Moody’s changes Israel Discount Bank to positive

Moody's Investors Service said it affirmed Israel Discount Bank's Baa1 local and foreign currency long-term deposit ratings and changed the outlook to positive from stable.

The agency also affirmed the bank's ba1 baseline credit assessment and adjusted BCA, and its A3(cr) long-term counterparty risk assessment. The Prime -2 local and foreign currency short-term deposit ratings and its Prime 2(cr) short-term counterparty risk assessment were also affirmed.

Moody’s said the action reflects the improvement in Israel Discount Bank credit strength driven by the successful implementation of the bank's strategic plans and the resulting improvement in financial fundamentals, mainly profitability, capitalization and asset quality.

The agency expects further improvement over the next 12 months, particularly in the bank’s efficiency and profitability.

The positive outlook reflects Moody's expectation that the bank’s financial fundamentals, particularly profitability and efficiency, will continue to improve in the coming quarters.

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