Critics say Israel has weathered global meltdown - KWWL - Eastern Iowa Breaking News, Weather, Closings

Critics say Israel has weathered global meltdown

JERUSALEM (AP) -- A leading international credit ratings service says Israel's economy has largely weathered the global meltdown, but warns the country's small size means robust growth hinges on a developments abroad.

Moody's Investors Service's, in its annual report on Israel, said Thursday the country's short-term prospects are "relatively good." The outlook for its investment grade A1 government bond rating is stable.

Israel's central bank raised its interest rate on Monday, an indication it saw the worst effects of recession fading and inflation as a growing threat.

The Moody's report says Israel's strong credit rating was underpinned by "the country's high levels of economic, institutional and financial strength," and added "the recession now appears to be over for Israel."

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