S&P ups Bank Leumi outlook to stable

Standard & Poor's said it revised its outlook on Bank Leumi le-Israel BM to stable from negative.

At the same time, the agency said it affirmed the BBB+/A-2 long- and short-term counterparty credit ratings.

The outlook revision reflects its view that Leumi's financial profile has been relatively resilient to the recent economic slowdown in Israel (foreign currency A/stable/A-1; local currency AA-/stable/A-1+), the agency said.

"The outlook revision also factors in its view that Leumi's financial profile is likely to be supported this year by the recovering Israeli economy, with real GDP forecast to expand between 3.4%-3.5% in 2010 and 2011, according to its estimates," said S&P credit analyst Austen Koles-Boudreaux.

The ratings continue to reflect Leumi's strong franchise in Israel, sound liquidity profile, and diversified revenue base, the agency added.

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