We see an almost certain likelihood that Belgian export credit agency Credendo ECA would receive timely and sufficient extraordinary support from its owner, the Belgian government, if needed. We therefore continue to equalize our ratings on Credendo ECA with the sovereign ratings on Belgium. As a result, we are affirming our 'AA/A-1+' ratings on Credendo ECA. The stable outlook on Credendo ECA mirrors that on Belgium. On July 9, 2018, S&P Global Ratings affirmed its 'AA/A-1+' long- and short-term issuer credit ratings on Belgian state-owned export credit agency Delcredere/Ducroire (Credendo ECA). The outlook remains stable. The ratings on Credendo ECA mirror those on Belgium (unsolicited; AA/Stable/A-1+), since, in our opinion, there is an almost certain likelihood that the government of
