The US-based credit rating agency, Fitch Ratings, has maintained Belgium’s long-term financial rating at “A+”, with a stable outlook.
In June 2025, Fitch downgraded Belgium’s rating from “AA-” to “A+”, maintaining a stable outlook.
In its analysis released on Friday evening, Fitch praised Belgium’s “diversified and prosperous economy” and its membership of the Eurozone. However, the agency also highlighted concerns over Belgium’s “very high and rising public debt” and “complex political and institutional environment" which, it said, hindered fiscal adjustment efforts.
Fitch’s decision comes after a challenging April for Belgium’s financial credibility, during which Moody’s and Standard & Poor’s both downgraded the country's rating by one notch.
Credit ratings assigned by such agencies have a direct impact on the interest rates at which countries can borrow money on debt markets, potentially affecting their financial stability.
