Moody’s the US ratings agency has downgraded Israel’s credit ratings due to the “unexpected and violent conflict” with Hamas.
On Tuesday Fitch Ratings said they are putting Israel’s A+ foreign and local currency issuer on default ratings on to “Ratings Watch Nagative.”
Fitch said in a statement, “the heightened risk of a widening of Israel’s current conflict to include large scale military confrontations with multiple actors, over a sustained period of time.”
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Moody’s said in a statement the Hamas terrorist attacks in southern Israel on 7 October “raises the possibility of longer lasting and material credit impact.”
As a result of the war Moody’s has put a number of Israeli government’s credit ratings on review.
The review will be open for a downgrade which includes the long-term foreign currencies and the country’s local currency.
Moody’s said, “Israel’s credit profile has proven resilient to terrorist attacks and military conflict in the past.
“However, the severity of the current military conflict raises the possibility of longer lasting and material credit impact.”