Major credit rating agency S&P just shifted Israel's outlook from negative to stable—timing's interesting, coming roughly a month after the ceasefire with Hamas kicked in. The Gaza conflict really did a number on their economy, no surprise there.

What's worth noting? Rating agencies don't flip their stance casually. This outlook revision signals they're seeing stabilization potential now that active hostilities have paused. Whether the ceasefire holds long-term is another question entirely, but markets tend to price in these incremental improvements.

For anyone tracking sovereign risk or Middle Eastern exposure, this is the kind of shift that subtly alters risk premium calculations. Not dramatic, but meaningful.