Ratings

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As any other issuer of debt the Flemish Community is rated by rating agencies.

These ratings give a certain comfort to investors who would like to invest in debt issued by the Flemish Community.

The ratings are given to an issuer, i.e. the Flemish Community, a programme like the EMTN-programme and the BCP-programme of the Flemish Community and also to the issued notes.

There are ratings on long-term issued debt and short term issued debt. There is always an outlook given in relation with a rating. This outlook gives an indication what the possibility is of an up- or downgrade or if the rating will be stable in the near future.

This is a table with a comparison between the ratings given by the three largest rating agencies.

Moody’s

S&P

Fitch

 

Long term

Short term

Long term

Short term

Long term

Short term

Aaa

P-1

AAA

A-1+

AAA

A1+

Prime

Aa1

AA+

AA+

High Grade

Aa2

AA

AA

Aa3

AA-

AA-

A1

A+

A-1

A+

A1

Upper Medium Grade

A2

A

A

A3

P-2

A-

A-2

A-

A2

Baa1

BBB+

BBB+

Lower Medium Grade

Baa2

P-3

BBB

A-3

BBB

A3

Baa3

BBB-

BBB-

Since 1 August 2016 the Flemish Community contracted Moody’s for its rating, before it was S&P.