S&P downgrades IDB, gives negative outlook
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S&P downgrades IDB, gives negative outlook

Credit rating agency cites weak liquidity levels

Nochi Dankner, right, embraces President Shimon Peres after receiving the World Jewish Congress 2011 Herzl Award for innovation and entrepreneurship. (photo credit: Miriam Alster/Flash90)
Nochi Dankner, right, embraces President Shimon Peres after receiving the World Jewish Congress 2011 Herzl Award for innovation and entrepreneurship. (photo credit: Miriam Alster/Flash90)

Credit-rating agency Standard and Poor’s Maalot downgraded two companies in the IDB Group on Sunday, citing weak liquidity levels.

IDB Holding Corp. and IDB Development Corp. both saw their ratings go from A to BBB. S&P gave both companies a negative outlook. The agency also gave IDB-subsidiary Clal Industries a negative outlook and warned of a possible downgrade in the future.

The IDB Group is controlled by Nochi Dankner.

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