S&P Maalot ups Azrieli to "positive", keeps "AA-" rtg

JERUSALEM Dec 8 (Reuters) - Standard & Poor's Maalot on Wednesday raised its outlook for Israeli real estate developer Azrieli Group (AZRG.TA) to "positive" from "stable".

The Israeli unit of S&P, which maintained an "AA-" rating, said it expected Azrieli to use the proceeds from its share offering to widen its portfolio while maintaining fiscal discipline.

Azrieli in June raised over 2.5 billion shekels in what was Israel's largest initial public offering by a private company on the Tel Aviv Stock Exchange.

The company is controlled by Canadian businessman David Azrieli and has numerous investments in Israel including several shopping malls. ($1 = 3.63 shekels) (Reporting by Steven Scheer; Editing by Louise Heavens)