Yitzhak Goldknopf
Yitzhak GoldknopfAvshalom Sassoni/Flash 90

Construction and Housing Minister Yitzhak Goldknopf (United Torah Judaism) criticized Prime Minister Benjamin Netanyahu, who responded during Shabbat to the decision of the Moody’s credit rating agency to downgrade Israel’s credit rating.

"The Prime Minister's statement on Shabbat regarding the credit rating was out of place," said Goldknopf, adding, "This is not a case of Pikuach Nefesh (preservation of human life), nor an emergency issue, nor a response that could not have been published at the conclusion of Shabbat."

The chairman of the Knesset Finance Committee, MK Moshe Gafni (United Torah Judaism), said of Moody’s decision, "The meaning is not good, but the Israeli economy is a strong economy, I said it in the past and I say it today. Even in this difficult time, when there are large expenses for the war, Israel is dealing with it and will know how to deal with it with God’s help."

International credit rating company Moody's announced on Friday that it has downgraded Israel's credit score from A1 to A2 due to the war with Hamas. This is the first such downgrade in Israel's history.

The new rating is still considered investment grade, but is expected to make it more difficult for both public and private borrowers in Israel to secure loans.

In a rare move, Prime Minister Netanyahu responded to the downgrade on Shabbat and said, "Israel's economy is strong. The downgrade is not related to the economy, it is entirely due to the fact that we are at war. The rating will go back up as soon as we win the war - and we will win."