Belgium Has Credit Rating Cut by Fitch as Deficit Seen Rising
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Downgrade reflects struggle to return to a balanced budget
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Rating lowered to AA- from AA, with a stable outlook
Fitch Ratings cut Belgium’s credit rating for the first time in almost five years as the government struggles to reach its goal of returning to a balanced budget.
In a statement Friday, Fitch announced a one-step reduction to AA- from AA. That’s equivalent to Belgium’s credit score of Aa3 at Moody’s and one step below the AA rating assigned by Standard & Poor’s. The outlook on the rating is stable, Fitch said.
Fitch said it raised its forecast for Belgium’s 2016 budget deficit to 3 percent of gross domestic product, from 2.7 percent in its previous review. Gross public debt, seen at 107 percent percent of GDP in 2016, is the highest among sovereigns in the AA group, according to the ratings company…
Belgium Has Credit Rating Cut by Fitch as Deficit Seen Rising
