Creditreform Rating AG assigned the unsolicited corporate issuer rating of Elia Transmission Belgium S.A. a rating of A with stable outlook. The primary rating drivers contributing to this rating result are the regulatory framework though which it generates most of its income, which is further enhanced through its monopoly status as the only transmission system operator in Belgium. These factors enable the Company to generate stable revenues, margins and cash flows. Additionally, the Company has a close relationship with the Belgian government via the shareholding of Publi-T in Elia Group S.A., its 100 percent parent company. The stable outlook is based on the current regulatory framework (2020 2023) and its renewed investment plan. We continue to assume that the stability and support offered by the regulatory framework required for the financing of these investments continues to be present and believe that the planned investments in the current investment plan will not lead to a significant change in leverage in the course of the next year (2021 / 2022). However, as the renewed investment plan foresees a significant increase in investments we believe that this might lead to a deterioration of the financial key figures in the medium term.