| Rating Agency | Rating | Outlook | Last Update | Action |
|---|---|---|---|---|
| Standard & Poor's | AA | - | 28 Feb 2014 | outlook upgrade |
| Moody's Investors Service | Aa3 | negative | 13 Oct 2024 | outlook downgrade |
| Fitch Ratings | AA- | negative | 13 Mar 2023 | outlook downgrade |
| DBRS | AA | - | 15 Aug 2022 | rating downgrade |
Current Belgium credit ratings, according to the main rating agencies, provide a snapshot of the country’s creditworthiness and financial stability. These ratings are critical for understanding how international and domestic investors perceive Belgium ability to honor its financial commitments.
The ratings are determined by comprehensive evaluations conducted by major credit rating agencies such as Standard & Poor's (S&P), Moody's, and Fitch Ratings. Each of these agencies uses a distinct rating scale and methodology to assess the economic and financial health of Belgium, taking into account various factors such as economic performance, fiscal policies, political stability, and debt levels.
Discover what a Credit Rating is and why it matters.
Belgium: Long-term Rating Scales Comparison
Belgium long-term credit ratings, as assigned by major rating agencies, offer a comparative insight into the country's creditworthiness over an extended period. Each rating agency uses its own scale to evaluate the credit risk associated with Belgium sovereign debt. These scales help investors understand the likelihood that Belgium will meet its financial obligations.
Symbol means a negative outlook.
| Grade | Description | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|---|
|
Investment Grade |
Prime |
AAA
|
Aaa
|
AAA
|
AAA
|
| High Medium Grade |
AA+
|
Aa1
|
AA+
|
AA(high)
|
|
|
AA
|
Aa2
|
AA
|
AA
|
||
|
AA-
|
Aa3
|
AA-
|
AA(low)
|
||
| Upper Medium Grade |
A+
|
A1
|
A+
|
A(high)
|
|
|
A
|
A2
|
A
|
A
|
||
|
A-
|
A3
|
A-
|
A(low)
|
||
| Lower Medium Grade |
BBB+
|
Baa1
|
BBB+
|
BBB(high)
|
|
|
BBB
|
Baa2
|
BBB
|
BBB
|
||
|
BBB-
|
Baa3
|
BBB-
|
BBB(low)
|
||
|
Speculative Grade |
Speculative |
BB+
|
Ba1
|
BB+
|
BB(high)
|
|
BB
|
Ba2
|
BB
|
BB
|
||
|
BB-
|
Ba3
|
BB-
|
BB(low)
|
||
| Highly Speculative |
B+
|
B1
|
B+
|
B(high)
|
|
|
B
|
B2
|
B
|
B
|
||
|
B-
|
B3
|
B-
|
B(low)
|
||
| Substantial Risk |
CCC+
|
Caa1
|
CCC+
|
CCC(high)
|
|
|
CCC
|
Caa2
|
CCC
|
CCC
|
||
|
CCC-
|
Caa3
|
CCC-
|
CCC(low)
|
||
| Extremely Speculative |
CC
|
Ca
|
CC
|
CC
|
|
|
C
|
C
|
C
|
C
|
||
| In Default |
RD
|
/
|
RD
|
RD
|
|
|
SD
|
/
|
SD
|
SD
|
||
|
D•NR
|
D•NR
|
D•NR
|
D•NR
|
||
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Belgium Credit Ratings historical data
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
| Date | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|
| 13 Oct 2024 | Aa3 | |||
| 13 Mar 2023 | AA- | |||
| 15 Aug 2022 | AA | |||
| 28 Sep 2021 | AA- | |||
| 17 Aug 2020 | AA (high) | |||
| 4 Apr 2020 | AA- | |||
| 23 Dec 2016 | AA- | |||
| 14 Nov 2014 | AA | |||
| 21 Mar 2014 | AA (high) | |||
| 7 Mar 2014 | Aa3 | |||
| 28 Feb 2014 | AA | |||
| 23 Jan 2013 | AA | |||
| 27 Jan 2012 | AA | |||
| 16 Dec 2011 | Aa3 | |||
| 25 Nov 2011 | AA | |||
| 11 Nov 2011 | AA (high) | |||
| 7 Oct 2011 | Aa1 | |||
| 23 May 2011 | AA+ | |||
| 14 Dec 2010 | AA+ | |||
| 13 Jan 2009 | Aa1 | |||
| 2 May 2006 | AA+ | |||
| 28 Mar 2006 | Aa1 | |||
| 17 Jun 2002 | AA | |||
| 16 Dec 1998 | AA- | |||
| 10 Aug 1994 | AA+ | |||
| 1 Jul 1992 | AA+ | |||
| 26 Jun 1989 | AA+ | |||
| 26 Oct 1988 | AA+ | |||
| 22 Mar 1988 | Aa1 |
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