We have lowered our long-term sovereign credit ratings on Belgium to 'AA', reflecting the risks to the sovereign's public finances we believe are emanating from Belgium's financial sector. Our ratings and outlook on 100% state-owned Office National du Ducroire/Nationale Delcrederedienst (ONDD), Belgium's public credit insurer, are based on an equalization with those on the sovereign. We are therefore lowering the long-term rating on ONDD to 'AA'. At the same time, we are affirming our 'A-1+' short-term ratings on the entity. The outlook is negative, mirroring the outlook on Belgium. The negative outlook reflects Standard&Poor's view of ongoing risks to the government debt trajectory linked to rising sovereign support of Belgium's stressed financial sector. It also reflects our view
