Moody's lifts Israel outlook to positive

Moody's Investors Service said it changed Israel's outlook to positive from stable because Israeli society and its political and economic decision-makers have shown remarkable resiliency in meeting the numerous challenges of the last few years.

The outlook change affects Israel's A2 foreign-currency ceiling, government bonds and bank deposit ceiling and its A2 local-currency bonds. Israel's Aa2 local-currency bank deposit ceiling and Aa1 local-currency guideline have a stable outlook and are not affected.

The agency said Israel is exhibiting considerable growth of GDP per capita and moving toward a level more often associated with advanced economies than with developing ones. Also, the government debt-to-GDP and debt-to-revenue ratios have been on a declining trend since 2004, and Israeli institutions have proved to be extremely robust in the face of considerable external and internal shocks.

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