Israeli Shekels
Israeli ShekelsiStock

Global ratings agency S&P on Friday affirmed its long-term sovereign credit rating on Israel at "AA-/A-1+" and maintained its outlook at "stable", Reuters reported.

Despite the security and political risks escalating sharply in the last few days, the combination of a very effective and swift COVID-19 vaccination campaign, strong technology sector performance and rising gas exports should still underpin the country's GDP growth of 5% in 2021, S&P said.

"Domestic political uncertainty has also been persistently high over the past two years owing to repeated elections, but so far this also has not substantially affected the economy," S&P said, according to Reuters.

At the same time, the agency said that pressure on Israel's ratings could build if security and political risks tied to the current flare-up are protracted, affecting the country's economic, fiscal and balance-of-payments metrics.

(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.)