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 (24 April 2026), 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 also takes into account a mature and robust legislative background, CFB's prudent and sophisticated debt management, as well as its very strong market access. The rating also incorporates our assessment of a strong likelihood that the Government of Belgium (A1 stable) would intervene in a timely manner to prevent a default.”

In April 2026, Moody’s modified the outlook of the Government of Belgium and three Belgian Regions and Communities:

• Government of Belgium (A1) – Stable
• Flemish Community (A1) – Stable
• Walloon Region (Baa1) – Stable
• Communauté française de Belgique (A3) – Stable