Significant short-term funding support from the governments of Belgium, France, and Luxembourg. High systemic importance for France and Belgium. Historical low-credit-cost loan portfolio. Lack of access to wholesale funding markets. Low margins and long-dated assets. Very high level of unrealized losses. Standard&Poor's Ratings Services is maintaining its 'BBB/A-2' long- and short-term issuer credit ratings on Dexia Credit Local (DCL) on CreditWatch with negative implications. We expect to resolve the CreditWatch in the coming months once we have greater visibility on the following elements: The size of the government guaranteed funding package relative to DCL's funding and liquidity needs in the foreseeable future; The Belgian, French, and Luxembourg governments' commitment to providing future support to DCL in case of
