Credit ratings agency Moody’s has said that an all-out military conflict with Hezbollah or Iran could have significant “credit consequences” for Israeli debt issuers, Reuters reports.

“We continue to assume that the ongoing tensions will not escalate into an all-out military conflict between the two sides or extend to involve Iran, thus limiting the immediate credit-negative impact on the region,” the ratings agency said in a statement.

“However, an all-out military conflict with Hezbollah or Iran could have significant credit consequences for Israeli debt issuers.”

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