Reaction to the announcement by S&P of a change in Israels' credit rating outlook, and its affirmation of the current ratings

30.10.2008

Reaction to the announcement by S&P of a change in Israel's credit rating outlook,
and its affirmation of the current ratings

In response to the announcement by S&P regarding a change in its outlook on Israel's sovereign foreign currency credit rating, the Bank of Israel reaffirms its complete confidence in the ability of the Israeli economy to deal with the financial crisis and the expected global economic slowdown successfully. As it has stated in the past, the Bank will not hesitate to use all the tools at its disposal to support economic activity and financial stability.

The Bank is of the view that the expected approval of the 2009 budget by the Knesset in the framework approved by the government will constitute an expression of the continuation of the responsible macroeconomic policy pursued in the past.

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