Israel's Finance Minister Bezalel Smotrich said the country's downgrade from Moody's was no big deal.

(Reuters)

[Financial Channel/Comprehensive Report] Moody's, an international credit rating agency, recently announced that it downgraded Israel's sovereign debt outlook from "positive" to "stable" and maintained its credit rating at "A1".

In response, Israeli Finance Minister Bezalel Smotrich responded: "I take Moody's downgrade seriously, but it's not a big deal."

Israeli Prime Minister Benjamin Netanyahu's proposals for judicial reforms that would weaken the power of the Supreme Court and give politicians more power in choosing judges have sparked protests against the government.

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Moody's said on the 14th that the outlook was lowered to reflect the deterioration of the Israeli government's governance, as shown by recent protests after the government proposed reforms to the country's judiciary.

Benjamin Netanyahu and Bezalel Smotrich issued a joint statement on the 15th: "For those who do not understand the strength of Israeli society, concerns about Israel's political and economic stability are natural. With God's help, the economy will remain strong."

Then Bezalel Smotrich reiterated his position on the 17th that the judicial reform plan will help improve the economy, and "I take Moody's downgrade seriously, but it's not a big deal."

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