Summary: Dexia S.A. Dec 10

Standard & Poors, December 2010

Abstract
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 ratings are constrained by Dexia's high recourse to wholesale funding instruments, modest and declining profitability, and by the credit and market risks of the large securities portfolio. We consider the Kingdom of Belgium (AA+/Stable/A-1+), the Republic of France (AAA/Stable/A-1+), and the Grand Duchy of Luxembourg (AAA/Stable/A-1+) to be supportive of...

Companies mentioned in this report are:
- Dexia S.A.
- Banque Internationale a Luxembourg
- Dexia Credit Local
- Dexia Crediop SpA
- 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 S.A.
- Banque Internationale a Luxembourg
- Dexia Credit Local
- Dexia Crediop SpA
- Belfius Bank

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