Standard & Poor's credit rating for Belgium stands at AA with stable outlook. Moody's credit rating for Belgium was last set at Aa3 with stable outlook. Fitch's credit rating for Belgium was last reported at AA- with stable outlook. DBRS's credit rating for Belgium is AA (high) with stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Belgium thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for Belgium as reported by major credit rating agencies.



AgencyRatingOutlookDate
TE88 Stable Dec 23 2016
FitchAA- Stable Dec 23 2016
TE88 Stable Dec 23 2016
TE88 Stable Apr 16 2016
TE88 Negative Apr 16 2016
TE88 Stable Apr 16 2016
TE88 Stable Nov 14 2014
FitchAA Negative Nov 14 2014
TE88 Stable Nov 14 2014
TE88 Stable Apr 22 2014
TE88 Stable Apr 22 2014
DBRSAA (high) Stable Mar 21 2014
TE88 Stable Mar 21 2014
TE88 Stable Mar 21 2014
TE88 Stable Mar 07 2014
Moody'sAa3 Stable Mar 07 2014
TE88 Stable Mar 07 2014
TE88 Negative Feb 28 2014
S&PAA Stable Feb 28 2014
TE88 Negative Feb 28 2014
TE88 Negative Oct 15 2013
TE88 Negative Oct 15 2013
TE88 Negative Jul 18 2013
TE88 Negative Jul 18 2013
TE88 Negative Jun 10 2013
TE88 Negative Jun 10 2013
TE88 Negative Jan 23 2013
FitchAA Stable Jan 23 2013
TE88 Negative Jan 23 2013
TE90 Negative Jan 27 2012
FitchAA Negative Jan 27 2012
TE90 Negative Jan 27 2012
TE90 Negative Watch Jan 13 2012
S&PAA Negative Jan 13 2012
TE90 Negative Watch Jan 13 2012
TE93 Negative Watch Dec 16 2011
Moody'sAa3 Negative Dec 16 2011
FitchAA+ Negative Watch Dec 16 2011
TE93 Negative Watch Dec 16 2011
TE93 Negative Dec 05 2011
S&PAA Negative Watch Dec 05 2011
TE93 Negative Dec 05 2011
TE93 Negative Nov 28 2011
TE93 Negative Nov 28 2011
TE95 Negative Nov 25 2011
S&PAA Negative Nov 25 2011
TE95 Negative Nov 25 2011
TE95 Negative Nov 11 2011
TE95 Negative Nov 11 2011
DBRSAA (high) Negative Nov 11 2011
TE95 Negative Oct 07 2011
Moody'sAa1 Negative Watch Oct 07 2011
TE95 Negative Oct 07 2011
TE95 Negative Aug 05 2011
TE95 Negative Aug 05 2011
TE95 Negative Aug 02 2011
TE95 Negative Aug 02 2011
TE95 Negative Jul 14 2011
TE95 Negative Jul 14 2011
TE95 Negative Jul 13 2011
TE95 Negative Jul 13 2011
FitchAA+ Negative May 23 2011
TE95 Negative May 23 2011
TE95 Negative May 23 2011
TE95 Negative Apr 18 2011
TE95 Negative Apr 18 2011
TE95 Stable Dec 14 2010
TE95 Stable Dec 14 2010
S&PAA+ Negative Dec 14 2010
Moody'sAa1 Stable Jan 13 2009
TE95 Stable Jan 13 2009
TE95 Stable Jan 13 2009
FitchAA+ Stable May 02 2006
TE93 Stable May 02 2006
TE93 Stable May 02 2006
Moody'sAa1 Positive Mar 28 2006
TE93 Stable Mar 28 2006
TE93 Stable Mar 28 2006
TE91 Stable Jun 17 2002
TE91 Stable Jun 17 2002
FitchAA Stable Jun 17 2002
TE91 Stable Sep 21 2000
FitchAA- Stable Sep 21 2000
TE91 Stable Sep 21 2000
TE95 Stable Dec 16 1998
TE95 Stable Dec 16 1998
FitchAA- N/A Dec 16 1998
TE95 Stable Apr 01 1996
TE95 Stable Apr 01 1996
TE95 Stable Nov 13 1995
TE95 Stable Nov 13 1995
TE95 Stable Aug 10 1994
FitchAA+ N/A Aug 10 1994
TE95 Stable Aug 10 1994
TE95 Positive Jul 01 1992
TE95 Positive Jul 01 1992
S&PAA+ Stable Jul 01 1992
S&PAA+ Positive Jun 26 1989
TE95 N/A Jun 26 1989
TE95 N/A Jun 26 1989


