off-the-wire

UPDATE 1-Moody's revises Israel's outlook to stable from positive

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds details, background) April 14 (Reuters) - Credit ratings agency Moody's on Friday revised its outlook on Israel to stable from positive, citing deterioration of the country's governance due to events around the government's proposal to overhaul the judiciary. Israel's volatile situation, stemming from the judicial reform plans by the new government of Prime Minister Benjamin Netanyahu to limit the Supreme Court's power, "point to a fall of Israel's institutional and governance strength," the agency said in a report. Last month, Netanyahu


put off a decision on plans for a judicial overhaul amid fears that Israel's worst national crisis in years could fracture his coalition or escalate into violence.


"Government's plans for an overhaul of the judiciary and the manner in which this reform has been handled have exposed some weakness in Israel's executive and legislative institutions," Moody's said.


Israel's sovereign credit rating was affirmed at "A1".
(Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Anil D'Silva)

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