Live Update 
From the Liveblog of
Tuesday, October 24, 2023
From the Liveblog of
Tuesday, October 24, 2023
S&P downgrades Israel’s credit outlook to ‘negative’
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)
S&P Global Ratings announces it is downgrading its outlook for Israeli sovereign debt to “negative” from “stable,” while maintaining the Jewish state’s AA- ratings amid the war in Gaza against Hamas.
The credit rating firm says it believes the fighting “will remain centered in Gaza, but there are risks that it could spread more widely with a more pronounced impact on the economy and security situation in Israel.”
It also predicts the economy will contract 5% in the last quarter of 2023 before returning to growth early next year.
