'Moody's' upgrades Israel's credit rating to A1

International credit ratings firm Moody's upgraded last Thursday Israel's foreign and local currency bond ratings and foreign currency ceiling for bank deposits to A1 from A2.

A1 rating is equal to the A+ awarded recently by Standard, Poor's and Fitch.
 
The upgrade reflects Israel's proven resiliency in the face of repeated economic and political shocks and the ongoing financial and political support from the United States and the Jewish Diaspora, said Moody's.
 
Finance Minister Ronnie Bar-On said in response that "particularly in these times of instability and an international credit crisis, Israel's economy is being recognized for its fortitude and stability."
 
"Fiscal reforms are paying off in terms of increased economic vibrancy, diversification and competitiveness, and to the benefit of strengthening tax revenues, in spite of tax cuts. These factors have led Israel to post consistent current account surpluses, helping to insulate the economy in the current adverse global conditions," said Joan Feldbaum-Vidra, an analyst at Moody's.