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S&P Global Ratings on April 24, 2026, downgraded Belgium’s long-term sovereign rating to AA- from AA with a stable outlook, citing persistent fiscal imbalances and slow budget consolidation. Government spending exceeds 54% of GDP, among the highest in the EU, while the deficit widened to 5.2% of GDP and is expected to stay at that level this year before easing to 4.5% by 2029. Efforts to improve public finances have been insufficient, with risks to reform implementation, particularly in pensions and labor. Growth is projected to slow slightly to 0.9% in 2026 from 1.0% in 2025, amid ongoing energy and trade uncertainties linked to the Iran conflict. Future upgrades depend on deficit and debt reduction, while further deterioration could trigger another downgrade. Moody’s credit rating for Belgium was last set at A1 with a stable outlook. DBRS’s credit rating for Belgium was last reported at AA with a stable outlook.
