We revised our outlook on Belgium to stable from negative on Feb. 28, 2014. We equalize our long-term rating on the Belgian state-owned export credit agency Delcredere/Ducroire with that on Belgium, reflecting our opinion that there is an "almost certain" likelihood that Delcredere/Ducroire would receive timely and sufficient extraordinary support from the Belgian government in case of financial distress. Consequently, we are revising our outlook on Delcredere/Ducroire to stable from negative and affirming our 'AA/A-1+' ratings. The stable outlook mirrors that on Belgium. On March 11, 2014, Standard&Poor's Ratings Services revised its outlook on Delcredere/Ducroire to stable from negative. At the same time, we affirmed our 'AA/A-1+' long- and short-term issuer credit ratings on Delcredere/Ducroire. The outlook revision
