This article is the Belgian report concerning rating agencies to the 2006 Congress of the International Academy of Comparative Law to be held in Utrecht. After describing credit rating practices in Belgium, the report considers the extent to which Belgian regulation requires, or relies upon, credit ratings. It then describes Belgian regulation applicable to credit rating agencies and credit rating activities. The remainder of the report analyzes when Belgian law provides civil remedies against a rating agency which issues a credit rating not correctly reflecting the creditworthiness of the rated entity.