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      Scope affirms the Kingdom of Belgium's ratings at AA-; revises the Outlook to Negative from Stable

      BEGV 0.600 12/04/26 BEGV 1.965 03/11/44 MTN BEGV 0.700 06/04/27 BEGV 0.750 12/04/25 BEGV 0.600 03/04/26 BEGV 3.600 06/17/48 '24 MTN BEGV 0.750 03/04/27 BEGV 0.500 06/04/26 BEGV 0.900 09/04/25 BEGV 3.000 06/22/34 BEGV 0.500 10/22/24 BEGV 5.500 03/28/28 BEGV 4.250 03/28/41 BEGV 1.450 06/22/37 BEGV 2.250 06/22/57 BEGV 2.150 06/22/66 BEGV 1.900 06/22/38 BEGV 1.600 06/22/47 BEGV 3.750 06/22/45 BEGV 5.000 03/28/35 BEGV 1.000 06/22/26 BEGV 4.500 03/28/26 BEGV 1.000 06/22/31 BEGV 0.800 06/22/27 BEGV 0.800 06/22/25 BEGV 4.000 03/28/32 BEGV 2.500 09/09/15 MTN BEGV 0.050 06/01/40 MTN BEGV 2.875 09/18/24 MTN BEGV 3.240 05/22/43 MTN BEGV 3.940 07/10/53 '23 MTN BEGV 4.550 12/09/41 MTN PUT BEGV 1.910 07/27/26 MTN BEGV 3.590 06/03/58 MTN BEGV 0.250 06/18/40 MTN BEGV 3.520 07/29/53 '32 MTN BEGV 4.050 06/24/33 MTN BEGV 4.192 07/09/25 MTN BEGV 2.300 05/06/16 MTN BEGV 2.875 03/28/34 MTN BEGV 4.250 09/18/28 MTN BEGV 3.500 07/29/53 '33 MTN BEGV 2.500 04/01/30 MTN BEGV 3.625 10/21/52 MTN BEGV 3.800 07/18/44 MTN BEGV 4.090 11/10/31 MTN PUT BEGV 1.795 06/27/44 MTN BEGV 4.200 07/18/33 MTN BEGV 3.980 11/10/31 MTN PUT BEGV 0.130 01/29/27 FRN MTN BEGV 3.900 03/29/40 MTN PUT BEGV 0.150 06/18/35 MTN BEGV 4.500 05/25/28 MTN BEGV 0.212 09/28/30 FRN MTN BEGV 0.071 10/22/24 FRN MTN BEGV 0.241 12/24/29 FRN MTN BEGV 8.875 12/01/24 BEGV 5.700 05/28/32 MTN BEGV 0.600 03/04/25 BEGV 1.100 12/04/24 BEGV 0.800 06/04/25 BEGV 0.650 09/04/27 BEGV 0.500 12/04/27 BEGV 0.800 06/22/28 BEGV 0.900 03/04/28 BEGV 1.250 04/22/33 BEGV 0.750 06/04/28 BEGV 0.650 09/04/28 BEGV 0.900 06/22/29 BEGV 1.700 06/22/50 BEGV 0.550 03/04/29 BEGV 1.000 05/28/30 MTN BEGV 0.100 06/22/30 BEGV 1.000 05/28/30 MTN BEGV 0.459 07/23/79 MTN BEGV 0.675 07/07/80 MTN BEGV 0.558 09/24/77 MTN BEGV 0.100 07/25/47 MTN BEGV 10/22/27 BEGV 0.400 06/22/40 BEGV 2.750 06/10/71 MTN BEGV 2.750 06/10/71 MTN BEGV 1.170 05/12/21 MTN BEGV 0.650 06/22/71 BEGV 10/22/31 BEGV 1.400 06/22/53 BEGV 0.350 06/22/32 BEGV 3.450 06/22/43
      FRIDAY, 15/09/2023 - Scope Ratings GmbH
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      Scope affirms the Kingdom of Belgium's ratings at AA-; revises the Outlook to Negative from Stable

      Wide budget deficits, rising public debt and persistent governance challenges drive the outlook revision. A wealthy and diversified economy, robust market access, a strong debt profile, and sound external position support the ratings.

      For the updated rating report, click here.

      Rating action

      Scope Ratings GmbH (Scope) has today affirmed the Kingdom of Belgium’s long-term issuer and senior unsecured debt ratings at AA- in both local and foreign currency and has revised the Outlook to Negative from Stable. The short-term issuer rating has been affirmed at S-1+ in both local and foreign currency with a Stable Outlook.

      Summary and Outlook

      The revision of the Outlook on Belgium’s AA- rating to Negative from Stable reflects:

      1. Scope’s expectation of persistently wide fiscal deficits, driven by elevated structural budgetary pressures, including rising interest and ageing-related spending. This will place Belgium’s public debt-to-GDP ratio on a firm upward trajectory and result in a deterioration of Belgium’s fiscal fundamentals vis-a-vis its European and rating peers.
         
      2. The persistence of governance challenges, including institutional rigidities and high political fragmentation and polarisation at the federal and regional levels, curb the government’s capacity to address structural economic and fiscal pressures. Worsening electoral prospects of major coalition partners ahead of the scheduled general elections in Spring 2024 could result in a renewed period of political instability.

      The Outlook revision reflects Scope’s updated assessments of Belgium unde