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Belgium Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
A1 Stable | AA- Stable | A+ Stable | AA Negative | AA- Negative |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Jul 24, 2026 | DBRS | AA (high) | Negative | AA | Negative | |
| Apr 25, 2026 | S&P | AA | Negative | AA- | Stable | |
| Apr 17, 2026 | Moody's | Aa3 | Negative | A1 | Stable | |
| Jun 13, 2025 | Fitch | AA- | Negative | A+ | Stable | |
| Apr 25, 2025 | S&P | AA | Stable | AA | Negative | |
| Oct 12, 2024 | Moody's | Aa3 | Stable | Aa3 | Negative | |
| Sep 15, 2023 | Scope Ratings | AA- | Stable | AA- | Negative | |
| Mar 10, 2023 | Fitch | AA- | Stable | AA- | Negative | |
| Sep 24, 2021 | Fitch | AA- | Negative | AA- | Stable | |
| May 28, 2021 | Scope Ratings | AA | Negative | AA- | Stable | |
| Aug 14, 2020 | DBRS | AA (high) | Stable | AA (high) | Negative | |
| Apr 03, 2020 | Fitch | AA- | Stable | AA- | Negative | |
| Feb 07, 2020 | Scope Ratings | AA | Stable | AA | Negative | |
| Jun 30, 2017 | Scope Ratings | NR | — | AA | Stable | |
| Dec 23, 2016 | Fitch | AA | Negative | AA- | Stable | |
| Nov 14, 2014 | Fitch | AA | Stable | AA | Negative | |
| Mar 21, 2014 | DBRS | AA (high) | Negative | AA (high) | Stable | |
| Mar 07, 2014 | Moody's | Aa3 | Negative | Aa3 | Stable | |
| Feb 28, 2014 | S&P | AA | Negative | AA | Stable | |
| Jan 23, 2013 | Fitch | AA | Negative | AA | Stable |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CC | CC |
C | CC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Belgium’s current credit rating?
Belgium’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Belgium’s credit risk.
Has Belgium’s credit rating changed recently?
This page lists the latest rating and outlook actions for Belgium, showing when each agency last reviewed or changed its assessment.
Why does Belgium’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Belgium's bond yields, currency, and equity flows as investors reassess risk.
How does Belgium’s rating compare to other countries?
You can explore how Belgium ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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