Dexia S.A. Dec 10

Standard & Poors, December 2010

Abstract
Strong government support as a highly systemically important banking group in Belgium. Satisfactory capitalization. Loan portfolio that carries low credit risk. Future public finance business that depends on access to low-cost, long-term wholesale funding. Modest profitability due to rising funding costs. Sensitivity of large securities portfolio to widening credit spreads. The 'A/A-1' ratings and negative outlook on Belgium-based Dexia Bank S.A. (DB), France-based Dexia Crédit Local (DCL), and Dexia Banque Internationale à Luxembourg (DBIL), are based on a consolidated analysis of these three core operating banks of Dexia S.A. (Dexia). The ratings reflect the strong support Dexia receives from the Belgian and French governments, and Standard & Poor's Ratings Services' view of its satisfactory capitalization and low-risk loan book. The...

Companies mentioned in this report are:
- Banque Internationale a Luxembourg
- Dexia Credit Local
- Dexia Crediop SpA
- 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

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

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