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S&P affirms Israel’s A+ credit rating

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International ratings agency Standard & Poor’s lauds government’s efforts to cut spending, practice responsible fiscal policies • “We could consider raising Israel’s ratings if it makes material progress in defusing external security risks,” it says.

International financial services and credit ratings agency Standard & Poor’s affirmed Israel’s international credit ratings and economic outlook as positive on Friday, giving it an A+/A-1 score. “In our opinion, Israel’s fiscal consolidation is on track, bolstered by extra one-off revenues in 2013 and upward revisions to GDP due to new calculation methodologies,” the company said in a statement.

“Fiscal consolidation is taking hold in Israel, following the passage of the 2013-2014 budget and as a result, we expect a modest decline in the general government debt burden. The stable outlook reflects our view that the government will continue to consolidate the public finances and that the effect of security risks on the Israeli economy will be contained,” the statement said.

Commenting on the statement during Sunday’s cabinet meeting, Prime Minister Benjamin Netanyahu said, “Over the weekend Israel’s A+ credit rating and its solid economic state were was affirmed.”

Read more at IsraelHayom.com