We continue to equalize our ratings on the Belgian export credit agency Credendo ECA with the sovereign ratings on Belgium. This reflects our view of an almost certain likelihood of timely and sufficient extraordinary financial support from the Belgian federal government to Credendo ECA in case of financial distress. Therefore we are affirming our 'AA/A-1+' ratings on Credendo ECA. The stable outlook on Credendo ECA mirrors the stable outlook on Belgium. On July 28, 2017, S&P Global Ratings affirmed its 'AA/A-1+' long- and short-term issuer credit ratings on Belgian export credit agency Delcredere/Ducroire (hereafter Credendo ECA). The outlook is stable. The ratings on Credendo ECA (commercial name for Delcredere/Ducroire) mirror those on the Kingdom of Belgium (unsolicited; AA/Stable/A-1+). They reflect
