BREAKING NEWS

Moody's downgrades Israel's bank outlook to negative

Moody's international credit rating agency on Wednesday downgraded Israel's banking system outlook to negative from stable. The agency took the step in response to the "projected slowdown in economic growth and the country's challenging operating environment which will continue over the 12-18 month outlook period."
The Bank of Israel responded to the downgrade, saying that it was studying the report and will seek to draw from it the appropriate conclusions.
In its report, entitled "Banking System Outlook: Israel," the agency predicted that GDP growth would decelerate significantly in 2012, mainly due to weakening export demand stemming from the unresolved eurozone crisis.
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