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Summary: Dexia Bank S.A. Jul 05

  • ID: 1857689
  • July 2005
  • Standard & Poors
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Abstract
The 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 (Dexia), for which they act as the three main operating banks. Dexia has a unique and dominant position in the European local government market, a low-risk business mix, excellent asset quality, good operating performance, and satisfactory capital base. The group's reliance on wholesale funding is mitigated by conservative management practices. Although Dexia favored organic growth in the past four years, its past external growth operations carried inherent execution risks. This was exemplified by the purchase of Labouchère N.V. (now Dexia Bank Nederland N.V.; DBnl), which was a strategic and financial failure. Dexia's expertise...

Companies mentioned in this report are:
- Belfius Bank SA/NV

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 READ MORE >

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- Belfius Bank SA/NV

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3 of 3
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