Summary: Dexia Bank S.A. Apr 04

Standard & Poors, April 2004

Abstract
The 'AA/Stable/A-1+' ratings on Dexia Crédit Local (DCL), Dexia Bank S.A. (DB), and Dexia Banque Internationale à Luxembourg (DBIL) rely on a consolidated analysis of the Dexia group to which they belong. Dexia is characterized by a low-risk business mix, excellent asset quality, good operating performance, and satisfactory capital base. Dexia, formed in 1996 through the strategic alliance of Belgium-based DB and France-based DCL, is among the 25 largest banking groups in Europe. It benefits from a strong market position and good financial performance in most of its core businesses: public and project finance in Europe and the U.S.; retail banking in Belgium and Luxembourg; and investment management services in Europe. After pursuing a dynamic acquisition policy in the past...

Companies mentioned in this report are:
- 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.

- Belfius Bank

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