We are affirming the 'AA+' long-term and 'A-1+' short-term issuer credit ratings on the Office National du Ducroire/Nationale Delcrederedienst. The stable outlook on ONDD reflects the Kingdom of Belgium's commitment as a long-term owner and guarantor of ONDD. On Dec. 21, 2009, Standard&Poor's Ratings Services affirmed its 'AA+' long-term and 'A-1+' short-term issuer credit ratings on the Office National du Ducroire/Nationale Delcrederedienst. The outlook is stable. The equalization of the ratings on ONDD with those on the Kingdom of Belgium (AA+/Stable/A-1+) reflects our view that there is an "almost certain" likelihood that the government, which fully owns the entity, will provide timely extraordinary support to ONDD, in the event of financial distress. The ratings also reflect the explicit
