We project that, due to an increase in investments, Brussels-Capital will maintain high deficits through 2019-2021, leading to marginally higher debt. Nevertheless, the supportive institutional framework and the region's highly efficient financial management should allow it to contain debt growth and maintain a very comfortable liquidity coverage. We are affirming our 'AA/A-1+' long- and short-term ratings on Brussels-Capital and maintaining our stable outlook. Rating Action On Sept. 13, 2019, S&P Global Ratings affirmed its 'AA' long-term and 'A-1+' short-term issuer credit ratings on Belgium's Region of Brussels-Capital. The outlook is stable. Outlook The outlook is stable because, in our base case, we expect Brussels-Capital will maintain a moderate debt burden and very sound liquidity, while significantly increasing capital expenditure over the next two years. Downside scenario We might consider a downgrade over that period if we
