The equalization of the ratings on ONDD with those on the Kingdom of Belgium (AA/Negative/A-1+) 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 ONDD's "critical" link with the federal government and "integral" role for the Belgian state. The ratings also reflect the explicit state guarantee extended to ONDD's unconsolidated balance sheet. 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
