Saturday, December 17, 2011

Moody's cuts Belgium ratings by 2 notches

[ via Reuters ] 16 Dec

Moody's on Friday cut Belgium's credit rating by two notches, saying the euro zone debt crisis increases funding risks for countries with high public debt burdens.

Concerns about Belgium's economic growth prospects and its banking system, particularly with contingent liabilities stemming from the Dexia group bailout, also contributed to the decision, Moody's said.

"The fragility of the sovereign debt markets (in the euro zone) is increasingly entrenched and unlikely to be reversed in the near future," Moody's said in a statement.

Belgium's government declined to comment on Moody's decision.

Read full story for details.

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