tel Aviv Stock Exchange, with an unofficial English translation on Tower’s investor relations site for broader access.

Key Figures

Commission File Number: 0-24790 Filing month: May 2026 Rating review date: May 5, 2026

3 metrics

Commission File Number 0-24790 SEC registration identifier for Tower Semiconductor Ltd.

Filing month May 2026 Reporting month for this Form 6-K

Rating review date May 5, 2026 Date S&P Maalot completed its annual rating review

Key Terms

corporate credit rating, rating outlook, Stable Outlook, Positive Outlook, +1 more

5 terms

corporate credit rating financial

"re-affirmed its corporate credit rating as “ilAA”"

rating outlook financial

"revised the rating outlook from Stable Outlook to Positive Outlook"

A rating outlook is an analyst or credit agency's short- to medium-term prediction about whether a current credit or stock rating is likely to improve, worsen, or stay the same. It matters to investors because it signals potential changes in risk and value—like a weather forecast for a credit or share, helping investors prepare for possible downgrades, upgrades, or stability that could affect prices and borrowing costs.

Stable Outlook financial

"revised the rating outlook from Stable Outlook to Positive Outlook"

A stable outlook is a credit-rating agency’s view that a company’s credit rating is unlikely to change over the medium term, indicating expected steadiness in its financial condition and ability to meet obligations. For investors it matters because a stable outlook signals lower likelihood of sudden changes to borrowing costs, dividend capacity or default risk—like a calm weather forecast, it helps set expectations about near-term risk and return.

Positive Outlook financial

"revised the rating outlook from Stable Outlook to Positive Outlook"

foreign private issuer regulatory

"FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER"

A foreign private issuer is a company organized outside the United States that meets tests showing it is primarily foreign-controlled and therefore qualifies for a different set of U.S. reporting rules. For investors, that means the company files less frequent or differently formatted disclosures with U.S. regulators and may follow home-country accounting and governance practices, so buying its stock is like dining at a well-reviewed restaurant that follows its home kitchen’s rules instead of the local menu — you get access but should check what standards apply.

Form 6-K: How Foreign Companies Report to the SEC →

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 May 2026 No.1

Commission File Number 0-24790

TOWER SEMICONDUCTOR LTD.

(Translation of registrant's name into English)

Ramat Gavriel Industrial Park

P.O. Box 619, Migdal Haemek, Israel 2310502

(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 ☐

On May 5, 2026, Standard & Poor’s Maalot (an Israeli rating company which is fully owned by S&P Global Ratings) completed its annual rating review of the Registrant, re-affirmed its corporate credit rating as “ilAA”, and revised the rating outlook from Stable Outlook to Positive Outlook.  S&P Maalot's official rating report in Hebrew has been submitted by S&P Maalot to the Israel Securities Authority and the Tel Aviv Stock Exchange and is available on the Tel Aviv Stock Exchange website.  An unofficial English translation of the report prepared by S&P Maalot is available on the IR webpage (https://ir.towersemi.com/) on the Company’s website.

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.

	TOWER SEMICONDUCTOR LTD.
Date:  May 5, 2026	By:	/s/ Nati Somekh
		Name: Nati Somekh
		Title:  Corporate Secretary

FAQ

What credit rating does Tower Semiconductor (TSEM) currently hold from S&P Maalot?

Tower Semiconductor holds an “ilAA” corporate credit rating from Standard & Poor’s Maalot. This rating was reaffirmed in the latest annual review, indicating the agency continues to view the company’s credit quality as strong in its rating scale.

What change did S&P Maalot make to Tower Semiconductor’s (TSEM) outlook?

S&P Maalot revised Tower Semiconductor’s rating outlook from Stable Outlook to Positive Outlook. A Positive Outlook means the agency now sees improved prospects for the company’s future credit profile compared with its previous assessment.

Does the Tower Semiconductor (TSEM) rating outlook change affect the ilAA rating level?

The ilAA rating level itself was reaffirmed and did not change. Only the outlook shifted from Stable to Positive, signaling a more optimistic view of future credit trends without an immediate upgrade to the rating category.

Where can investors read S&P Maalot’s rating report on Tower Semiconductor (TSEM)?

The official Hebrew rating report was submitted to the Israel Securities Authority and the Tel Aviv Stock Exchange. An unofficial English translation prepared by S&P Maalot is available on Tower Semiconductor’s investor relations webpage on the company’s website.

What is the significance of S&P Maalot’s annual review for Tower Semiconductor (TSEM)?

The annual review confirms S&P Maalot’s updated opinion on Tower Semiconductor’s credit quality. By reaffirming the ilAA rating and moving the outlook to Positive, the agency signals continued confidence and somewhat stronger expectations for the company’s future credit standing.