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Fitch Affirms Belgium's Issuer Default Rating on Diversified Economy; Outlook Stable

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Fitch affirmed its A+ long-term issuer default rating for Belgium, with a stable outlook, according to a May 22 release.

The rating is based on Belgium's wealthy, diversified economy and its eurozone membership, combined with its income per capita and governance metrics surpassing its A peer median. However, Fitch noted that these factors are offset by the country's "very high and rising" government debt, alongside a complex political and institutional framework that hinders fiscal reform efforts.

The rating agency forecasts that without additional budget reforms, Belgium's debt-to-gross domestic product ratio will climb past 115% of its gross domestic product by 2030. Concurrently, Fitch forecasts the country's real GDP growth to decelerate to 0.8% in 2026, down from 1% in 2025, as energy-driven inflation from the Iran conflict is expected to dampen domestic demand.

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