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Credit ratings agency Moody’s on Friday concluded its review of Israel and downgraded the country to “A2” from “A1”, citing material political and fiscal risks for the country due to its war with Palestinian militant group Hamas.
“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,” Moody’s said in a statement.
Israeli forces geared up on Friday for a ground assault on Hamas in the southern Gaza city of Rafah, where hundreds of thousands of people displaced by violence further north are trapped in desperate conditions.
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