Summary: Dexia Crediop SpA Jun 03

Standard & Poors, June 2003

Abstract
The ratings on Dexia Crediop SpA (Crediop) reflect the bank's membership in and strategic importance to the Dexia group, its leading position in lending to public authorities in Italy, excellent asset quality, satisfactory though strained profitability, and strong capital base. With total consolidated assets of ?18.3 billion and an estimated 21% market share at year-end 2002, Crediop is the leading private specialized lender to the Italian public sector after the state-owned Cassa Depositi e Prestiti. Crediop is a member of the Dexia group and can be considered its bridgehead in Italy. Its leading position in Italian public finance fits in well with Dexia's strategic goal of becoming the world leader in the market for public sector financial services. Highlighting its...

Companies mentioned in this report are:
- Dexia Crediop SpA
- Dexia Credit Local
- Belfius Bank

Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Dexia Crediop SpA
- Dexia Credit Local
- Belfius Bank

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