Moody's upgrades Israel Discount Bank

Moody's Investors Service said it upgraded Israel Discount Bank's local- and foreign-currency long-term deposit ratings to A3 from Baa1, local- and foreign-currency long- and short-term counterparty risk ratings to A2/prime-1 from A3/prime-2 and long- and short-term counterparty risk assessment to A2(cr)/prime-1(cr) from A3(cr)/prime-2(cr).

Moody's also said it upgraded the bank's baseline credit assessment and adjusted baseline credit assessment to Baa3 from Ba1.

The bank's prime-2 local- and foreign-currency short-term deposit ratings also were affirmed.

The outlook was changed to stable from positive.

The upgrades reflect the improvement in the bank's credit fundamentals as evidenced by improvements in profitability, efficiency, asset quality and capital, Moody's said.

The upgrades reflect the continued and sustainable improvement in the bank's financial fundamentals, the agency said, also supported by the favorable operating environment in Israel.

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