As Israel's economy continues to make impressive strides despite the global recession affecting our planet (especially in the real estate and automobile industry), it looks as if Moody's has finally given the tiny Jewish state the recognition it deserves.
(Haaretz.com) International ratings agency Moody's raised Israel's foreign and local currency bond ratings from A2 to A1 late last Thursday. This is the highest rating ever granted by Moody's to Israel. Moody's said Israel's competitive advantage in high tech and its relatively high standard of living, as well as its sophisticated financial markets and government institutions show Israel is no longer a developing country. If it was not for Israel's relatively high debt and its special security situation, its credit ratings would be even higher, explained Moody's. In addition, Moody's raised the foreign currency ceiling for bank deposits to A1, too. Moody's has now fallen in line with S&P and Fitch, who both upgraded Israel at the end of 2007. (Moti Bassok)
This is good news for Israel, as news like this encourages investors to take a second look at the Jewish state, especially with the global economy in a state of "flux" (due in part to the collapse of the American housing market).
(Image Credit: ATSnotes.com)
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