Summary: Dexia Municipal Agency Jan 05

Standard & Poors, January 2005

Abstract
The 'AAA' rating assigned to the "obligations foncières" (French covered bonds) issued by Dexia Municipal Agency (Dexia M.A.) is based on provisions of the 1999 French law on bonds backed by mortgages and public sector loans and on Dexia M.A.'s credit, asset liability management, and overcollateralization policies. The legal framework established by the 1999 law eliminated uncertainties that would have prevented the assigning of an 'AAA' rating to Dexia M.A.'s "obligations foncières," by rendering certain provisions of French bankruptcy law inapplicable to covered bonds. Dexia M.A. is a "société de crédit foncier" (SCF; a special-purpose financial institution set up in September 1999 under the 1999 law). Even in the event of a bankruptcy of Dexia M.A. or its parent, payments...

Companies mentioned in this report are:
- Dexia Municipal Agency
- Banque Internationale a Luxembourg
- 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 Municipal Agency
- Banque Internationale a Luxembourg
- Dexia Credit Local
- Belfius Bank

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