S&P cuts rating on US-backed Israel bonds in line with US downgrade

S&P says its A/A-1 sovereign credit ratings on Israel remains unchanged.

The Israeli Finance Ministry said it was not aware of the downgrade and had no immediate comment.

The U.S. has guaranteed $19 billion in Israel-issued bonds since the 1990s, giving Israel favorable terms of interest when borrowing.

Israel has not tapped the entire pool.

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