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S&P downgrades Belgium's credit rating

(Xinhua)

14:47, November 26, 2011

NEW YORK, Nov. 25 (Xinhua) -- The rating agency Standard & Poor's on Friday lowered Belgium's long-term sovereign credit rating from "AA+" to "AA", and gave a negative outlook.

The agency said in a statement that Belgium's already high government debt weakened the country's ability to finance. It anticipated that by the end of 2011, Belgium's net government debt will account for 93 percent of its total gross domestic product ( GDP).

Also, S&P is concerned that the slow economic growth also poses a threat to the country's budget situation. It projected Belgium's budget deficit in 2011 to be around 3.6 percent of its GDP.

The ability of Belgium's authorities to respond to potential economic pressures from inside and outside of Belgium is constrained by the repeated failure of attempts to form a new government, according to the statement.

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