Moody's downgrade sparks controversy in Israel

Prime Minister Benjamin Netanyahu and Finance Minister Bezalel Smotrich issued a joint statement rejecting Moody's downgrade of Israel's economic outlook from positive to stable over the government's bid to overhaul the judiciary. Netanyahu's associates criticized Moody's for not being well-versed on the issues and not understanding the details. Moody's cited the "deterioration of Israel's governance" amid months of protests against the government's plans to weaken the judicial system. While Israel's credit outlook took a hit, Moody's kept the country's actual credit rating at A1, citing "strong economic growth and improving fiscal strength."