The Wallonia-Brussels Federation has maintained an Aa3 credit rating with a stable outlook from Moody’s, the region’s Budget Minister Frédéric Daerden announced on Monday.
This means that the Federation’s economy is “judged to be of high quality” and “subject to low credit risk,” according to Moody’s. In other words, the Federation would likely be able to repay any loans it takes on.
The Wallonia-Brussels Federation currently has the same credit rating as the federal government.
“This is good news for access to the financial markets at advantageous rates,” Daerden said. It might be “the last good budget news for a long time to come, but we will be able to build on it to rekindle the momentum for all francophones,” he said in a tweet.
The ratings of both the country and the federation will likely be impacted as the new coronavirus (Covid-19) outbreak brings the economy to a halt due to the far-reaching measures in place until at least 19 April.
Nevertheless, “the confirmation of our rating and the recognition of our good fiscal governance will help us in managing the post-crisis period, which will require investments and reforms that will allow us to revive our activities,” Daerden said.