Issue Ratings Lowered On Hybrid Instruments Of Some European Banks On Heightened Deferral Risk Jan 09

Standard & Poors, January 2009

Abstract
PARIS (Standard & Poor's) Jan. 28, 2009--Standard & Poor's Ratings Services said today that it has lowered the issue ratings on the hybrid capital securities of several European financial institutions by two or more notches following our review of institutions that have received material government capital support: --Commerzbank AG (A/Stable/A-1), plus subsidiaries Dresdner Bank AG (A/Stable/A-1) and Eurohypo AG (A/Negative/A-1); --Entities of the group Dexia S.A.: Dexia Crédit Local, Dexia Banque Internationale à Luxembourg, and Dexia Bank S.A. (all three entities A/Stable/A-1); --Fortis Bank SA/NV (A/Watch Pos/A-1), and --Northern Rock PLC (A/Stable/A-1). Note that several of the issue ratings of the issuing groups remain on CreditWatch with negative or developing implications due to uncertainties regarding restructuring plans and the future...

Companies mentioned in this report are:
- Commerzbank AG
- Dresdner Bank AG
- Banque Internationale a Luxembourg
- BNP Paribas Fortis SA/NV
- Dexia Credit Local
- Northern Rock (Asset Management) PLC
- Belfius Financing Co.
- Dresdner Funding Trust I
- Dresdner Capital LLC II
- Belfius Bank SA/NV
- Dresdner Funding Trust IV
- Hypothekenbank Frankfurt AG
- Commerzbank Capital Funding Trust I
- Commerzbank Capital Funding Trust II
- HT1 Funding GmbH
- UT2 Funding PLC
- Dexia Funding Luxembourg S.A.
- Commerzbank Capital Funding Trust III

Action: Downgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Commerzbank AG
- Dresdner Bank AG
- Banque Internationale a Luxembourg
- BNP Paribas Fortis SA/NV
- Dexia Credit Local
- Northern Rock (Asset Management) PLC
- Belfius Financing Co.
- Dresdner Funding Trust I
- Dresdner Capital LLC II
- Belfius Bank SA/NV
- Dresdner Funding Trust IV
- Hypothekenbank Frankfurt AG
- Commerzbank Capital Funding Trust I
- Commerzbank Capital Funding Trust II
- HT1 Funding GmbH
- UT2 Funding PLC
- Dexia Funding Luxembourg S.A.
- Commerzbank Capital Funding Trust III

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