VOL. XLVI

No 5

3-February-2003

ISRAEL

Israel Electric Forced To Review Development Spending After Moodys Downgrade

State-owned Israel Electric Corporation (IEC) announced on 23 January that it would review its development spending program for 2003 with the newly-elected government in light of the downgrade of its credit rating by Moodys Investor Services. On 18 January, Moodys cut IECs debt rating two levels to BAA2 from A3 with a negative outlook, citing heavy debt load and weak financial...