Dexia Crediop SpA Nov 10

Standard & Poors, November 2010

Abstract
Strategic importance to the Dexia group. Strong capitalization. Very good asset quality. Reduced business and profitability prospects of Italian local authority lending. Reliance on wholesale funding sources. High credit risk from lending concentration to Italy's public sector. The ratings on Italian bank Dexia Crediop SpA are supported by Standard & Poor's Ratings Services' assessment of its strategic importance to Belgium-based Dexia group's core entities-- Dexia Credit Local (DCL, A/Negative/A-1) and Dexia Bank S.A. (DB, A/Negative/A-1)--as well as its very good asset quality, and strong capitalization. The ratings are constrained by the reduced business prospects of Italian local authority lending, Dexia Crediop's reliance on wholesale funding sources, and its high credit risk concentration on local authorities linked to the Republic of...

Companies mentioned in this report are:
- Dexia Crediop SpA
- Banque Internationale a Luxembourg
- Dexia Credit Local
- Dexia Kommunalbank Deutschland AG
- Belfius Bank
- Dexia Municipal Agency
- RBC Investor Services Ltd.
- Dexia LdG Banque S.A.

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.

Research Type: Full Analysis

- Dexia Crediop SpA
- Banque Internationale a Luxembourg
- Dexia Credit Local
- Dexia Kommunalbank Deutschland AG
- Belfius Bank
- Dexia Municipal Agency
- RBC Investor Services Ltd.
- Dexia LdG Banque S.A.

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