In December 2021, Moody's confirmed the Walloon Region's rating at A3, with a stable outlook.
The elements put forward by Moody's are the following :
Credit strenghts
- Mature and robust legislative background with well-defined responsibilities amid a complex Belgian institutional system
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Revenue flexibility is high and is supportive of the region's credit profile
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Prudent but sophisticated debt management underpins unquestioned market access.
Credit challenges
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Substantial financing deficits will push the region's debt burden to a very high level for longer
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An economy which compares unfavorably with national and European peers