Explicit state guarantee of the Kingdom of Belgium. Integral link with the Belgian federal government. Critical role in Belgium's export-oriented economy. The legal framework does not explicitly ensure timely payment of guarantees. The rating on Delcredere/Ducroire reflects Standard&Poor's Ratings Services' view that there is an "almost certain" likelihood that the Belgian federal government, which fully owns the entity, will provide timely extraordinary support in the event of financial distress. Under our criteria for rating government-related entities (GREs), we base the ratings on our assessment of Delcredere/Ducroire's "critical" link with the federal government and "integral" role for the Belgian state. The ratings also reflect the explicit state guarantee extended to Delcredere/Ducroire's unconsolidated balance sheet. While the legal framework does
