Critical role in supporting Belgium's trade policy Integral link with the Belgian government, which provides a legally binding guarantee for Credendo ECA's obligations Sensitivity to political risks and global economic cycles as experienced during the COVID-19 pandemic The stable outlook mirrors that on Belgium. Because we equalize our long-term rating on Delcredere/Ducroire (Credendo ECA) with that on Belgium, any rating action on Belgium would result in a similar action on Credendo ECA. We would reassess our view on state support of Credendo ECA if we saw weaker links, or reduced importance of its activities, with the government, or if its financials deteriorated materially, reflecting the potentially reduced importance of its financial standing within the government. This could result in a
