S&P Upgrades Israel's Rating Outlook to Positive |
| Posted on Sep 17 2007 at 1:53 AM |
S&P confirmed its "A-" long-term foreign currency. "A+" long-term local currency and A-1 short-term ratings for both foreign and local currency. According to the S&P report, the upgrade was due to many reasons, among them: GDP growth, the credibility of the Bank of Israel, structural reform, long-term fiscal consolidation, macroeconomic stability, declined government deficit and stronger external solvency indicators. S&P analyst stated: "The outlook revision reflects the improved resilience of Israel\'s public finances and economy to geopolitical shocks after a three year period of consolidation and strong growth". As for future improvements, S&P believes that public debt, which has already been reduced to less than 90% of GDP, will remain the key challenge facing Israeli policymakers.
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