The explicit state guarantee extended to ONDD by the Kingdom of Belgium. The equalization of the ratings on ONDD with those on the Kingdom of Belgium (AA+/Stable/A-1+) reflects our view that there is an "almost certain" likelihood that the government, which fully owns the entity, will provide timely extraordinary support to ONDD, in the event of financial distress. The ratings also reflect the explicit state guarantee extended to ONDD. It is important to note that while the legal framework does not ensure timely payment of the guarantee, we believe 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. In the application of our
