Credit rating agency Standard & Poor's says it is changing its outlook on Israel's credit rating to "negative" from "stable" as the country fights a war against Hamas in Gaza in response to the terrorist group's devastating attack.
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S&P said Tuesday it was revising the outlooks on its long-term foreign and local-currency ratings on Israel, citing the war, its potential to escalate into a broader regional conflict, and the impact that could have on the country's economy.
S&P left Israel's credit rating unchanged at AA-. The agency's highest rating is AAA. By revising the outlook, S&P is raising a warning flag signaling that a rating downgrade could happen in the future. Credit ratings firms Fitch and Moody's have taken similar actions.
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