Fitch Affirms Israel at “A”: Outlook Stable

July 7, 2011 at 11:50 am | Posted in Investment, Israel | Leave a comment
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Fitch ratings affirmed Israel’s long-term foreign currency issuer default rating (IDR) at “A” and local currency IDR at “A+” with a stable outlook.

“The affirmation reflects the resumption of the downward trend in public deficits and debt, the robust outlook for Israeli growth, and a strengthening in the sovereign’s external balance sheet,” said Purvi Harlalka, director at Fitch’s Middle East and Africa Sovereign Ratings Group.

 The ratings agency noted that the improvement in public finances reflects both revenue growth as a result of buoyant output, as well as expenditure control, resulting from the adoption of new fiscal rules. Given that, the central government deficit fell to 3.8% of GDP in 2010 from 5.2% in 2009 and debt moderated to 76.6% of GDP from 79.3% in 2009.

Fitch also noted that the Israel market would likely benefit from recent substantial gas discoveries and a much lower level of unfunded pension liabilities than in other OECD countries.

Israel’s Investment Promotion Centre

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Governor of the Bank of Israel: “The Israeli market is in a Good Condition”

October 4, 2010 at 7:00 am | Posted in Israel | Leave a comment
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The Governor of the Bank of Israel, Prof. Stanley Fisher. Said yesterday in the annual press conference, ahead of the gathering of the International Monetary Fund and the World Bank. According to Fisher, the Israeli market grew in 4.6% in the second quarter of 2010 and that the government managed to score below the deficit target, which is 4%. Israel has a surplus in the current account of 6.8% Million Dollars. Fisher said that these figures are very positive if taking in consideration the situation of the global market. He believes that the growth forecast to of the 3rd quarter should be higher, though 2011 might be lower, the last one is due to slow recovery in the developed world. Fisher believes that we will probably not suffer from a “W” crisis. He says that countries that didn’t suffer from a financial crisis managed to recover, while countries that did, did not recover yet. There is a lot of uncertainty at the moment.

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