25.04.202603:36:56UTC+00S&P Downgrades Belgium's Sovereign Debt Rating to AA-

On April 24, 2026, S&P Global Ratings downgraded Belgium’s long-term sovereign credit rating to AA- from AA, assigning a stable outlook. The downgrade reflects persistent fiscal imbalances and a slow pace of budgetary consolidation.

Government expenditure now exceeds 54% of GDP, one of the highest levels in the European Union. The fiscal deficit widened to 5.2% of GDP and is expected to remain around that level this year before gradually narrowing to approximately 4.5% by 2029. According to S&P, efforts to restore public finances have been inadequate, and there are significant risks to implementing key structural reforms, especially in the pension system and labor market.

Economic growth is forecast to edge down to 0.9% in 2026, from 1.0% in 2025, against a backdrop of ongoing energy and trade uncertainties linked to the conflict involving Iran.

S&P indicated that future rating upgrades would depend on a sustained reduction in the fiscal deficit and public debt, while any further deterioration in Belgium’s fiscal or economic position could lead to additional downgrades.

By comparison, Moody’s most recent rating for Belgium stands at A1 with a stable outlook, while DBRS last rated Belgium at AA, also with a stable outlook.