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Fitch May Remove Belgium’s Negative Rating Outlook, Renwick Says

Oct. 26 (Bloomberg) -- Fitch Ratings may remove its negative outlook for Belgium if the nation keeps showing determination to reduce its deficit, according to Douglas Renwick, a director at the company.

“Certainly I think the risks there again have come off somewhat,” Renwick said in an interview on Bloomberg Television’s “On The Move” with Francine Lacqua in London. “They’ve got a very good record in budget consolidation, meeting their targets.”

Fitch cut the euro-area nation’s credit rating by one step on Jan. 27 to AA, the third-highest level, and said the country was at risk of a further downgrade.

If Belgium were to show early next year that “they’re continuing to bring their deficit down well below 3 percent, then that would likely cause us to stabilize the outlook,” Renwick said. Belgium reported a budget shortfall of 3.7 percent last year.

Belgium’s 10-year bonds rose for the first time in five days, with the yield falling three basis points, or 0.03 percentage point, to 2.45 percent at 12:04 p.m. London time.

To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net

To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net

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