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.

In Moody’s credit opinion of 15 september 2017, the Aa2 debt and issuer rating of the Community of Flanders was confirmed. This rating reflects the credit strengths en stable outlook of Flanders.

The credit strengths of the Community of Flanders according to Moody’s are:

  • Strong track record of budgetary discipline and continued commitment to fiscal consolidation
  • Modest debt burden and ample access to liquidity
  • Strong and diversified economic base.

The most recent updates of the rating of the Flemish Community are included on this site.