On 20 June 2025, Fitch Ratings downgraded the Flemish Community’s long-term credit rating from ‘AA’ to ‘AA-’ with a stable outlook. The short-term rating remains unchanged at F1+.
This follows the downgrade of Belgium’s sovereign rating to ‘A+’ on 13 June 2025. While Flanders maintains a strong Standalone Credit Profile (‘aa’) and significant financial autonomy, Fitch notes that worsening federal finances could still impact the region’s borrowing conditions.
For more information, visit the Rating page.