S&P Lowers Israel’s U.S.-backed Bonds

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NEW YORK, Aug. 8 (UPI) — All U.S.-guaranteed sovereign bonds issued by Israel were downgraded one notch Monday, Standard & Poor’s rating services said.

“This rating action is in line with the rating action on the United States of America that took place on Aug. 5, 2011,” Standard & Poor’s said in a statement on its Web site.

S&P Friday downgraded the U.S. credit rating from AAA to AA+, which wreaked havoc on global markets when they opened for trading Monday.

The sovereign credit ratings on Israel were not changed by the bonds downgrade, S&P said.

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