Israeli money
Israeli moneyiStock

Standard & Poor's (S&P) Ratings Services on Friday affirmed its 'A+/A-1' long- and short-term credit ratings for Israel, with a stable outlook.

“The ratings are supported by Israel's prosperous and diverse economy, strong  external balance sheet, and flexible monetary framework. The ratings are constrained by Israel's high debt and interest burden and significant security and geopolitical risks,” the agency said.

“We expect the Israeli economy to weather potential volatility in the  global economy and international financial market, thanks to its  diversified economy, strong external position, and flexible monetary framework,” it added.

The stable outlook, said S&P, “reflects our expectation that the government will maintain stable public finances and that the impact of security risks on the Israeli economy will be contained over the next two years.”

The Finance Ministry’s Accountant General, Michal Abadi-Boiangiu, said following the announcement, “The affirmation of the credit rating is a testament to the importance of a responsible economic policy, which contributes to the stability of the Israeli economy.”

Finance Minister Moshe Kahlon welcomed S&P’s announcement and said, "Leading international rating agencies continue to express confidence in the strength of the Israeli economy. The credit rating announcement indicates that the efforts of the government in various areas contribute to the strength of the Israeli economy. We are working to lower the cost of living, reduce social gaps, maintain stability and boost growth. We will continue to strengthen the economy and society with responsibility and discretion.”

(Arutz Sheva’s North American desk is keeping you updated until the start of Shabbat in New York. The time posted automatically on all Arutz Sheva articles, however, is Israeli time.)