Belgium’s credit rating was cut two notches from AA1 to AA3

Belgium’s credit rating was cut two notches from AA1 to AA3 by Moody’s Investors Service on Friday.

Moody’s lowered Belgium’s local- and foreign-currency government bond ratings to AA3, with a negative outlook while affirming its short-term ratings at Prime-1.

According to the rating agency’s statement, the downgrade was due to Belgium’s rising borrowing costs, slowing growth and liabilities.

Another rating agency Fitch Ratings put Belgium’s AA+ rating on review for a downgrade on Friday, while Standard & Poor’s, one of the three major rating agencies, cut the rating of Belgium to AA on Nov. 25.

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