Belgian Export Credit Agency Credendo ECA

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 almost certain likelihood that the Belgian government will provide timely and sufficient extraordinary support to Credendo ECA if the company experiences financial distress. We base our view of an almost certain

...Credendo ECA will continue to play its critical role for and being integral to the Belgian government as its export credit agency. The entity fosters exports, which are key for the Belgian economy, by providing insurance products to cover for political risks. Credendo ECA posted a net loss of 266 million for 2022. This was mainly due to the provisioning after Ghana's announcement of the moratorium on its external debt, and because of the Russian-Ukraine conflict. We expect Credendo's subsidiaries to remain core (Credendo - Short-Term Non-EU Risks and Credendo - Short-Term EU Risks) and highly strategic (Credendo - Guarantee & Speciality Risks) to the group. They provide a wide range of dedicated and specialized products and solutions that are embedded in the group's strategy. Outlook The stable outlook on Credendo ECA mirrors that on Belgium (unsolicited; ##/Stable/A-1+). Because we equalize our long-term rating on Credendo ECA with that on Belgium, any rating action on Belgium would result...

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