Explicit state guarantee from the Kingdom of Belgium. Integral link with Belgium's federal government. Critical role in Belgium's export-oriented economy. The legal framework does not explicitly ensure timely payment of guarantee. The rating on Belgian state-owned export credit agency Delcredere/Ducroire reflects Standard&Poor's Ratings Services' view that there is an "almost certain" likelihood that the Belgian federal government will provide timely and sufficient extraordinary support to the company in the event of financial distress. As a result, we equalize the long-term credit rating on Delcredere/Ducroire with that on Belgium. Under our criteria for rating government-related entities (GREs), we base our opinion of an "almost certain" likelihood of extraordinary government support on our assessment of Delcredere/Ducroire's: "Integral" link with the
