Ratings agency Moody's has cut the outlook on Israel's economy while maintaining the overall positive rating.
The outlook has dropped from "positive" to "stable."Women dressed as handmaidens from "The Handmaid's Tale" attend a demonstration after Israeli Prime Minister Benjamin Netanyahu dismissed the defense minister and his nationalist coalition government presses on with its judicial overhaul, in Jerusalem on March 27, 2023.Credit ratings giant Moody's has downgraded the outlook on Israel from "positive" to "stable.
For now, Moody's left the overall A1 rating in place for Israel allowing it to stay in the upper end of the investment grade category, a crucial factor in attracting investment.But as a rating slips, a country faces the danger of having to pay higher rates to potential borrowers. Ratings drops also prevent some funds from investing in a nation's sovereign bonds. Outside investment from the U.S. and Europe is crucial to Israel's economy.
The Tel Aviv Stock Exchange is down 14% in the past month, and year to date the index has lost a quarter of its value as investors concerned about the possible changes to the legal system dumped Israeli equities. Protesters clash with the police during a rally against the Israeli government's judicial reform in Tel Aviv, Israel on March 27, 2023.The fear pervasive among investors is that the laws will make investment in Israel more uncertain.
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