We have placed our 'AA' unsolicited long-term sovereign credit rating on the Kingdom of Belgium on CreditWatch with negative implications. The ratings on Office National du Ducroire/Nationale Delcrederedienst (ONDD) are equalized with those on the Kingdom of Belgium, reflecting our opinion that there is an "almost certain" likelihood that ONDD would receive timely and sufficient extraordinary support from the Belgian government. Consequently, we are placing our long-term 'AA' ratings on ONDD on CreditWatch with negative implications. We are affirming the 'A-1+' short-term ratings. MADRID (Standard&Poor's) Dec. 7, 2011--Standard&Poor's Ratings Services said today that it was placing its 'AA' long-term issuer credit ratings on Office National du Ducroire/Nationale Delcrederedienst (ONDD) on CreditWatch with negative implications. RATIONALE The
