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Credit Rating

The government bonds of the Government of Israel have been reviewed by the international rating agencies since 1988. Today three rating agencies review the Israeli economy:
Moody's, Standard & Poor's and Fitch.

During 2012, the three rating agencies visited Israel. Moody's and Fitch maintained their respective ratings of A1 and A, whereas Standard & Poor's reaffirmed Israel's credit rating of A+. Below are the credit ratings of domestic bonds and bonds issued overseas (as of September 2011) and comparative rating scales of Moody's, Standard & Poor's and Fitch:

Rating agency   Domestic bond Forecast Foreign Bonds Last Rating Change
rating rating
Moodys Long-term A1 Stable A1 The rating outlook was upgraded to A1 in April 2008
Short-term -- P-1
Standard & Poors Long-term AA- Stable A+ The rating outlook was upgraded to A+ in September 2011
Short-term A-1+ A-1
Fitch Long-term A+ Stable A The rating outlook was upgraded to A in February 2008
Short-term F1 F1

Table of rating scales for long term - S&P, Fitch and Moody's
Moodys: Aaa, Aa1, Aa2, Aa3, A1, A2, A3,
Baa1, Baa2, Baa3, Ba1, Ba2, Ba3, B1, B2, B3,
Caa1, Caa2, Caa3, Ca, C
Fitch / S&P: AAA, AA+, AA, AA-, A+, A, A-,
BBB+, BBB, BBB-, BB+, BB, BB-, B+, B, B-,
CCC+, CCC, CCC-, CC, C, D

Table of rating scales for short term - S&P, Fitch and Moody's
Moodys: P-1, P-2, P-3, NP
S&P: A-1+, A-1, A-2, A-3, B, C, R, SD, D
Fitch: F1+, F1, F2, F3, B, C, D


Below is the development of Israel's foreign currency credit rating over the years:
Development of Israel's foreign currency credit rating over the years



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