Dexia SA http://www.alacrastore.com/company-snapshot/Dexia_SA-2014395 Friday, July 25, 2008 11:24:33 PM 2014395 Dexia SA en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/426362_pr_framefitch/426362_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Dexia Bank BelgiumDexia Banque Internationale à LuxDexia CrediopDexia Credit LocalDexia Kommunalkredit Bank AGDexia SAKommunalkredit Austria AGKommunalkredit International Bank Limited80359683803601738036050980360771803610618036129480914835823270957/17/2008 10:13:00 AM01000000010100000101010085Press ReleaseDEXB426362_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/cs/71578cs/71578norm Euro Financial Movers: Bad News Is Better Out Than In Those that came through relatively unscathed from a horrible week were the issuers who have already got most of the bad news out there UK and Irish banks, which only report half-yearly,...715781551YesD0Article3748071234328360329356119112243573653551304366975corp244193100787240357/14/2008 12:07:28 AM150Issuers that have already quantified as much as possible of the bad news were the relative outperformers in a pessimistic stockmarket, even if their chief executives are feeling the heat for recent past performance.71578Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/658674spcred/658674normThe latest News from S&Pglobalstructuredpubfin7/9/2008 1:04:47 PM100News658674BelgiumDiversified BanksEurope, Middle East, AfricaUnited StatesGlobal IssuersStructured FinancePublic FinanceFinancial InstitutionsAsset-Backed SecuritiesCollateralized Debt ObligationsAsset-Backed Commercial PaperCommercial MBSNewsPARIS (Standard&Poor's) July 9, 2008--Standard&Poor's Ratings Services said today that it revised its outlooks on the core entities of Belgium-based banking group Dexia S.A. to negative from stable. At the same time, we affirmed the 'AA/A-1+' long- and short-term counterparty credit ratings on those entities, Dexia Crédit Local (DCL), Dexia Bank S.A. (DB), and Dexia Banque Internationale à Luxembourg (DBIL). "The outlook revision reflects our view that the faster-than-expected deterioration of the U.S. housing market increases the likelihood of additional impairment charges and provisions at Dexia's U.S.-based municipal bond insurance subsidiary, Financial Security Assurance, leading to higher volatility in performance and weaker internal capital generation at the consolidated group level," said Standard&Poor's credit analystBEL40101010 401010 4010 40Dexia Bank S.A.335076EUROMIDAFRUSA1100Z@BBNEWSGLOBISSSTRUCPUBFINFIABSCDOABCPCMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/658675spcred/658675normThe latest Research Update from S&Pglobalstructuredpubfin7/9/2008 1:04:00 PM175Research Update658675BelgiumDiversified BanksEurope, Middle East, AfricaUnited StatesGlobal IssuersStructured FinancePublic FinanceFinancial InstitutionsInsuranceSovereignsCorporationsInternational Public FinanceUtilitiesAsset-Backed SecuritiesCollateralized Debt ObligationsAsset-Backed Commercial PaperCommercial MBSResidential MBSResearch UpdateOn July 9, 2008, Standard&Poor's Ratings Services revised its outlooks on the core entities of Belgium-based banking group Dexia S.A. to negative from stable. At the same time, we affirmed the 'AA/A-1+' long- and short-term counterparty credit ratings on those entities, Dexia Crédit Local (DCL), Dexia Bank S.A. (DB), and Dexia Banque Internationale à Luxembourg (DBIL). The outlook revision reflects our view that the faster-than-expected deterioration of the U.S. housing market increases the likelihood of additional impairment charges and provisions at Dexia's U.S.-based municipal bond insurance subsidiary Financial Security Assurance Inc. (FSA; AAA/Stable/--), leading to higher volatility in performance and weaker internal capital generation at the consolidated group level. As financial guarantor, FSA is not significantly exposed toBEL40101010 401010 4010 40Dexia Bank S.A.335076EUROMIDAFRUSA1100Z@BBRESUPDLUXITADEUUSAGBRFRASWE225382F28284L3226KF2342QF61117L24623D3450GF26017L24624D3451RL0639940203030 402030 4020 4040101010 401010 4010 4040201040 402010 4020 4040101015 401010 4010 40Dexia Credit LocalFinancial Security Assurance Inc.Dexia Kommunalbank Deutschland AGRBC Dexia Investor Services Ltd.Dexia Banque Internationale a LuxembourgDexia Credit Local, France, Stockholm BranchDexia Crediop SpA107083107304110986113361320091337240410264LATAMERICACANEMERGINGEUROMIDAFRASIAPACUSA16994ZBIL@LX224207Z@FP2174Z@IM1009Z@GR92864Z@SWGLOBISSSTRUCPUBFINFIINSSOVCORPGOVSUTILABSCDOABCPCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/71110cs/71110norm Euro Financial Movers: In A Bear Hug The bears were vindicated by a slew of bad news, including deteriorating economic