S&P boosts Israel

Standard & Poor's said it raised its long-term foreign currency sovereign credit rating on the State of Israel to A from A- and its long-term local currency credit rating to AA- from A+.

At the same time, the agency said that the short-term local currency rating was raised to A-1+ from A-1 and the short-term foreign currency rating affirmed at A-1.

The outlook on the long-term foreign currency ratings is positive and the outlook on the long-term local currency ratings is stable, S&P said, noting that it raised its transfer and convertibility assessment on the State of Israel to AA from AA-.

The upgrades reflect the improved resilience of Israel's public finances and economy to geopolitical risks, after a four-year period of uninterrupted and above-expectation fiscal consolidation, external asset accumulation and robust economic growth, the agency added.

The ratings are moreover supported by Israel's prosperous economy and strong political commitment to long-term fiscal consolidation, S&P noted.

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