Fitch: Israel up to stable

Fitch Ratings said it revised the outlook on Israel's long-term local currency rating to stable from negative.

It also affirmed the long-term local currency rating at A, the long-term foreign currency rating at A- with a stable outlook and the short-term foreign currency rating at F1.

"The improved local currency rating outlook reflects a decline in Israel's public debt ratio in 2004 and better medium-term debt dynamics," commented Fitch's Richard Fox.

Israel's budget targets are, however, still vulnerable to spending and revenue pressures, according to Fitch.

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