Finance Minister Yuval Steinitz
Photo: Osim Tzilum
Steinitz seeks credit rating upgrade from Fitch
Finance Minister asks global rating company to upgrade Israel's standing due to high economic growth
Finance Minister Yuval Steinitz has met with representatives of the global rating agency Fitch and suggested they consider upgrading Israel's credit rating on the grounds of its high economic growth and fast recovery from the global financial crises.
Additional considerations Steinitz cited were a 74%-80% decline in Israel's debt-to-GDP ratio in the past two years, as well as a projected $100 billion in gas and oil royalties for the next 25 years which are to ensure the country's economic and financial resilience for the next 50 years.
Steinitz also requested an upgrade from Moody's credit rating agency when he met with the group's representatives last month.
Standard & Poor's, the world's largest rating agency, accepted Israel's upgrade request and improved the country's credit rating last September, making Israel the only developed economy in the world to have gained a credit rating upgrade in the past three year despite the global crises.
A favorable credit rating improves a country's chances of attracting foreign investments.
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