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. The stable outlook on Credendo ECA mirrors that on Belgium (unsolicited; AA/Stable/A-1+). Because we equalize our long-term rating on Credendo ECA with that on Belgium, any rating action on Belgium would result in a similar action on Credendo ECA. We would lower our ratings on Credendo ECA if we were to lower our ratings on Belgium. We would raise our ratings on Credendo ECA if we were to raise our ratings on Belgium. The ratings on Credendo ECA mirror those on Belgium because, in our opinion, there is an
