Financial rating

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 :

Credit strengths:

  • 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.

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