Less than two weeks after the Oct. 7 massacre of 1,400 Israelis, the world is predictably starting to turn on Israel, whether it’s at the United Nations, in the international media or now in the financial markets.
Last week, major rating agencies, including S&P Global Ratings, Fitch Ratings and Moody’s took the perplexing step of downgrading Israel’s credit outlook to “negative.” Their rationale? The anticipation of a war negatively impacting the country’s economy.
It is a grave mistake, however, to underestimate a nation armed with nuclear capabilities, one of the world’s most formidable armies and a highly advanced air force when it faces a barbaric Islamic terrorist organization.
The downgrades echo past rating agency errors and raises questions about the influence of politics on their decisions.
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