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January 27, 2023
BUSINESS

Belgium credit rating downgraded by S&P

Belgium became the latest euro-zone nation hit by a sovereign-debt downgrade, as Standard & Poor’s cut its rating by one notch Friday, citing a slowing economy and “protracted political uncertainty.” As BBC informs, the country’s downgrade could make it more expensive for Belgium to borrow in future. Belgium’s rating was cut by one notch, to AA from AA+, with S&P expressing concerns about funding and market pressures. The move comes as the eurozone crisis threatens to keep growing, and with continued concerns over Italian debt. “We think the Belgian government’s capacity to prevent an increase in general government debt, which we consider to be already at high levels, is being constrained by rapid private sector deleveraging both in Belgium and among many of Belgium’s key trading partners,” S&P said in a statement. It also said the outlook was “negative”, meaning Belgium’s rating could possibly be cut further in future.

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