S&P revises Israel Discount view to stable

S&P said it revised the outlook for Israel Discount Bank Ltd. and its subsidiary Israel Discount Bank New York to stable from positive.

“The outlook revision to stable reflects the negative implications on earnings and asset quality for the group from the Covid-19 pandemic. We expect IDB to post substantially higher credit losses in 2020 before they start normalizing over the course of 2021,” said S&P in a press release.

The agency affirmed both banks’ BBB+ ratings.

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