Financial rating of the Brussels-Capital Region

In October 2025 and again in March 2026, the American rating agency Standard & Poor’s maintained the Brussels-Capital Region’s rating at A, with a negative outlook. On the scale ranging from AAA to D, this rating indicates that the Region retains a strong capacity to meet its financial obligations, but remains vulnerable to economic developments.

This status quo results from several positive and negative factors:

• Government formation and the establishment of a trajectory aimed at returning to balance by the end of the legislative term are viewed very positively by S&P. The rating agency also notes that the 2025 budget execution was better than expected.
• However, the agency stresses the evolution of debt in 2025, whose increase was higher than anticipated. Moreover, S&P considers the risk of deviation from the ambitious budgetary path to be very real. This last point largely explains why the outlook remains negative.

The immediate consequences are limited: the Region has already secured a large part of its financing needs for 2026 under favorable conditions, and has diversified its sources, notably through the European Investment Bank and the Council of Europe Development Bank. 

The new Brussels government is committed to controlling debt and strengthening budgetary discipline to restore confidence and stabilize the situation.

External linkThe latest Standard & Poor’s publication

Given the challenges facing the Region, Belgium and Europe, a good financial rating of the Region is an undeniable positive factor. This allows the Region to pursue its policy at a competitive financing cost. In this way, it helps to protect the people of Brussels and the government policy aimed at those people of Brussels. However, the extent to which the Region can maintain this rating depends on its ability to provide stable multi-year budget prospects.

Financial ratings reflect the financial health of a state, a company or any entity that relies on the public market for financing. Compare it with the nutriscore. This rating is assigned to food in supermarkets and assesses the nutritional quality of products. This gives consumers a reliable and uniform criterion on which to base their choices.

Similarly, investors can assess the financial quality and health of an entity, such as a regional government, based on a financial rating. After all, these ratings provide a comprehensive picture of an organization's credit story: assessments, risk research and essential insights.

Specialized agencies assign these ratings to whoever issues a bond. Three leading agencies are widely recognized by the financial markets for this: Standard and Poor's Global Ratings, Fitch Ratings and Moody's.

To give (good) ratings, the agencies carry out an in-depth analysis. Although each of these agencies has its own specific expertise, the themes analyzed are broadly the same for authorities such as the Brussels Capital Region:

• the institutional framework
• the general economic situation
• the budget performance
• the financial management in the broadest sense of the word.

Based on their results, the rating agencies assign a rating to the organization or state/region.

It is on the basis of this rating that investors decide whether they can lend money to our Region and at what rate. The ratings vary slightly depending on which agency assigns the rating, but always range from AAA, the highest level, to C, at the bottom of the ladder. Debtors in default receive a D.