The Israeli Ministry of Finance condemned Moody’s move to downgrade the country’s rating.

Israeli Finance Minister Bezalel Smotrich called the decision of the international rating agency Moody’s Investors Service to downgrade the country’s credit rating a “political manifesto.”

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The Times of Israel previously reported that Moody’s Investors Service downgraded Israel’s long-term foreign and local currency issuer ratings from “A1” to “A2” with a negative outlook amid the ongoing military conflict between the country and the Palestinian Hamas movement.

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“Moody’s announcement of the downgrade is not based on serious economic arguments and is an entirely political manifesto based on a pessimistic and unfounded geopolitical worldview that reflects a lack of confidence in Israel’s security and national strength, and an apparent lack of confidence in the righteousness of its path in the face of its enemies.” “, Smotrich said.

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According to him, Israel’s economy is “strong in all respects.” “It is capable of supporting all military efforts, on the front line and in the rear, until, with God’s help, victory is achieved,” the minister added.