Explicit state guarantee of the Kingdom of Belgium. Integral link with the Belgian federal and regional government authorities present in the organizational structure. The legal framework does not explicitly ensure timely payment of the guarantee. The equalization of the ratings on ONDD with those on the Kingdom of Belgium (AA+/Negative/A-1+) reflects Standard&Poor's Ratings Services' 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's total balance sheet. It is important to note that while the legal framework does not ensure timely payment of the guarantee, we believe that
