Citigroup: Ratings of peripheral countries in the eurozone may be upgraded in 2026.

The interest rate strategist at Citigroup Investment Research stated that a series of countries outside the Eurozone, including Italy, Spain, Portugal, Greece, and Ireland, have room for further credit rating upgrades in 2026. They indicated, however, that France may continue to be on a downward rating trajectory, while Belgium and Austria also face risks of rating downgrades. These strategists anticipate that Moody's Ratings may be the most active rating agency, followed by Fitch Ratings. Their baseline prediction is that S&P Global Ratings will only make one rating adjustment, which is to downgrade Belgium's rating by one notch.