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Jerusalem, 8 September 1996
ISRAEL'S FOREIGN CREDIT RATING MAINTAINED
(Communicated by Finance Ministry Spokesman)
The international credit rating companies, Standard and Poor's and
Moody's, both maintained their credit ratings for Israel, the Accountant
General in the Finance Ministry announced. Standard & Poor's rating was
A-, while the rating from Moody's was A3. This decision by two of the
world's largest rating firms, points to their continued belief in, and
their assessment of, Israel's economy.
The announcement by the two international ratings firms was made in
advance of the efforts of the Government of Israel to raise capital on the
Eurobonds market. The final agreement enabling Israel to raise some $750
million in Eurobonds will be signed with seven leading European
underwriting firms this Tuesday, 10.09.96, in Jerusalem. Merrill Lynch
International will be the primary underwriter.
It should be noted that the publication of these ratings refute the recent
unsubstantiated reports on expectations that Israel's credit rating would
be lowered.
It should also be noted that the A3 Moody's rating and the A- S&P rating
are similar ratings, and that the two firms again maintain the ratings
previously given to the Israeli economy.
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