S&P ups Israel outlook to positive

Standard & Poor's said it revised its outlook on the State of Israel to positive from stable, on improved economic and fiscal resilience to external shocks.

At the same time, the A- long-term foreign currency and A+ long-term local currency and the A-1 short-term foreign and local currency sovereign credit ratings on Israel were affirmed, the agency said.

According to S&P, the outlook revision reflects the improved resilience of Israel's public finances and economy to geopolitical shocks, after a three-year period of fiscal consolidation and strong economic growth.

It also incorporates the agency's expectation that fiscal consolidation will remain a key political priority in the medium term, enabling a further decline in the general government deficit and debt ratios.

The ratings on Israel are supported by a prosperous and growing economy, robust external indicators and a strong political commitment to structural reform and long-term fiscal consolidation, the agency noted.

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