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Dexia Credit Local Subordinated Debt Ratings Remain At 'B-/Watch Neg' Despite Tender Offer

Published Nov 26, 2012

About This Report

Abstract:

France-based Dexia Credit Local (DCL) has announced an offer to repurchase two nondeferrable subordinated lower Tier 2 instruments. We consider the offer as "opportunistic" under our criteria. Our 'B-' issue ratings on these instruments are therefore not affected by the offer and remain on CreditWatch negative. PARIS (Standard&Poor's) Nov. 26, 2012--Standard&Poor's Ratings Services said today that its 'B-' ratings on two nondeferrable subordinated lower Tier 2 instruments of Dexia Credit Local (DCL, BBB/Watch Neg/A-2) remain on CreditWatch with negative implications, where we placed them on Nov. 23, 2011. We consider DCL's tender offer to repurchase these two instruments, announced Nov. 20, 2012, to be "opportunistic," as defined by our criteria, as opposed to "distressed." Bondholders stand

Report Type:

Ratings Action

Ticker

224207Z@FP

Issuer

Dexia

GICS

Diversified Banks (40101010)

Sector

Global Issuers, Public Finance, Structured Finance

Country

France

Region

United States

Format:

PDF

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Dexia Credit Local Subordinated Debt Ratings Remain At 'B-/Watch Neg' Despite Tender Offer" Nov 26, 2012. Alacra Store. May 15, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Dexia-Credit-Local-Subordinated-Debt-Ratings-Remain-At-B-Watch-Neg-Despite-Tender-Offer-1039366>

APA:	S&P Global Ratings’ Credit Research. (). Dexia Credit Local Subordinated Debt Ratings Remain At 'B-/Watch Neg' Despite Tender Offer Nov 26, 2012. New York, NY: Alacra Store. Retrieved May 15, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Dexia-Credit-Local-Subordinated-Debt-Ratings-Remain-At-B-Watch-Neg-Despite-Tender-Offer-1039366>

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