Dexia Bank S.A. Sep 11

Standard & Poors, September 2011

Abstract
Strong government support as a highly systemically important banking group in Belgium. Satisfactory capitalization. Loan portfolio that carries low credit risk. High recourse to wholesale funding instruments. Modest profitability due to rising funding costs. Sensitivity of large securities portfolio to widening credit spreads. The ratings on Dexia Bank S.A. (DB) are based on Standard & Poor's Ratings Services' consolidated analysis of DB, Dexia Credit Local (DCL), and Dexia Banque Internationale a Luxembourg (DBIL), the three core operating banks of parent Dexia S.A. (Dexia, not rated). The ratings benefit from the strong support Dexia receives from the Belgian and French governments, and our view of Dexia's satisfactory capitalization and low-risk loan book. The ratings are constrained by our view of the...

Companies mentioned in this report are:
- Belfius Bank
- Banque Internationale a Luxembourg
- Dexia Credit Local
- Dexia Crediop SpA
- Dexia Kommunalbank Deutschland AG
- 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

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

Customers who bought this item also bought

• The European University Libraries Directory 2013
• The Germany Defense Industry - Market Attractiveness and Emerging Opportunities to 2017: Market Profile
• Future of the German Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2018
• Defense Expenditure in Germany to 2017: Market Review
• Military Rotorcrafts Market in Germany to 2021: Market Brief
• UAV Payload Market in the Germany to 2022: Market Brief
• Military IT, Data and Computing Market in Germany to 2022: Market Brief
• Germany Defence and Security Report Q4 2012
• Homeland Security Expenditure in Germany to 2017: Market Review
• The Germany Defense Industry - Competitive Landscape and Strategic Insights to 2017: Market Profile