Fitch Places Israel’s Credit Rating Under Negative Rating Amidst Economic Losses from Gaza Conflict
Credit Rating Agency Fitch Places Israel’s Rating Under Negative Monitoring
In light of the losses that the Israeli economy has begun to suffer due to the war in the Gaza Strip, credit rating agency Fitch has placed Israel’s rating under negative monitoring.
Fitch recently stated that Israel’s long-term foreign and local currency credit rating is currently at A+ but indicated that it is under negative monitoring.
This indicates that Fitch is likely to downgrade Israel’s credit rating in the future.
Bank Hapoalim, earlier this month, calculated the economic losses Israel would suffer as a result of the confrontation with Hamas. They estimated that the war would cost the Israeli economy at least 27 billion shekels ($6.8 billion).
The timing of this confrontation is challenging for the Israeli economy, as past wars have previously paralyzed parts of it.