In December 2022, Moody's confirmed the Walloon Region's rating at A3, with a stable outlook.
The elements put forward by Moody's are the following :
- 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 high, and the region is committed to increasing its expenditure flexibility and to proceeding with spending cuts.
- 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