We have revised our outlook on Belgium to negative, reflecting the risks we believe that prolonged domestic political uncertainty pose for the government's credit standing, especially given the difficult market conditions that many eurozone governments are facing. Our ratings and outlook on 100% state-owned Office National du Ducroire/Nationale Delcrederedienst (ONDD), Belgium's public credit insurer, are based on an equalization with those on the sovereign. Consequently, we are revising our outlook on ONDD to negative from stable. At the same time, we are affirming our 'AA+/A-1+' ratings on the entity. The negative outlook reflects the possibility of a one-notch sovereign downgrade if we conclude that the lack of consensus on key policy areas will result in the government's inability to stabilize
