Moody's ups five Israeli banks

Moody's Investors Service said it upgraded to A1 from A2 the foreign currency long-term deposit ratings of five Israeli banks: Bank Hapoalim, Bank Leumi, First International Bank of Israel, Israel Discount Bank and Mizrahi Tefahot Bank.

Moody's said that the Ba1 issuer rating assigned to Israel Credit Cards Ltd. is unaffected by this action.

The upgrade of the foreign currency long-term deposit ratings of the five Israeli banks was triggered by the rating upgrade by Moody's sovereign risk unit of Israel's foreign currency deposit ceiling to A1 from A2, the agency said.

Accordingly, the foreign currency long-term deposit ratings of all five banks were upgraded automatically, as they were constrained by the foreign currency deposit country ceiling, Moody's noted.

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