NEW YORK (VINnews) — New York City Comptroller Mark Levine has backed away from his campaign promise to reinvest city pension funds in Israeli government bonds, citing financial concerns and declining credit ratings amid regional conflicts.

Levine, a Democrat and outspoken supporter of Israel, said in an interview with The New York Times that his office had decided not to purchase the bonds for now, despite his pledge during last year’s campaign to resume investments discontinued by his predecessor, Brad Lander, in 2023.

“I always said this would be based on financial considerations only, not politics — that’s still my position,” Levine told the newspaper.

Levine said ratings downgrades, regional instability and investment considerations influenced the decision. He emphasized that his position was not politically motivated.

The city previously held approximately $40 million in Israeli bonds. Credit-rating agencies Fitch Ratings, S&P Global and Moody’s downgraded Israel’s credit standing or outlook during the wars involving Hamas and Iran.

Levine said he remained a steadfast supporter of Israel, while acknowledging his personal disappointment over the decision. He also criticized the government of Israeli Prime Minister Benjamin Netanyahu.

According to The New York Times, the city’s pension system has more than $285 million invested in Israeli companies, separate from direct investments in Israeli government bonds.