Moody’s downgrades Belgium’s credit rating for first time in 15 years

Moody’s has lowered Belgium’s credit rating from Aa3 to A1, marking the first downgrade in 15 years.

A1 is still a strong rating, but it means the agency now sees Belgium’s risk of default as “low” rather than “very low”. It also places Belgium in the upper part of that category.

The rating had been unchanged since 2011. Moody’s had previously warned about Belgium’s rising public debt and increasing costs linked to an ageing population. Since October 2024, the outlook had already been “negative”.

Credit ratings are important because they influence how much governments pay to borrow money on international markets. Other agencies have also recently reviewed Belgium’s position: Fitch Ratings downgraded Belgium in June 2025, while S&P Global Ratings still rates the country higher, but with a negative outlook.

S&P is expected to publish a new review of Belgium’s rating next week.

_{Belgian PM Bart De Wever | © BELGA PHOTO EMILE WINDAL}