Standard & Poor’s Financial Services’ credit rating for Israel continues to stand at A+.

S&P is considered one of the Big Three credit-rating agencies, which also include Moody’s Investor Service and Fitch Ratings. Moody’s rating for Israel sovereign debt is A1. Fitch’s credit rating for Israel is A.

S&P says it expects the Israeli economy to remain stable, based on its assessment that the Israeli government will maintain its current fiscal policy. It noted positively the government’s efforts to increase housing stocks.

In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Israel thus having a big impact on the country’s borrowing costs.

Israeli Finance Minister Moshe Kahlon (Kulanu) said in response to the rating decision that “the international credit rating companies continue to express faith in the strength of the Israeli market. The rating announcement means that the government’s efforts in a variety of fields support the resilience of the local economy. We act to bring down the cost of living, narrow social gaps, maintain stability and increase growth.”