conditions, monoline downgrades and bank capital issuance Barclays handled its capital raising much better than...711101327YesD0Article3603569758071143132420103613571234166460916771304corp19295241647872403560Financial Movers6/30/2008 12:06:23 AM150A drip feed of negative news on banks kept the markets in pessimistic mood71110Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/bir/449903bir/449903normDexia S.A./NVBelgiumFinance: Public and project finance, retail financial services, investment management services (private banking, asset management and investment fund administration)60215221109IM6/12/2008 6:28:00 AM449903Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/moodys/PR_155395_820347605moodys/PR_155395_820347605htmlGlobal Credit Research Announcement ## MAY #### Announcement: FSA Seguros Mexico S.A. de C.V. Moody's to update analysis of FSA's mortgage risks New York, May ##, #### -- Moody's Investors Service indicated today that it will reassess...5/15/2008 12:29:55 AMhtmlFSA Seguros Mexico S.A. de C.V.Dexia SASutton Capital Trust IVSutton Capital Trust IIISutton Capital Trust IISutton Capital Trust IDexia Group (The)FSA Insurance CompanyFinancial Security Assurance (U.K.) LimitedFinancial Security Assurance Holdings Ltd.Financial Security Assurance Inc.Dexia Bank BelgiumDexia Credit LocalDexia Bank Belgium; Dexia Credit Local; Dexia Group (The); Dexia SA; ...820347605809965313806644015806644012806644003806643981600048780600045671600013784599400278085211175132050150.0000NewsAnnouncementPR_155395_820347605Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_155278_2828moodys/PR_155278_2828htmlGlobal Credit Research Announcement ## MAY #### Announcement: Dexia Banque Internationale a Luxembourg Moody's Comments on Dexia SA's Q#-#### Results New York, May ##, #### -- Following Dexia SA's announcement of its first quarter...5/15/2008 12:29:54 AMhtmlDexia Banque Internationale a LuxembourgDexia Bank BelgiumDexia Credit LocalDexia Bank Belgium; Dexia Banque Internationale a Luxembourg; ...2828211175132050150.0000NewsAnnouncementPR_155278_2828Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/T1824811ccbn/T1824811norm...Please stand by. This is MeetingZone. We are about to begin. Good morning, ladies and gentlemen, and welcome to today's Dexia's earnings release Q# #### conference call. For your information, this conference is being recorded. At this time, I would like to turn the call over to your host today, Mr. Rembert von Lowis, member of the management board of Dexia. Please go ahead, sir. ... 5/14/2008 6:06:00 PMDexia54.0000FinalQ1 2008 Dexia Earnings Conference Call TranscriptDEXB.BR12:00pm CETTranscriptT1824811Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/fitch/417081_pr_framefitch/417081_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Dexia SAFortis Banque SA/NVKBC Bank N.V.8036035880360470803610614/15/2008 10:14:00 AM0101010085Press ReleaseDEXB417081_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/cs/66527cs/66527norm European Financial Movers: The Tides of March Most European financials rose and fell together, on tides of good and bad news coming across the Atlantic Earnings threw up few surprises, but we are getting better disclosure from some...66527928YesC0Article80712161143364126132836212763651234corp78102247240353/17/2008 12:06:00 AM150Only a few stocks differentiated themselves last week, as the sector was pushed up and down mainly by news from the US. But some out- and underperformances were thrown up by continued European earnings, disclosures and M&A speculation.66527Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T1761642ccbn/T1761642norm... - Dexia - Chairman and CEO Good afternoon, ladies and gentlemen. My name is Axel Miller. I'm the Chief Executive Officer of the Group, and I'm pleased to be able to present to you today, with Rembert von Lowis, the results of the Group for the fourth quarter of #### and also give you an analysis of the full-year #### results for the Group. I will quickly concentrate, during a couple of minutes, on the highlights as we see them for the year ####, and then I will turn over to Rembert to go through a comment of some of the slides of the presentation that you have received and that are accessible on our website. And after that, both Rembert and I will be at your disposal to answer any questions you might have, together with our colleagues of the Management Board of Dexia who are present in the room. Maybe to start with, what is the view that we have on #### in a turbulent environment? I think #### has been a good opportunity for Dexia to demonstrate that it was in a position of very high... 2/29/2008 1:06:00 PMDexia54.0000FinalQ4 and Full Year 2007 Dexia Earnings Conference