The report by S&P contrasts to statements made by the IMF and Moody's when they said that Israel faces economic risks because of the judicial reforms.
The president stressed that he's the only person who "everyone is willing to come to and talk to honestly, openly and discreetly."
Moody's said the protests that have engulfed the country for the last 15 weeks were also a factor, but not the main one, in its decision to downgrade the credit outlook from positive to stable.
Lapid's comments came after the rating agency Moody's announced a downgrade of Israel's credit outlook to 'stable,' instead of 'positive.'
Moody's wrote that 'the change of outlook to stable from positive reflects a deterioration of Israel's governance, as illustrated by the recent events.'
If Israel's credit rating drops, Israel can expect a higher interest rate on short-term loans and inflation.
Smotrich: “My position regarding the reform is known and I believe that it has great opportunities for the economy.”
Finance Minister Bezalel Smotrich stated that since Fitch, a credit ratings company, has kept Israel's credit rating above A+ that this is a sign of success, but in reality these are warning signs.
Credit Suisse shares slumped 62% in premarket trade to a new low while UBS lost 7.1%.
“If implemented in full, the proposed changes could materially weaken the strength of the judiciary and as such be credit negative,” the agency said.
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