S&P Global Ratings affirms all Credendo’s ratings

On 7 October 2026, S&P Global Ratings affirmed the ‘AA-’ long-term issuer credit rating and ‘A-1+’ short-term issuer credit rating of Credendo – Export Credit Agency, Credendo’s parent company, with a stable outlook.

The rating agency also affirmed the ‘A’ financial strength ratings of the subsidiaries Credendo – Trade Credit Insurance and Credendo – Guarantees & Speciality Risks, both with stable outlooks.

S&P Global Ratings underlines:

• the critical role of Credendo – Export Credit Agency in supporting Belgium’s trade policy;
• the integral link with the Belgian government, which provides a legally binding guarantee for Credendo – Export Credit Agency’s obligations.

Furthermore, the company has an excellent level of capital adequacy. As at 31 December 2025, Credendo – Export Credit Agency’s consolidated balance sheet totalled EUR 4.02 billion, including EUR 3.42 billion in equity.

Future

The stable outlook on Credendo – Export Credit Agency mirrors the outlook on the long-term ratings that S&P Global Ratings assigns to the Kingdom of Belgium.

The stable outlooks on Credendo – Trade Credit Insurance and Credendo – Guarantees & Speciality Risks reflect the rating agency’s view that the companies will experience consistent support from the group over the next two years.