Dexia Bank's Subordinated Debt Lowered To 'BB+'; 'A-/A-2' Ratings Remain On CreditWatch With Developing Implications Nov 11
- Language: English
- Published: November 2011
NEW YORK (Standard & Poor's) Oct. 8, 2008--Standard & Poor's Ratings Services said today that the downgrade of Dexia Bank S.A. (A+/Watch Dev/A-1) does not affect the rating or outlook on Florida Gas Utility's (FGU) series 2006A bonds (AA-/A-1+/Negative). The downgrade of Dexia reflects the negative impact that current turbulent market conditions are having on its financial profile, mainly in terms of revenues and access to funding, and our view that Dexia's recent difficulties have also weakened the group's business franchise. The rating on the prepay transaction is tied to the rating on FGU's gas supplier, UBS AG (AA-/Negative/A-1+). Standard & Poor's could lower the rating on FGU's transaction if it lowers the rating on UBS. Dexia, Calyon (AA-/Stable/A-1+), and...
Companies mentioned in this report are:
- Belfius Bank
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