Rating: Belgium Credit Rating 2025

Rating Moody's Belgium

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
2024-10-11	Aa3 (Negative)
2023-04-28	Aa3 (Stable)
2021-11-26	Aa3 (Stable)	2024-10-11	Aa3
2019-10-11	Aa3 (Stable)	2023-04-28	Aa3
2017-03-03	Aa3 (Stable)	2021-11-26	Aa3
2014-03-07	Aa3 (Stable)	2019-10-11	Aa3
2011-12-16	Aa3 (Negative)	2017-03-03	Aa3
2011-10-07	(Under Review)	2014-03-07	Aa3
2009-01-13	(Stable)	2011-12-16	Aa3
2006-03-28	(Positive)	2004-02-06	P-1
2003-11-15	(Stable)	2001-11-27	Aa1
1999-01-01	Aa1	1997-01-27	Aa1
1988-03-22	Aa1	1989-04-17	Aa1

Moody's: Long term Rating

Rating S&P Belgium

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
2014-02-28	(Stable)
2012-01-13	(Negative)
2011-12-05	(Negative)
2011-11-25	AA (Negative)	2011-11-25	AA
2010-12-14	(Negative)	2005-11-01	AAA
1988-10-26	AA+	1998-05-06	AA+	1988-10-26	A-1+	1995-08-03	A-1+

S&P: Long term Rating

Rating Fitch Belgium

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
		2020-04-03	AA-	2020-04-03	F1+
		2019-10-04	AA-	2019-10-04	F1+
2020-04-03	AA-	2019-04-05	AA-	2019-04-05	F1+
2019-10-04	AA-	2018-11-30	AA-	2018-11-30	F1+
2019-04-05	AA-	2018-06-01	AA-	2018-06-01	F1+
2018-11-30	AA-	2017-12-01	AA-	2017-12-01	F1+
2018-06-01	AA- (Stable)	2017-06-23	AA-	2017-06-23	F1+
2017-12-01	AA- (Stable)	2016-12-23	AA-	2016-12-23	F1+
2017-06-23	AA- (Stable)	2016-07-22	AA	2016-07-22	F1+
2016-12-23	AA- (Stable)	2016-07-01	AA	2016-07-01	F1+
2016-07-22	AA (Negative)	2016-01-22	AA	2016-01-22	F1+
2016-07-01	AA (Negative)	2015-07-24	AA	2015-07-24	F1+
2016-01-22	AA (Negative)	2015-01-30	AA	2015-01-30	F1+
2015-07-24	AA	2014-11-14	AA	2014-11-14	F1+
2015-01-30	AA	2014-09-24	AA	2014-09-24	F1+
2014-11-14	AA (Negative)	2014-09-12	AA	2014-09-12	F1+
2014-09-24	AA (Stable)	2014-08-20	AA	2014-08-20	F1+
2014-09-12	AA (Stable)	2014-08-04	AA	2014-08-04	F1+
2014-08-20	AA (Stable)	2014-07-18	AA	2014-07-18	F1+
2014-08-04	AA (Stable)	2014-07-02	AA	2014-07-02	F1+
2014-07-18	AA (Stable)	2014-06-26	AA	2014-06-26	F1+
2014-07-02	AA (Stable)	2014-06-19	AA	2014-06-19	F1+
2014-06-26	AA (Stable)	2014-05-22	AA	2014-05-22	F1+
2014-06-19	AA (Stable)	2014-05-16	AA	2014-05-16	F1+
2014-05-22	AA (Stable)	2014-04-24	AA	2014-04-24	F1+
2014-05-16	AA (Stable)	2014-04-02	AA	2014-04-02	F1+
2014-04-24	AA (Stable)	2014-03-28	AA	2014-03-28	F1+
2014-04-02	AA (Stable)	2014-02-26	AA	2014-02-26	F1+
2014-03-28	AA (Stable)	2014-01-23	AA	2014-01-23	F1+
2014-02-26	AA (Stable)	2014-01-02	AA	2014-01-02	F1+
2014-01-23	AA (Stable)	2013-12-27	AA	2013-12-27	F1+
2014-01-02	AA (Stable)	2013-11-19	AA	2013-11-19	F1+
2013-12-27	AA (Stable)	2013-03-06	AA	2013-03-06	F1+
2013-11-19	AA (Stable)	2013-02-19	AA	2013-02-19	F1+
2013-03-06	AA (Stable)	2012-10-18	AA	2012-10-18	F1+
2012-07-30	AA (Negative)	2012-09-21	AA	2012-09-21	F1+
2012-07-05	AA (Negative)	2012-07-30	AA	2012-07-30	F1+
2012-04-30	AA (Negative)	2012-07-05	AA	2012-07-05	F1+
2012-02-10	AA (Negative)	2012-04-30	AA	2012-04-30	F1+
2012-01-27	AA (Negative)	2012-02-10	AA	2012-02-10	F1+
2011-12-20	AA+ (Negative)	2012-01-27	AA	2012-01-27	F1+
2011-10-27	AA+ (Negative)	2011-12-20	AA+	2011-12-20	F1+
2011-10-03	AA+ (Negative)	2011-10-27	AA+	2011-10-27	F1+
2011-05-23	AA+ (Negative)	2011-10-03	AA+	2011-10-03	F1+
2006-05-02	AA+ (Stable)	2011-05-23	AA+	2011-05-23	F1+
2002-06-17	AA (Stable)	2006-05-02	AA+	2006-05-02	F1+
2000-09-21	AA- (Stable)	2002-06-17	AA	2002-06-17	F1+	2020-04-03	F1+
1998-12-16	AA-	2000-09-21	AA-	2000-09-21	F1+	2019-10-04	F1+
1998-07-14	AA+	1998-12-16	AA-	1998-12-16	F1+	2019-04-05	F1+
1995-10-26	AA+	1998-07-14	AA+	1998-07-14	F1+	2018-11-30	F1+
1994-08-10	AA+	1995-10-26	AAA	1995-10-26	F1+	2018-06-01	F1+

Fitch: Long term Rating

Grade	Moody's	S&P	Fitch
Prime	Aaa	AAA	AAA
High grade	Aa1	AA+	AA+
	Aa2	AA	AA
	Aa3	AA-	AA-
Upper medium grade	A1	A+	A+
	A2	A	A
	A3	A-	A-
Lower medium grade	Baa1	BBB+	BBB+
	Baa2	BBB	BBB
	Baa3	BBB-	BBB-
Non-investment grade speculative	Ba1	BB+	BB+
	Ba2	BB	BB
	Ba3	BB-	BB-
Highly speculative	B1	B+	B+
	B2	B	B
	B3	B-	B-
Substantial risks	Caa1	CCC+	CCC+
	Caa2	CCC	CCC
	Caa3	CCC-	CCC-
Extremely speculative	Ca	CC	CC
Extremely speculative			C
In default with little prospect for recovery		SD	RD
In default	C	D	D
			DD
			DDD
Not rated	WR	NR

Grade	Moodys	S&P	Fitch
High grade	P-1	A-1+	F1+
Upper medium grade	P-1	A-1	F1
Lower medium grade	P-2	A-2	F2
Non-investment grade speculative	P-3	A-3	F3
Highly speculative		B	B
Extremely speculative	NP	C	C