September 21, 2009 / 1:32 PM / 9 years ago

S&P unit cuts Israel Corp to A+, outloook stable

JERUSALEM, Sept 21 (Reuters) - Standard & Poor’s Israeli unit on Monday lowered its rating on bonds issued by holding company Israel Corp (ILCO.TA) to ‘A+’ from ‘AA-‘.

Standard & Poor’s Maalot also said its outlook was “stable”.

It cited higher risk caused by two main units — Israel Chemicals (ICL.TA) and financially troubled shipping firm Zim. The agency had previously lowered its rating for Zim to ‘CC’. (Reporting by Steven Scheer; Editing by Greg Mahlich)

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