Moody’s Investors Service says that the key factor that drove its decision to lower Israel’s credit outlook was concern that the planned changes to the country’s legal system would threaten the independence of the judiciary.

The statement appears to contradict claims by government figures that the move was driven more by the major protest movement against the overhaul than by the legislation itself.

Speaking at a webinar, Moody’s senior vice president Kathrin Muehlbronner says that the credit rating agency assesses fiscal policy based on monetary and macroeconomic policy effectiveness.

“The only driver for our rating action last Friday were the events around the government’s plans for judicial changes,” says Muehlbronner. “With Israel, our main concern is the executive pushing through important changes to the institutional setup of the country at such a speed and without any dialogue really — for us it is not a sign of strong institutions.”... Read More: Times of Israel