The Fitch Ratings agency announced Monday that Israel’s credit rating remains at A+ and the outlook for the country’s economy is 'stable.'
The government’s initial judicial overhaul package has been watered down but remains highly controversial and faces strong civil society and political opposition. Parliament has already passed legislation that stops the supreme court from striking down legislation on the basis of ‘reasonableness’.
: Fitch believes the changes may have a negative impact on Israel’s credit metrics if the weakening of institutional checks leads to worse policy outcomes or sustained negative investor sentiment or weakens governance indicators. Some countries that have passed major measures reducing institutional checks and balances have seen a significant weakening of World Bank governance indicators , the variable with the highest weight in Fitch’s Sovereign Rating Model .
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