 S&PMoody'sFitchDBRSTE
B+ B1 35
BBB BBB+ 60
B- B3 B 28
B B2 B B 31
B1 B+ 35
BBB+ BBB- 60
AAA Aaa AAA AAA 100
AA+ Aa1 AA+ AAA 96
BB+ Ba2 BB+ 50
BB+ Baa3 52
B+ B2 BB- 36
BB- Ba3 BB- 40
SD Caa3 15
B B3 B 26
AA Aa3 AA- AA (high) 88
B- B3 20
B+ N/A 30
A+ A2 N/A 78
BB- Ba3 BB- 41
B B3 28
A- A2 72
BB- Ba2 BB- BB (low) 42
BBB- Baa2 BBB 58
B 25
N/A B2 30
B B2 B 30
AAA Aaa AAA AAA 99
B B 30
Aa3 85
A+ A1 A N/A 80
A+ A1 A+ A (high) 81
BBB- Baa2 BBB BBB 58
CCC+ B3 22
BB- Ba2 BB 43
BB+ Ba2 BB+ 48
Caa2 15
BBB- Ba2 BBB- BB 48
AA- A1 AA- 81
AAA Aaa AAA AAA 100
BB- Ba3 BB- 38
B- B3 B- 26
B B3 B 28
CCC+ B3 B- 21
AA- A1 AA- AA (low) 81
B B1 B 31
AA Aaa AAA AAA 98
B+ Ba3 35
AA+ Aa1 AA+ AA (high) 96
AA Aa2 AA AAA 92
N/A Caa1 B 26
BB- Ba2 BB- 41
AAA Aaa AAA AAA 100
B B3 B 26
B+ B3 BB- B (high) 30
SD
BB- Ba1 BB 46
BB- B1 35
AA+ Aa2 AA+ 95
BBB- Baa3 BBB- 55
A A3 A 73
BBB- Baa2 BBB- BBB 56
BBB- Baa2 BBB 56
B- Caa1 B- 25
A+ A2 A+ A (high) 76
N/A Aa2 92
AA- A1 A+ 80
BBB Baa3 BBB BBB (high) 62
Ba3 B+ 38
B B3 B 28
A+ A1 A A 77
B+ B1 37
BBB- Baa3 BBB 56
B+ B2 B+ 35
AA Aa2 AA 90
NR B2 30
A A3 A- A (low) 70
B- B3 B- 28
B+ 35
AAA 100
A A3 A- A (low) 71
AAA Aaa AAA AAA 100
Aa3 AA 85
BB- BB 42
A- A3 A- 70
B2 B+ 32
A- A3 A+ A (high) 73
Baa1 65
BBB+ A3 BBB+ BBB (high) 65
B3 25
B B3 B 26
B+ B1 35
BBB- 55
BBB- Ba1 BBB- 53
SD Caa3 RD 12
Ba1 BB+ 52
AAA Aaa AAA AAA 100
AA Aaa AA 93
B- B2 B 30
B B2 B+ 31
AAA Aaa AAA AAA 99
BB Baa3 BBB- 53
B B3 B 28
BBB Baa2 BBB 60
B B2 32
BB Ba1 BB 46
BBB+ A3 BBB+ N/A 65
BBB Baa2 BBB 60
A- A2 A- A 71
BBB- Baa3 BBB BBB 56
D 0
AA- Aa3 AA- 85
B- Caa2 CC 23
BBB- Baa3 BBB- 55
BBB- Ba1 BBB- 51
B B2 B+ 31
BBB- 55
A- A1 A+ 78
B+ Ba3 37
BB Ba3 BB 38
BB- 40
AAA Aaa AAA AAA 98
A+ A2 A+ A (high) 78
A+ Baa1 A- A 72
B3 25
BB Baa3 BB+ 50
AA Aa2 AA- 86
A- Baa1 A- A 68
B+ B1 B+ 35
B3 25
B B2 B- 28
B2
AAA Aaa AAA AAA 99
AAA Aaa AAA AAA 100
AA- Aa3 AA- 83
B- B3
B1
BBB+ Baa1 BBB+ 65
BBB+ Ba1 57
N/A B2 B+ 35
B+ Ba3 BB BB (high) 43
B B2 B+ 33
B- Caa2 B- 20
AA Aa2 AA 90
AA Aa2 AA AAA 93
AA+ Aaa AAA AAA 98
BBB Baa2 BBB- BBB (low) 55
SD C RD 12
BB- Ba3 BB 40
B- Caa1 B- 34


Ratings

TE S&P Moody's Fitch DBRS Description
100 AAA Aaa AAA AAA Prime
95 AA+ Aa1 AA+ AA (high) High grade
90 AA Aa2 AA AA
85 AA- Aa3 AA- AA (low)
80 A+ A1 A+ A (high) Upper medium grade
75 A A2 A A
70 A- A3 A- A (low)
65 BBB+ Baa1 BBB+ BBB (high) Lower medium grade
60 BBB Baa2 BBB BBB
55 BBB- Baa3 BBB- BBB (low)
50 BB+ Ba1 BB+ BB (high) Non-investment grade
speculative
45 BB Ba2 BB BB
40 BB- Ba3 BB- BB (low)
35 B+ B1 B+ B (high) Highly speculative
30 B B2 B B
25 B- B3 B- B (low)
20 CCC+ Caa1 CCC CCC (high) Substantial risks
15 CCC Caa2 CCC Extremely speculative
10 CCC- Caa3 CCC (low) In default with little
prospect for recovery
  CC Ca CC
5 C C C
0 D / DDD   In default
/ DD D
D
Standard & Poor, Moody's, Fitch and DBRS' sovereign debt credit rating is displayed above. In addition, the Trading Economics (TE) credit rating is shown scoring the credit worthiness of a country between 100 (riskless) and 0 (likely to default). Unlike the ratings provided by the major credit agencies, our index is numerical because we believe it is easier to understand and more insightful when comparing multiple countries. Arguably, our ratings are less likely to be manipulated because they are unsolicited and we are not paid in any way to provide countries with a rating. Technically, our ratings are based on a forward looking macro economic model which takes into account several leading economic indicators, financial markets and very little discretion. If you have any question please email us at contact@tradingeconomics.com


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