Israel’s Credit Rating Raised
Written by: Aaron Katsman | November 27, 2007
Aaron Katsman
www.IsraelNewsletter.com
Not everything you see on CNN regarding Israel is true. While TV watchers think that Israel is a place where bombs are constantly going off, and that those who stray outside are entering a war zone, today’s news from S&P is welcome news.
In a move that solidifies Israel’s place among developed nations, Standard & Poor’s Rating Services has raised its long-term foreign currency sovereign credit rating for Israel to “A” from “A-”, the long-term local currency rating to “AA” from “A+”, and the short-term local currency rating to “A-1+” from “A-1″. S&P reiterated its short-term foreign currency rating at “A-1″.
In explaining the move, S&P credit analyst Veronique Paillat-Chayrigues says, “The upgrades reflect the improved resilience of Israel’s public finances and economy to geopolitical risks after a four-year period of uninterrupted and above-expectation fiscal consolidation, external asset accumulation, and robust economic growth.”
How about that. Israel has robust growth. You would never have known it by listening to the media.
Kudos to S&P for telling the world about the strength and resilience of the Israeli economy.
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Disclosure: Author has no position in any stocks mentioned, as of 11/26/07.
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Aaron Katsman is the lead portfolio manager for the Israel Growth Portfolio and Managing Director of America Israel Investment Associates, LLC. For more information, go to www.israelnewsletter.com or call 1-888-327-6179, or email aaron@profile-financial.com.
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