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Published on Nov 14 2016 // Business and Financial News, Economy

November 11, 2016 – JERUSALEM: Fitch Ratings said on Friday it had raised its sovereign credit rating for Israel to “A+” from “A”, citing an improved fiscal picture. Fitch said its outlook for Israel was “stable”.

The move brings Fitch into line with Standard and Poor’s, which has already raised Israel to A+”, and Moody’s Investors Service, who raised Israel at “A1”, their parallel rating. Fitch, in a statement, said the upgrade reflected a continual strengthening of Israel’s external balance sheet.

“The country has returned annual current account surpluses each year since 2003, and in 2015 posted a record surplus of 4.6 percent of GDP,” said Fitch, which expects current account surpluses to continue in 2017 and 2018.

It said that further gas sector development will add support to Israel’s external balance sheet and production in its offshore gas fields had reduced the need for gas imports.

Fitch noted that Israel’s debt-to-GDP ratio has steadily fallen to 63.9 percent in 2015, from 74.6 percent in 2007 and 95.2 percent in 2003…..Read More>>

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