Moody's cuts Belgium's rating

Business Materials 17 December 2011 03:10 (UTC +04:00)

Belgium's credit rating was cut two notches from AA1 to AA3 by Moody's Investors Service on Friday, Xinhua reported.

Moody's lowered Belgium's local- and foreign-currency government bond ratings to AA3, with a negative outlook while affirming its short-term ratings at Prime-1.

According to the rating agency's statement, the downgrade was due to Belgium's rising borrowing costs, slowing growth and liabilities.

Another rating agency Fitch Ratings put Belgium's AA+ rating on review for a downgrade on Friday, while Standard & Poor's, one of the three major rating agencies, cut the rating of Belgium to AA on Nov.25.