Moody's may up Israel

Moody's Investors Service said it placed Israel's A2 government bond ratings and country ceiling for foreign-currency bank deposits on review for upgrade.

The ratings have carried a positive outlook since May 2006, the agency noted. All other sovereign ratings are affirmed, including the Aa1 country ceiling for foreign-currency debt.

According to the agency, underlying the country's rating is a history of financial and political support from the United States and the Jewish diaspora.

The country's "ability to absorb economic and political shocks without fundamentally subverting its prudent fiscal strategy nor undermining its economic vibrancy distinguishes Israel favorably relative to an emerging market," Kristin Lindow, Moody's analyst, said in a written statement.

Israel's high per capita income, its competitive high-tech and industrial sectors and strong government effectiveness are more akin to an advanced developed country, Lindow said.

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