In December 2023, Moody's confirmed the Walloon Region's rating at A3, with a stable outlook.
The elements put forward by Moody's are the following :
Credit strengths:
- A mature and robust legislative background with well-defined responsibilities amid a complex Belgian institutional system.
- Sophisticated but prudent debt management underpins unquestioned market access.
- Revenue flexibility is supportive of the Region's credit profile.
Credit challenges:
- The Region's debt burden will remain very high on the back of recurring financing deficits.
- An economy which compares unfavorably with national and European peers.