(Bloomberg) -- Israel was downgraded for the second time this year by Moody’s Ratings as the economic costs mount from almost 12 months of fighting in Gaza...
-- Israel was downgraded for the second time this year by Moody’s Ratings as the economic costs mount from almost 12 months of fighting in Gaza and an worsening conflict with Hezbollah .Moody’s cut Israel by two notches to Baa1 from A2, the ratings company said late on Friday, leaving the country three steps above non-investment grade. The outlook remains negative.
Moody’s move is “excessive and unjustified,” Yali Rothenberg, the Israeli finance ministry’s accountant general, said. Israel’s 12-month trailing budget deficit stood at 8.3% of GDP in August. The country’s full-year fiscal gap is set to be the widest this century, excluding the Covid-19 pandemic. The government’s borrowing — most of it in the domestic market — has soared to fund the war effort. The shekel has been resilient, thanks in large part to the central bank announcing a $30 billion package to support the currency soon after the war against Hamas erupted in October.
Hezbollah and Hamas are both designated as terrorist groups by the US. Netanyahu says the military’s bombardment of Hezbollah targets will continue until Israelis displaced from northern communities are able to return home.EU to vote on Oct 4 to finalize tariffs for China-made EVs, Bloomberg News reports
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