Standard & Poor’s lowers the Brussels Region’s rating and this has “dire consequences” in the medium term

The reduction in the Brussels Region could therefore lead to Brussels having to pay more interest when it borrows money. Brussels’ creditworthiness is declining because, according to Standard & Poor’s, the budget deficit will be higher than expected in the coming years and the debt ratio will rise further.

Brussels Budget Minister Sven Gatz (Open VLD) confirms that the lower rating by Standard & Poor’s is not good news. According to him, the short-term consequences are limited.

“We closed almost all of our loans on still favorable terms in the first months of the current year and we also spread our risks with two important loans from the European Investment Bank.”

In the medium term, however, the task will be “very difficult”, he admits. According to Gatz, additional savings must be made and strategic investments must be phased out more quickly.

“It is possible for the next government to draw up a new budget path, but then everyone will have to take responsibility,” the minister said.