S&P raises Israel's credit rating from A to A+

September 9, 2011 14:30

International credit rating agency Standard & Poor's announced on Friday that it has raised Israel's credit rating from A to A+. The company said that the decision reflects a responsible economic policy of the government. Company officials say they do not believe the national budget will explode despite the mass social justice protests which demand reformed economic policies.

Standard & Poor's is the same company which, in August, lowered the credit rating of the United States.Finance Minister Yuval Steinitz said that the increased credit rating is a "badge of honor" for the country and a reward for steps taken during the global financial crisis.

Bank of Israel governor Stanley Fischer praised the decision and said it was important to maintain the good condition of the economy with the current policies. "This is particularly important given the complex global economic reality, which is expected to further influence the economy," he said.

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