Fitch Ratings on Monday cut its outlook on Belgium to 'Negative' from 'Stable' because of a protracted political crisis that has left the country without a permanent government for months. Fitch said the move reflected its concerns "over the pace of structural reform in the coming years and the ability to accelerate fiscal consolidation without a resolution to the constitutional crisis".
"Political risk is higher in Belgium than in other euro-area peers given the fractious disputes over the future shape of the state," it said.