(Communicated by the Ministry of Finance)

The credit rating agency, Fitch, has reaffirmed Israel's 'A' credit rating and has left its positive forecast unchanged since raising it in November 2013. In their report, Fitch analysts noted favourably the government's commitment to maintaining a stable fiscal framework as well as reducing the deficit. These were attributed to the steps implemented by the government in order to meet the targets set, and also to the high levels of revenue in 2013 and 2014.
    
The positive forecast reflects the analysts' view that in the foreseeable future no factor is likely to lower the country's rating. In addition, the continued maintenance of the fiscal framework and the reduction of the deficit, the continuing decline of the debt to GDP ratio, or an improvement in the geo-political situation, could all lead to an improvement in Israel's rating.
    
The following are Israel's current ratings by the international rating agencies:
 
S&P         -     A+ Stable
Fitch        -     A Positive
Moody's   -    A1 Stable