Israel Credit Insurance Co warns of US bankruptcies

Israeli exports to the US are expected to exceed $10 billion this year.

Israeli Credit Insurance Company Ltd. (ICIC) (TASE:BSSC) has warned its clients who export to the US of a sharp increase in bankruptcies in the US, which will increase the exporters' debts at risk. The company warns that bankruptcies in the US will probably increase in the coming quarters. Israeli exports to the US are expected to exceed $10 billion this year.

ICIC says that there were 39% more bankruptcies in the US in the past four quarters compared with the corresponding quarters in the preceding years. It adds that the number of bankruptcies has risen steadily over the past five quarters. The data is partly based on figures from Euler Hermes (XETRA; Paris: EUE), the world's largest credit insurance company, and a shareholders in ICIC.

The wave of bankruptcies in the US began in the real estate and retail sectors, but have now spread to most industries, except for pharmaceuticals and chemicals.

Published by Globes [online], Israel business news - www.globes-online.com - on July 27, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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