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- - 28 Sep 2021 outlook upgrade
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
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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