Fitch rates Israel bonds A-

Fitch Ratings said it assigned Israel's upcoming euro-denominated bond an expected long-term A- rating with a stable outlook.

This is the same as Israel's long-term rating, which was affirmed with a stable outlook in February.

"The momentum of economic recovery is increasing, buoyed by strong foreign investment and important structural reforms, while external indicators remain comfortable," said Richard Fox, senior director in Fitch's sovereign group, in a news release. "But although the key public debt ratio is past its peak and set to fall below 105% of GDP this year, it is still well above the peer group median and is expected to remain so for the foreseeable future.

"Fitch is concerned that the state deficit target, which translates into a budget deficit of almost 6% of GDP on internationally comparable definitions, risks leaving the debt ratio at an elevated level for some years."

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