The ratings on Office National du Ducroire/Nationale Delcrederedienst (ONDD) mirror those on the Kingdom of Belgium (AA+/Stable/A-1+) due to the sovereign's ownership of, and the explicit state guarantee extended to ONDD. Although the legal framework does not ensure timely payment of the guarantee, Standard&Poor's Ratings Services believes that sufficient safeguards are in place to ensure that if the state guarantee were ever to be called, it would be forthcoming in a timely manner. The rating reflects all transactions on ONDD's balance sheet, but does not extend to those of its subsidiaries. ONDD is Belgium's state-owned export credit insurer, specializing in commercial and political risk insurance, guaranteed by the sovereign. As an integral part of the economic and export-oriented
