S&P raises Israel's credit rating from A to A+

JP:  Finance minsiter Steinitz praises move as "badge of honor" and reward for Israel's responsible actions during global economic crisis.

International credit rating agency Standard & Poor's announced on Friday that it has raised Israel's credit rating from A to A+. The company said that the decision reflects the government's responsible economic policy.

Standard & Poor's is the same company which, in August, lowered the credit rating of the United States.

Finance Minister Yuval Steinitz said that the increased credit rating is a "badge of honor" for the country and a reward for steps taken during the global financial crisis.

Bank of Israel Governor Professor Stanley Fischer praised the decision and said it was important to maintain the good condition of the economy with the current policies. "This is particularly important given the complex global economic reality, which is expected to further influence the economy," he said.

Despite the global economic crisis and budgetary issues, including a perpetually developing and growing military, the Israeli economy remained relatively stable while economies across the world, particularly in Europe, crumbled over the past couple of years.

The social justice movement, for which 400,000 people publicly expressed support nationwide Saturday night by turning out to rallies across the country, has demanded major economic reforms. Specifically, the movement calls for changes in government policies on housing and living costs, including education, food, and other necessities. How the government handles the social justice movement will be taken into account when determining Israel's credit rating in the future.