France, Belgium and Austria Face 50% Chance of Rating Downgrades, JPMorgan Says

France, Belgium and Austria are the euro-zone members most vulnerable to credit-rating downgrades in 2026, according to JPMorgan.

Each of those countries faces a 50% probability of a cut in the coming year from at least one of Moody’s Ratings, S&P Global Ratings or Morningstar DBRS, analysts Aditya Chordia and Matteo Mamprin wrote in a report dated Tuesday. Overall, they anticipate “limited” movement in credit scores in the region.