US credit rating agency Standard & Poor’s has downgraded Belgium’s credit score from AA to AA- with a stable outlook.
This follows similar actions by Moody’s last week and Fitch last year.
S&P cited Belgium’s high structural budget deficits as a key concern.
The agency also expressed doubts about the feasibility of implementing the federal government’s measures to restore public finances.
The S&P downgrade comes on the heels of last week's move by Moody's to lower Belgium’s sovereign credit rating from Aa3 to A1, citing concerns over growth prospects, fiscal deterioration, and rising public debt.
Earlier - in June 2025 - Fitch lowered the country's rating from A+ to AA-.
