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Friday, April 19, 2024
From the Liveblog of
Friday, April 19, 2024
S&P cuts Israel’s long-term credit ratings as budget deficit balloons amid threats
The headquarters of US financial company Standard and Poor's (S&P) in lower Manhattan, New York, May 2014. (mixmotive via iStock by Getty Images)
Ratings agency S&P Global cuts Israel’s long-term ratings to A-plus from AA-minus after the confrontation with Iran heightened last weekend and amid the already elevated geopolitical risks for Israel.
“We forecast that Israel’s general government deficit will widen to 8% of GDP in 2024, mostly as a result of increased defense spending,” S&P Global says in its statement.
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