Israel’s credit rating cut again as conflicts drag on
CNN
Israel’s credit rating was downgraded by Fitch Ratings on Monday, after the agency cited concerns around the ongoing war with Hamas and geopolitical risks.
Israel’s credit rating was downgraded by Fitch Ratings on Monday, after the agency cited concerns around the ongoing war with Hamas and geopolitical risks. Fitch kept a negative outlook on the country’s credit, meaning it could cut the rating again in the future, as it notched down the credit rating from “A+” to “A.” The downgrade underscores the financial toll of the war, which has also seen tens of thousands of people killed and has shaken the region and the world. Analysts from Fitch said the “the conflict in Gaza could last well into 2025,” and there are risks of the conflict spreading. “The downgrade to ‘A’ reflects the impact of the continuation of the war in Gaza, heightened geopolitical risks and military operations on multiple fronts,” Fitch said in a statement. Israeli military action in Gaza has killed nearly 40,000 Palestinians and injured over 90,000, according to Gaza’s Ministry of Health, after Hamas’ attack on Israel on October 7. At least 1,200 people were killed in southern Israel that day, and more than 250 others abducted in the Hamas-led assault, according to Israeli authorities. As ceasefire negotiations remain in limbo, an Israeli air strike killed at least 93 Palestinians in a school and mosque in Gaza sheltering displaced people, according to local officials over the weekend. The US is also set to provide Israel with $3.5 billion in military aid, CNN reported.
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