Despite economic crisis, Moody's maintains Israel's credit rating
In April, the credit agency moved Israel's economic outlook from 'positive to stable'
The international rating agency Moody's said on Saturday that Israel will maintain its relatively high A1 credit ranking despite the economic turmoil caused by the coronavirus pandemic.
According to Israeli daily Yedioth Ahronoth, the Finance Ministry said the decision was encouraging, although concerns over the country's economic condition and its recovery timeline still persists.
At the end of Israel's first nationwide lockdown at the end of April, Moody's said it was lowering its outlook on Israeli government debt while keeping the country's credit rating untouched, citing “the recent deterioration in the budget deficit" driven partly “by a more polarized political environment.”
The credit agency at that time moved Israel's outlook from "positive to stable."
On Wednesday, Israel Parliament's so-called coronavirus cabinet met to discuss the possibility of reopening certain stores and other businesses after the country began lifting restrictions last week following its second national lockdown.
However, no decision was taken at the end of the meeting, and new talks are scheduled to take place on Sunday.
Since the start of the coronavirus pandemic, more than 850,000 people have been furloughed from their jobs, with more than half being on unpaid leave.