S&P ups Israel Electric

S&P said it raised its long-term corporate credit rating on Israel Electric Corp. to BBB from BBB- and removed the rating from CreditWatch developing.

The outlook is stable.

S&P said the upgrade follows the resolution of a recent strike by IEC employees, which ended after IEC's employees announced, in a hearing held at the Israeli Supreme Court, that they were suspending the sanctions they had imposed.

“IEC has since recuperated most of the liquidity that was lost due to the strike and we now consider its liquidity position to be adequate,” S&P said in a news release.

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