S&P cuts Israel's credit rating amid Iran escalation
Published date | 19 April 2024 |
Author | EVE YOUNG |
Publication title | Jerusalem Post, The: Web Edition Articles (Israel) |
This rating can give investors an idea of how risky it is to invest in the debt of a particular country (such as buying into a country's bonds). In determining the rating, companies will assess a number of factors impacting a country's economy as well as anticipated future events.
This is an unscheduled revision and the company said that such an update is permitted only under certain circumstances. In this case, the company explained, it was made because of the significant increase in geopolitical and security risk in Israel.
The decision comes following escalations between Israel and Iran
Recent escalations between Israel and Iran increased Israel's geopolitical risk, according to the company, which added that it anticipated that a wider regional conflict would be avoided but that the Israel-Hamas war and the conflict with Hezbollah would continue throughout 2024.
The company emphasized that its current prediction does not include an assumption that a wider regional conflict will break out. Such a conflict would have a significant negative impact on Israel's security and, therefore, its economic parameters, it stressed.
"We forecast that Israel's general government deficit will widen to 8% of GDP in 2024, mostly as a result of increased defense spending," S&P Global said in its statement.
The company also...
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