Belgium Credit Ratings & Outlooks

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Belgium	Aa3 Negative	AA Negative	A+ Stable	AA Stable	AA- Negative

Credit Rating History

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Belgium	Jun 13, 2025	Fitch	AA-	Negative	A+	Stable
Belgium	Apr 25, 2025	S&P	AA	Stable	AA	Negative
Belgium	Oct 12, 2024	Moody's	Aa3	Stable	Aa3	Negative
Belgium	Sep 15, 2023	Scope Ratings	AA-	Stable	AA-	Negative
Belgium	Mar 10, 2023	Fitch	AA-	Stable	AA-	Negative
Belgium	Sep 24, 2021	Fitch	AA-	Negative	AA-	Stable
Belgium	May 28, 2021	Scope Ratings	AA	Negative	AA-	Stable
Belgium	Aug 14, 2020	DBRS	AA (high)	Stable	AA (high)	Negative
Belgium	Apr 03, 2020	Fitch	AA-	Stable	AA-	Negative
Belgium	Feb 07, 2020	Scope Ratings	AA	Stable	AA	Negative
Belgium	Jun 30, 2017	Scope Ratings	NR		AA	Stable
Belgium	Dec 23, 2016	Fitch	AA	Negative	AA-	Stable
Belgium	Nov 14, 2014	Fitch	AA	Stable	AA	Negative
Belgium	Mar 21, 2014	DBRS	AA (high)	Negative	AA (high)	Stable
Belgium	Mar 07, 2014	Moody's	Aa3	Negative	Aa3	Stable
Belgium	Feb 28, 2014	S&P	AA	Negative	AA	Stable
Belgium	Jan 23, 2013	Fitch	AA	Negative	AA	Stable
Belgium	Jan 27, 2012	Fitch	AA+	Negative Watch	AA	Negative
Belgium	Jan 13, 2012	S&P	AA	Negative Watch	AA	Negative
Belgium	Dec 16, 2011	Moody's	Aa1	Negative Watch	Aa3	Negative

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	CCC	CC
Extremely Speculative Grade			C	CCC	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.