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S&P upgrades Israel Discount Bank's counterparty credit rating

S&P Global Ratings on Dec. 20 upgraded Israel Discount Bank Ltd.'s long-term counterparty credit rating to BBB+ from BBB, with a stable outlook, reflecting the lender's improved risk metrics.

The stable outlook reflects the agency's view that the bank's business and financial profile will remain largely unchanged in the next two years.

S&P noted that the lender improved its risk profile by managing down nonperforming loans and increasing coverage of NPLs by reserves. "We expect that ongoing cost reduction initiatives will also help improve efficiency and earnings capacity to sustainably build a buffer to absorb potential tail risks," the agency added.

S&P affirmed Israel Discount Bank's short-term counterparty credit rating at A-2.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.