Shekel money bills.
(photo credit: REUTERS)
Israel is the only country rated A3 or higher to have seen a consistent decline in its debt burden, credit ratings agency Moody's said Monday.
Noting Israel's unexpectedly low deficit of 2.15% in 2015, and the resultant 1.8 percentage point decline in its debt burden to 64.9%, Moody's said that the country's fiscal performance was improving "beyond expectations."
"Among our 71 investment grade sovereigns, Israel is one of only two countries (the other being the Philippines (Baa2 stable)) to register a declining debt burden every consecutive year since 2009, and the only one rated A3 or higher," the comment said.
Israel's credit rating is A1, with a stable outlook. An improvement in credit ratings could help lower the cost of borrowing for the government.