Credit rating agency Moody’s has upheld Wallonia’s A3 rating and stable outlook.
In a statement issued on Saturday, Wallonia’s Budget and Finance Minister, Adrien Dolimont, welcomed the continuing high rating as a “strong signal” and a “recognition of work” that has been ongoing for several years.
“This confirmation of Wallonia’s rating is good news, demonstrating that our commitments have been met. Whether in regards to the financial accounts for 2022 or budgets for 2023 and 2024, Wallonia is maintaining its trajectory, strengthening its credibility. Moreover, the sustainment of the rating ensures the region’s finance from the markets at similar conditions,” Dolimont said.
The announcement also detailed Wallonia’s strengths per Moody’s evaluation: a robust and mature legislative context, well-defined responsibilities, cautious yet sharp debt management, high revenue flexibility and an assurance from the region to enforce expenditure reductions.
However, challenges still persist, as Wallonia continues to battle high regional debt burdens due to recurring financing deficits, and an economy that lags behind national and European counterparts.
