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S&P ups Israel Discount Bank to BBB+
S&P said it raised its long-term counterparty credit rating on Israel Discount Bank Ltd. to BBB+ from BBB and affirmed its A-2 short-term counterparty credit rating.
The outlook is stable.
S&P said the upgrade acknowledges management's successful efforts to improve the bank’s risk profile by managing down nonperforming loans (NPLs) and increasing coverage of NPLs by reserves. These are now more in line with the average for peer banks in Israel and international peers that have a similar business model and operate in a similar economic risk environment.
The agency said it anticipates that ongoing restructuring measures will also contribute to improving efficiency and earnings capacity, enabling Israel Discount Bank to sustainably increase its buffer for tail risks.
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