Moody's Downgrades Credit Rating for Israel

Israeli Finance Minister Bezalel Smotrich stated today, Sunday, that the decision by Moody's to downgrade its future outlook for Israel's sovereign credit rating is "not a major event" and that the government's plan to implement judicial reforms will benefit the economy. Moody's has changed its outlook on the Israeli economy from positive to stable, stating that the proposed reforms will have a negative impact on Israeli institutions. Moody's has confirmed Israel's credit rating at "A1." The Israeli government aims, through the reforms that have sparked massive protests, to give politicians greater say in selecting judges and to limit the Supreme Court's authority to overturn legislation. Under pressure both within Israel and internationally, Israeli Prime Minister Benjamin Netanyahu agreed to delay the reforms in an attempt to negotiate a compromise, but protests continue.