Yes it's a direct response to the Triple-A rating reduction and the Tel Aviv Exchange has actually shut down after an opening loss of 6% as a knee-jerk reaction and having sustained eight consecutive days of market freefall.The Finance Minister has convened an emergency meeting to discuss the consequences of this and the EuroZone crisis.There are fears that the S&P's rating reduction will weaken Israeli export prices or further degrade the country's A-debt.It's all the more worrying as the US has given Israel loan guarantees worth $9000m back in 2003.