Call TranscriptDEXB.BR1:00pm CETTranscriptT1761642Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/cs/64143cs/64143norm64143 European Financial Movers: Monoline Melancholy More write-downs by US banks and brokers, together with renewed anxieties over the monolines, meant it was another ugly week in Europe There was no sign of a New Year rally as share prices...1477YesD0Article123617893881787192421423771324797329389448119136036437336712349753861286366807corp4781619372951462416446403560Financial Movers1/20/2008 9:10:00 PM150No sign of that fabled New Year rally as worries about the monolines add to the gloom64143Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/63867cs/63867norm63867 European Financial Movers: News in the New World, Noise in the Old With the US financial sector dominating the real news, we got mostly just noise in Europe But this was still enough to swing a number of stocks quite signficantly,...917YesC0Article1234119135617871276209912241287corp4241649510010235401/13/2008 5:12:47 PM150Real news was dominated by US financials, but we got enough noise in Europe to move some individual stocks quite significantly, and credit spreads also widened. Our newly published outlook, however, is less pessimistic than some.63867Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/COP_211175moodys/COP_211175htmlCredit Opinion1/4/2008 2:19:47 AMGlobal Credit Research Credit Opinion ## OCT #### Credit Opinion: Dexia Bank Belgium Dexia Bank Belgium Brussels, Belgium Ratings Category Moody's Rating Outlook Stable Bank Deposits Aa#/P-# Bank Financial Strength B- Senior Unsecured...Dexia Bank Belgium211175150.0000NewshtmlDexia Bank BelgiumCOP_211175Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/BS_211175moodys/BS_211175htmlBanking Statistics1/4/2008 2:18:44 AMGlobal Credit Research Banking Statistics ## OCT #### Banking Statistics: Dexia Bank Belgium Dexia Bank Belgium Download Banking Statistics in .csv format Bank Deposit obligation rating(FC): Aa#/P-# Bank Deposit obligation rating(LC):...Dexia Bank Belgium211175300.0000AnalysishtmlDexia Bank BelgiumBS_211175Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/614292spcred/614292normThe latest Summary from S&P11/20/2007 4:25:31 PMSummary175globalstructuredpubfin614292BelgiumDiversified BanksEurope, Middle East, AfricaUnited StatesGlobal IssuersStructured FinancePublic FinanceFinancial InstitutionsAsset-Backed SecuritiesCollateralized Debt ObligationsAsset-Backed Commercial PaperCommercial MBSSummaryThe ratings on Belgium-based Dexia Bank S.A. (DB), France-based Dexia Crédit Local (DCL), and Dexia Banque Internationale à Luxembourg (DBIL) rely on a consolidated analysis of the Dexia group (Dexia), for which they act as the three core operating banks. The strength of Dexia's business profile relies on the combination of an unmatched global franchise in public finance and strong retail banking positions in its core markets of Belgium and Luxembourg. Although Dexia is less diversified than some other major European Banking groups, its focus on low-risk businesses underpins creditworthiness. Dexia boasts excellent asset quality, sound operating performance, and a strong capital base. The group's reliance on wholesale funding is mitigated by conservative funding and liquidity guidelines. Although Standard&BEL40101010 401010 4010 40Dexia Bank S.A.335076EUROMIDAFRUSA1100Z@BBSUMMARYGLOBISSSTRUCPUBFINFIABSCDOABCPCMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/T1685849ccbn/T1685849norm11/16/2007 12:05:00 PMDexia54.0000FinalQ3 2007 Dexia Earnings Conference Call TranscriptDEXB.BR11:30am CET...Please stand by. This is Premier Global Services. We are about to begin. Good morning, ladies and gentlemen, and welcome to today's Dexia third quarter #### results conference call. For your information, this conference is being recorded. At this time, I ... TranscriptT1685849Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/ccbn/T1627552ccbn/T1627552norm8/31/2007 2:05:00 AMDexia54.0000FinalQ2 2007 Dexia Earnings Conference Call TranscriptDEXB.BR4:30pm CET...Good day ladies and gentlemen and welcome to the Dexia SA Second Quarter #### Results Analysts' Conference Call. For your information, this conference is being recorded. The conference will be introduced by Mr. Axel Miller, Chief Executive Officer, Dexia and chaired by Mr. Rembert von Lowis, Member of the Management Board. Mr. Miller, please go ahead. ... TranscriptT1627552Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/fitch/337926_report_framefitch/337926_report_framepdfDexia SA803605098/21/2007 2:14:00 PM01010100150Credit UpdateDEXBFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.337926_report_frameCredit & Investment ResearchFitchResearch