S&P affirms Israel

Standard & Poor's said it affirmed the AA-/A-1+ local-currency and A/A-1 foreign-currency ratings on the State of Israel.

The outlook remains stable.

"The affirmation rests on our appraisal that the high central government deficits of 6% of GDP in 2009 and 5.5% of GDP in 2010 targeted in the government budget passed earlier today are cyclical in nature and are balanced by improvements in Israel's external liquidity position," S&P analyst Véronique Paillat Chayriguès aid in a statement.

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