Weakening public finances and a fragmented political environment challenging fiscal consolidation prospects drive the downgrade. A wealthy economy, favourable debt profile, and sound external position anchor the ratings.

The periodic review has resulted in no rating action.

Fiscal and political uncertainties drive the affirmation. A wealthy economy, favourable debt profile and sound external position anchor the ratings.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

Wide budget deficits, rising public debt and persistent governance challenges drive the outlook revision. A wealthy and diversified economy, robust market access, a strong debt profile, and sound external position support the ratings.

Monitoring review announcement

A wealthy and diversified economy, a robust market access, a strong debt profile and a sound external position support the ratings. Deteriorating fiscal fundamentals and structural economic bottlenecks represent credit challenges.

No action has been taken on the Kingdom of Belgium following a monitoring review.

No action has been taken on the Kingdom of Belgium following a monitoring review.