On Dec. 21, Standard&Poor's Ratings Services assigned its 'AA+' long-term and 'A-1+' short-term issuer credit ratings to the Office National du Ducroire/Nationale Delcrederedienst (ONDD). The outlook is stable. The ratings mirror those on the Kingdom of Belgium (foreign currency AA+/Stable/A-1+; local currency AA+/Stable/A-1+) due to the sovereign's ownership of and the explicit state guarantee extended to ONDD. While the legal framework does not ensure timely payment of the guarantee, we believe that sufficient safeguards are in place to ensure that if the state guarantee were ever to be called, it would be forthcoming in a timely manner. The rating comprehends all transactions on ONDD's balance sheet, but does not extend to those of its subsidiaries. ONDD is Belgium's
