Current Belgium credit ratings, according to main rating agencies.
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| Rating Agency | Rating | Outlook | Last Update | Action |
|---|---|---|---|---|
| Standard & Poor's | AA | - | 28 Feb 2014 | outlook upgrade |
| Moody's Investors Service | Aa3 | - | 7 Mar 2014 | outlook upgrade |
| Fitch Ratings | AA- | negative | 13 Mar 2023 | outlook downgrade |
| DBRS | AA | - | 15 Aug 2022 | rating downgrade |
Belgium: Long-term Rating Scales Comparison
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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| 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
|
||
Belgium Credit Ratings historical data
Timetable of Belgium credit ratings by S&P, Moody's, Fitch and DBRS agencies.
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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| Date | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|
| 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 |