Abstract: On Sept. 29, 2008, Standard&Poor's Ratings Services lowered its long-term counterparty credit ratings to 'AA-' from 'AA' on the core entities of Belgium-based banking group Dexia S.A.: Dexia Crédit Local (DCL), Dexia Bank S.A. (DB), and Dexia Banque Internationale à Luxembourg (DBIL). At the same time, we affirmed the short-term counterparty credit ratings on the three entities at 'A-1+'. The outlook on these entities remains negative. In addition, we affirmed the 'AA-/A-1+' ratings on Dexia Crediop SpA and revised the outlook to negative from stable. The rating actions reflect our view that the continued deterioration of the U.S. housing market and related loss in value of a variety of structured credit securities will further impair Dexia's earnings and

Brief Excerpt: RESEARCH Ratings Definitions Research Update: Ratings On Dexia Group's Core Entities Lowered To '##-'; Outlook Remains Negative Publication date: 29-Sep-2008 Primary Credit Analyst: Taos Fudji, Milan (39) 02-72111-276; taos_fudji@standardandpoors.com...

Report Type: Research Update
Sector: Global Issuers, Public Finance, Structured Finance
Free Sample: Click Here to Download

Enter the keyword(s) which you would like to search for within this document and click "Search"

 

 S&P Credit Research
S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.