Rating

The French Community has been assessed since 2003 by the rating agency Moody's, which analyses its credit risk, i.e. the capacity to honour the interest on its debt and the repayment of the principal.

In its latest Credit Opinion (08 November 2024), Moody’s mentions in particular that the French Community’s credit profile “…reflects wide recurring financing deficits that are pushing the community's debt burden up to a high level. CFB's credit profile is further constrained by limited budgetary flexibility”.

“Our assessment of CFB's creditworthiness also takes into account a mature and robust legislative background, CFB's prudent and sophisticated debt management, as well as its unquestioned market access. The community benefits from a high likelihood of support from the Government of Belgium (Aa3 negative) if it were to face acute liquidity stress.”

In October and November 2024, Moody’s modified the outlook of the Government of Belgium and three Belgian Regions and Communities:

• Government of Belgium (Aa3) – Negative
• Flemish Community (Aa2) – Negative
• Walloon Region (A3) – Negative
• Communauté française de Belgique (A2) – Negative