Moody’s Downgrades Belgium’s Credit Rating to A1

Moody’s has downgraded Belgium’s credit rating from Aa3 to A1, marking the first downgrade in 15 years.

The rating agency announced the change on April 17, 2026, citing rising public debt and increasing costs linked to an ageing population as key factors behind the decision.

Although A1 remains a strong rating, the change reflects a shift in Moody’s assessment of Belgium’s risk of default from “very low” to “low.” The agency noted that Belgium now falls within the upper part of the A category.

The outlook for Belgium’s rating had already been negative since October 2024 and this is the first time the rating has been altered since 2011.

Other major rating agencies have also recently reviewed Belgium’s position. Fitch Ratings downgraded the country in June 2025, while S&P Global Ratings continues to rate Belgium higher but maintains a negative outlook, with a new review expected in the coming days.

Credit ratings play a significant role in determining the cost of borrowing for governments on international markets, and the downgrade may influence Belgium’s future financing conditions.

Belgian Prime Minister Bart De Wever has acknowledged the challenges, emphasizing that additional efforts are necessary to address the country’s fiscal trajectory.