According to J.P. Morgan Chase, France, Belgium, and Austria are the member countries in the Eurozone most vulnerable to credit rating downgrades in 2026. Analysts Aditya Chordia and Matteo Mamprin wrote in a report dated Tuesday that the three countries each have a 50% chance of being downgraded by Moody's, S&P Global Ratings, or Morningstar DBRS within the next year. Overall, they expect “limited” changes in credit ratings in the region. “Continued fiscal challenges put France, Belgium, Austria, and Finland at risk of negative rating action,” they said. “On the other hand, we believe there is room for southern European countries to increase their ratings or improve their outlook.”

According to J.P. Morgan Chase, France, Belgium, and Austria are the member countries in the Eurozone most vulnerable to credit rating downgrades in 2026. Analysts Aditya Chordia and Matteo Mamprin wrote in a report dated Tuesday that the three countries each have a 50% chance of being downgraded by Moody's, S&P Global Ratings, or Morningstar DBRS within the next year. Overall, they expect “limited” changes in credit ratings in the region. “Continued fiscal challenges put France, Belgium, Austria, and Finland at risk of negative rating action,” they said. “On the other hand, we believe there is room for southern European countries to increase their ratings or improve their outlook.”