Israeli leaders rebuff Moody's outlook cut, protests persist
Apr 16, 2023
Tel Aviv [Israel], April 16: Israel's government on Saturday rebuffed an outlook downgrade on the country from credit ratings agency Moody's, while tens of thousands of Israelis returned to the streets to protest against a planned overhaul of the country's judiciary.
Moody's report issued on Friday marks the latest warning about a potential economic backlash to Prime Minister Benjamin Netanyahu's legislative push.
The move includes giving politicians greater sway on selecting judges and limiting the power of the Supreme Court to strike down legislation.
Moody's affirmed Israel's sovereign credit rating at "A1", while revising its outlook to stable from positive.
"Israel's economy is stable and solid and with God's help will remain so," Netanyahu and his finance minister, Bezalel Smotrich, said in a joint statement.
They said the concerns raised by Moody's are "natural for those unfamiliar with the strength of Israeli society".
At the same time tens of thousands of Israelis again gathered in Tel Aviv and other cities in intensifying weekly protests, waving flags, banging drums and blaring horns.
Source: Fijian Broadcasting Corporation
