MADRID (Standard&Poor's) Nov. 29, 2011--Standard&Poor's Ratings Services today lowered its long-term issuer credit rating on Office National du Ducroire/Nationale Delcrederedienst (ONDD), Belgium's 100%-state-owned public credit insurer. At the same time, the 'A-1+' short-term issuer credit rating was affirmed. The outlook is negative. The rating actions mirror those we took on the Kingdom of Belgium (AA/Negative/A-1+) on Nov. 25, 2011 (see "Ratings On Belgium Lowered To 'AA' On Financial Sector Risks To Public Finances; Outlook Negative," published Nov. 25, 2011). The 'AA' long-term rating on ONDD is based on an equalization with that on the sovereign, reflecting Standard&Poor's opinion that there is an "almost certain" likelihood that the Belgian government, which fully owns the entity,
