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UPDATE 4-Tel Aviv stocks fall 7 pct on US debt downgradeSun Aug 7, 2011 2:26pm EDTBy Tova CohenTEL AVIV, Aug 7 (Reuters) - Tel Aviv shares closed nearly 7 percent lower on Sunday in the first response of a developed market to Standard & Poor's downgrade of the United States' credit rating that has sparked fears of another global recession.The Israeli market along with a few emerging markets in the Middle East were the first to trade after S&P late on Friday cut the U.S. long-term credit rating by a notch to AA-plus from AAA due to concerns about the country's budget and climbing debt burden.(snip)Israel's market is closed on Fridays and Saturdays.The Tel Aviv market opening was delayed by nearly an hour as circuit breakers kicked in when shares fell more than 5 percent in pre-market trade.The last time circuit breakers were used was on Sept. 21, 2008, after the collapse of Lehman Brothers, a stock exchange spokeswoman said.