Friday, June 2, 2023
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Moody's downgrade sparks Israel divide

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Steven Shell

JERUSALEM (Reuters) – ISRAEL The Treasury secretary said Sunday that Moody’s (NYSE: 200 Movement Control Order ) The decision to downgrade Israel’s sovereign credit rating outlook is “not a big deal” and reiterated His position that the government’s plan to reform the judiciary will help the economy.

But the head of Israel’s securities agency weighed in on the issue at the end of her five-year term on Sunday, saying the downgrade was a warning that needed to be taken seriously, And should prompt the government to rethink its plans.

Moody’s Investors Service downgraded Israel’s outlook to stable from positive on Friday, while affirming its sovereign credit rating at “A1”.

focuses much of its report on the government’s plans to reform Israel’s court system in a way that would give politicians more leverage in choosing judges , and limit the Supreme Court’s power to strike down legislation.

legislative push sparked weeks of massive protests, which Moody’s said reflected institutional weakness.

Prime Minister Benjamin Netanyahu, under domestic and foreign pressure, agreed to delay the reforms in an attempt to reach a middle ground, but the demonstrations continued.

Finance Minister Bezalel Smotrich on – Israel’s Credit Outlook Previously downgraded state budget 24 and in 52.



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