Transaction Update: Dexia Municipal Agency Aug 07

Standard & Poors, August 2007

Abstract
The volume of outstanding "obligations foncières" has increased by ?8.6 billion, or close to 19%, since Standard & Poor's Ratings Services' last transaction update. Asset diversification has continued to increase, with a growing proportion of loan exposure outside France. This transaction update follows a review of Dexia Municipal Agency's (Dexia M.A.'s) covered bond program. The program has been rated since 1999, and Dexia M.A. uses it to issue obligations foncières backed by a pool of public sector exposures. Dexia M.A. issues its obligations foncières via a ?75 billion senior secured MTN program, a ?1 billion French domestic privileged senior secured, and a A$5 billion senior secured MTN program. There are also issues outside the programs. All covered bonds rank pari...

Companies mentioned in this report are:
- Dexia Municipal Agency
- Banque Internationale a Luxembourg
- Dexia Credit Local
- Dexia Crediop SpA
- Dexia Kommunalbank Deutschland AG
- Belfius Bank
- Dexia Credit Local, France, Stockholm Branch
- RBC Investor Services Ltd.

Action: No Rating Change

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: Full Analysis

- Dexia Municipal Agency
- Banque Internationale a Luxembourg
- Dexia Credit Local
- Dexia Crediop SpA
- Dexia Kommunalbank Deutschland AG
- Belfius Bank
- Dexia Credit Local, France, Stockholm Branch
- RBC Investor Services Ltd.

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