On April 25, 2025, we revised our outlook on the unsolicited sovereign ratings on Belgium to negative from stable and affirmed our 'AA/A-1+' unsolicited long- and short-term foreign and local currency sovereign credit ratings. Following the above rating action, we revised our outlook on Belfius Bank SA/NV's public sector covered bond program and outstanding issuances to negative from stable and affirmed our 'AAA' ratings. PARIS (S&P Global Ratings) May 12, 2025--S&P Global Ratings today revised the outlook on its covered bond ratings on Belfius Bank SA/NV's public sector covered bond program and related issuances to negative from stable. At the same time, we affirmed our 'AAA' credit ratings on the covered bonds. The rating action follows our rating action on
