We continue to equalize our ratings on the Belgian export credit agency Delcredere/Ducroire 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 Delcredere/Ducroire in case of financial distress. Therefore we are affirming our 'AA/A-1+' ratings on Delcredere/Ducroire. The stable outlook on the agency mirrors the stable outlook on Belgium. On Oct. 14, 2016, S&P Global Ratings affirmed its 'AA/A-1+' long- and short-term issuer credit ratings on Belgian export credit agency Delcredere/Ducroire. The outlook is stable. The ratings on Delcredere/Ducroire mirror those on the Kingdom of Belgium (unsolicited; AA/Stable/A-1+). They reflect our opinion that there is an almost certain likelihood that the
