Flanders’ rating is the highest of all Belgian regions and communities and is even one notch above the Belgian federal rating. Flanders thus remains one of the few European regions to which Fitch assigned a rating higher than that of the sovereign.
Fitch affirmed Flanders Rating at AA-
On Friday, 15 May 2026, Fitch has affirmed the Flemish Community’s long-term rating at ‘AA-’ with a stable outlook. The short-term rating remained at F1+. The Flemish Community’s Standalone Credit Profile (SCP) is ‘aa’.
The long-term rating of AA- is still one notch above the rating of Belgium. According to Fitch Flanders meets the conditions to be rated above the sovereign due to protection from any unilateral interference from the federal government and the great financial and fiscal autonomy. However, Fitch believes a sharp deterioration in sovereign finances would likely affect the Flemish Community, and that a default of the sovereign would have a significant effect on the Flemish Community, including a sharp increase in its cost of borrowing. However, it would not necessarily lead to an immediate default of the Flemish Community itself. Fitch considers that the Flemish Community has a large incentive to support the federal government due to the importance of the services provided by the latter to the population, including unemployment benefits. This explains why the Flemish Community is not rated more than one notch above the sovereign.
Fitch’s reports in the press release of 15 May 2026 that Flanders has a solid economy with indicators above the Belgian and European average. Five out of the six Key Risk Factors (KRFs) were assessed as ‘stronger’:
- revenue robustness
- revenue adjustability
- expenditure sustainability
- liabilities & liquidity robustness
- liabilities & liquidity flexibility
The current contract with Fitch runs from 1 March 2024 to 29 February 2028.
Full Report & Press Release
Want to know more? You can find all the details in the press release from 15 May 2026.