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S&P downgrades Belgium's credit rating

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S&P downgrades Belgium's credit rating

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Standard and Poors rating agency on Friday cut Belgium’s credit rating from AA+ to AA with a negative outlook.

The agency said the move, which was not a total surprise, came as a result of general instability in European economies.

It also pointed to the ongoing failure of parties in Brussels to form a government.

This has amplified the country’s high debt levels as they are unable to pass austerity measures.