PARIS (Standard&Poor's) Jan. 28, 2009--Standard&Poor's Ratings Services said today that it has lowered the issue ratings on the hybrid capital securities of several European financial institutions by two or more notches following our review of institutions that have received material government capital support: --Commerzbank AG (A/Stable/A-1), plus subsidiaries Dresdner Bank AG (A/Stable/A-1) and Eurohypo AG (A/Negative/A-1); --Entities of the group Dexia S.A.: Dexia Crédit Local, Dexia Banque Internationale à Luxembourg, and Dexia Bank S.A. (all three entities A/Stable/A-1); --Fortis Bank SA/NV (A/Watch Pos/A-1), and --Northern Rock PLC (A/Stable/A-1). Note that several of the issue ratings of the issuing groups remain on CreditWatch with negative or developing implications due to uncertainties regarding restructuring plans and the future
