March 4, 2024

Moody’s Gives Hamas a Win with First-ever Israeli Credit Downgrade

The Moody’s credit standing company delivered a victory to Hamas and its Iranian patron on Friday by downgrading Israel’s credit standing for the primary time ever, from A1 to A2, because of the struggle Hamas began.

Globes reported:

Moody’s has reduce Israel’s credit standing from A1 to A2, because of the results of the struggle. The worldwide scores company has additionally lowered Israel’s outlook from secure to damaging and sees a attainable additional downgrade sooner or later. In impact, Moody’s has taken essentially the most drastic ranking motion attainable, stunning even essentially the most pessimistic market forecasts. This is the primary time that Moody’s has ever reduce Israel’s credit standing.

Moody’s analysts say, “The main driver for the downgrade of Israel’s rating to A2 is Moody’s assessment that the ongoing military conflict with Hamas, its aftermath and wider consequences materially raise political risk for Israel as well as weaken its executive and legislative institutions and its fiscal strength, for the foreseeable future.”

In response, the Jerusalem Post reported, Israeli Prime Minister Benjamin Netanyahu stated that “the Israeli economy is strong. The rating downgrade is not connected to the economy; it is entirely due to the fact that we are in a war.”

Israeli finance minister Bezalel Smotrich added that Moody’s rationalization of the downgrade was “a political manifesto based on a pessimistic and unfounded geopolitical worldview.”

Joel B. Pollak is Senior Editor-at-Large at Breitbart News and the host of Breitbart News Sunday on Sirius XM Patriot on Sunday evenings from 7 p.m. to 10 p.m. ET (4 p.m. to 7 p.m. PT). He is the writer of the latest ebook, “The Zionist Conspiracy (and how to join it),” now accessible on Audible. He can be the writer of the e-book, Neither Free nor Fair: The 2020 U.S. Presidential Election. He is a winner of the 2018 Robert Novak Journalism Alumni Fellowship. Follow him on Twitter at @joelpollak.