Belgium Has Outlook on Debt Lowered to Negative at Fitch

Belgium had the outlook on its debt rating lowered to negative at Fitch Ratings, which joined Standard & Poor’s in saying that political deadlock complicates efforts to cut the euro area’s third-highest debt load.

Fitch may cut Belgium’s AA+ rating, the second-highest investment grade, should the country fail to adhere to its deficit targets, it said in a statement today. Belgium needs to reduce its budget deficit to less than 3 percent of gross domestic product next year and balance its books by 2015, as agreed with the European Commission.