S&P: Israel Electric still on watch

Standard & Poor's said Israel Electric Corp. Ltd.'s BBB long-term foreign-currency corporate credit rating and BBB senior secured debt rating remain on CreditWatch with negative implications, where they had been placed on Dec. 30, 2008.

"The CreditWatch status continues to incorporate our view that IEC's liquidity profile is weak, which may in turn hamper the group's ability to manage cash flow needs in the coming year," S&P analyst Hugues De La Presle said in a statement.

"The negative implications also take into account, albeit to a lesser extent, potential operational uncertainties the group faces, arising from future tariff increases and employee unrest."

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