Ratings

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 |
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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 |
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Aa2 |
AA |
AA |
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Aa3 |
AA- |
AA- |
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A1 |
A+ |
A-1 |
A+ |
A1 |
Upper Medium Grade |
|
A2 |
A |
A |
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A3 |
P-2 |
A- |
A-2 |
A- |
A2 |
|
Baa1 |
BBB+ |
BBB+ |
Lower Medium Grade |
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Baa2 |
P-3 |
BBB |
A-3 |
BBB |
A3 |
|
Baa3 |
BBB- |
BBB- |
Since 1 March 2020 the Flemish Community contracted Fitch for its rating, before it was Moody's.