Dexia Crediop Ratings Lowered To 'A-/A-2' On Structurally Weaker Profitability Prospects; Outlook Developing Oct 10

Standard & Poors, October 2010

Abstract
Italian bank Dexia Crediop's long-term profitability prospects from lending to Italian local authorities have structurally weakened due to lower business volumes and higher long-term funding costs. Deleveraging costs are also lowering the bank's profitability. We continue to view Dexia Crediop as strategically important to Dexia group's core banks. We are lowering our long- and short-term counterparty credit ratings on Dexia Crediop to 'A-/A-2' from 'A/A-1'. The developing outlook reflects the possibility that we could raise or lower the ratings by one notch following the change of ownership after its planned disposal by Dexia group. MILAN (Standard & Poor's) Oct. 28, 2010--Standard & Poor's Ratings Services said today that it lowered its long- and short-term counterparty credit ratings on Italian bank...

Companies mentioned in this report are: Dexia Crediop SpA,Crediop Overseas Bank Ltd.
Action: Downgraded
Action: Outlook: Developing

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Dexia Crediop SpA,Crediop Overseas Bank Ltd.

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