The Israeli government rejected Moody's announcement today, Saturday, of a credit rating downgrade for Israel, as tens of thousands returned to the streets to protest proposed amendments to the judicial authority laws. Israeli Prime Minister Benjamin Netanyahu and Finance Minister Bezalel Smotrich stated in a joint statement: "The Israeli economy is stable and strong, and with God's help, it will remain so." They added, "The concerns raised by Moody's are normal for those who do not understand the strength of Israeli society."
At the same time, tens of thousands of Israelis gathered again in Tel Aviv and other cities for massive weekly protests. Moody's noted in its report, which addressed the ongoing unrest following Netanyahu's return to power, that "Israeli institutions have been less predictable due to the government's handling of events." It also stated, "The broad scope of the proposed amendments and the speed at which the government attempted to pass them... without seeking broad consensus indicates a weakening of institutions."
