'Political manifesto:' Israeli FM Smotrich attacks Israel's credit rating downgrade

Israeli Finance Minister Bezalel Smotrich attacked the credit rating firm "Moody's" on Saturday for deciding to lower Israel's credit rating from "A1" to A2" due to concerns over the ongoing war on Friday.

"The Israeli economy is strong by all measures. It is capable of sustaining all war efforts, on the front line and home front, until, with God's help, victory is achieved," he said in a response to the decision published on Friday.

"Hamas-ISIS embarked on the terrible massacre at Simchat Torah with the aim of harming the State of Israel and the Jewish people in soul and body and bringing about their annihilation," he continued.  "Since then, Hamas and the whole world have met a united Israeli heroism with the ability to endure, determination to defeat evil, and shine anew the good in Israel and the world. Hamas will not defeat us, neither security-wise nor economically."

He then attacked the decision, claiming it to be baseless and unfounded.

"Moody's announcement of the downgrade is not based on serious economic arguments and is entirely a political manifesto based on a pessimistic and unfounded geopolitical worldview, which reflects a lack of confidence in Israel's security and national strength, and apparently also a lack of confidence in the righteousness of its path in the face of its enemies," he said.

"Moody's is not even able to define Hamas and Hezbollah as terrorist organizations in its announcement and implies that it would have avoided the downgrade if only Israel had accepted the suicide plan offered to it by members of the international community to stop the war and establish an Arab terrorist state in Gaza and Judea and Samaria," he said, citing the wording of the official report.

Smotrich affirmed that international opinion will not affect Israel's decision-making

"We do not derive our national, security, social, and economic strength from how we are judged in the world, but from a deep belief in the righteousness of the way, which is based on a glorious past of thousands of years and a commitment to an even more glorious future," he continued. "Moody's announcement will not undermine this either and will not weaken us in the war for our independence and sovereignty in our homeland."

He ended his statement on a more positive note, commending fellow members of the government and financial institutions in Israel

"I thank the Accountant General, the Governor of the Bank of Israel, and the other professionals in the Israeli economy for their efforts with the rating company. Together we will win Israel and continue to lead the Israeli economy with responsibility and discretion and steer it to a safe shore."

These statements come off the back of credit ratings agency Moody's concluding its review of Israel and downgrading the country to "A2" from "A1", citing material political and fiscal risks for the country due to its war with the Palestinian terrorist group Hamas on Friday.

The credit firm claims that their downgrade comes from a lack of confidence in the war ending any time soon, stating, "While fighting in Gaza may diminish in intensity or pause, there is currently no agreement to end the hostilities durably and no agreement on a longer-term plan that would fully restore and eventually strengthen security for Israel."