Yuval Steinitz
Photo: Mark Israel Sellem
Steinitz asks Moody's to raise Israel's credit rating
Finance minister cites high growth rates, low unemployment and expected revenues from gas discoveries as reasons for credit upgrade
Finance Minister Yuval Steinitz met with visiting representatives of the international credit ratings agency Moody's over the weekend and asked them raise Israel's credit rating.
Impressive Accomplishment
AP and Avital Lahav
Ratings agency cites Israel's 'prosperous and resilient economy, strong institutions, ongoing fiscal consolidation, and robust external performance'
Last September, Standard and Poor's raised Israel's rating from A to A+. Moody's last raised Israel's credit status in April 2008.
Following a previous visit by its representatives in Israel last year, Moody's ratified Israel's current credit level. In a statement published at the time, the agency said that Israel's credit rating balances its economic and financial power with the geopolitical challenges it faces.
In a meeting with the company's representatives, Steinitz presented the reasons for a credit upgrade including the fact that Israel has been showing consistent growth rates and low unemployment rates. He also pointed to large revenues expected of natural gas discoveries and Israel's sound response to the global financial crisis.
The Finance Ministry estimates that a credit upgrade by Moody's coupled with that of S&P will boost the the foreign investment level in Israel. Steinitz recently declared 2012 as the "year of investments."
Click here to read the original report in Hebrew
