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S&P Comments On Dexia's Support For FSA; Ratings Unchanged, Outlook Still Negative Aug 08 Product Image

S&P Comments On Dexia's Support For FSA; Ratings Unchanged, Outlook Still Negative Aug 08

  • Published: August 2008
  • Standard & Poors

FEATURED COMPANIES

  • Belfius Bank SA/NV
  • Dexia Credit Local
  • MORE

Abstract
MILAN (Standard & Poor's) Aug. 7, 2008--Standard & Poor's Ratings Services said today that its ratings and outlooks on the main operating entities of Dexia S.A.--Dexia Crédit Local, Dexia Bank S.A., and Dexia Banque Internationale à Luxembourg (all rated AA/Negative/A-1+)--were unchanged following the group's announcement of capital support for U.S.-based municipal bond insurance subsidiary Financial Security Assurance Inc. (FSA; AAA/Negative/--) after it posted additional impairments yesterday, when we revised the outlook to negative (see "Financial Security Assurance Inc. Outlook Revised To Negative; 'AAA' Rating Affirmed"). Dexia announced preliminary results for second-quarter 2008 alongside FSA's quarterly earnings yesterday. Dexia group reported net income of €539 million (unaudited) for the quarter, down 37% year on year. The fall is entirely attributable to...

Companies mentioned in this report are:
- Belfius Bank SA/NV
- Assured Guaranty Municipal Corp.
- Banque Internationale a Luxembourg
- Dexia Credit Local

Action: General Comment

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- Belfius Bank SA/NV
- Assured Guaranty Municipal Corp.
- Banque Internationale a Luxembourg
- Dexia Credit Local

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