Israel’s credit outlook was cut to negative by S&P Global Ratings, which cited risks that the war with Hamas could spread more widely and have a more pronounced impact on the country’s economy than expected.

The credit assessor affirmed the nation’s rating at AA-, the fourth highest score. Last week Moody’s Investors Service put Israel’s debt rating on review for downgrade and Fitch Ratings placed the nation’s credit score on negative watch, both citing the conflict.