NEW YORK (Standard&Poor's) Oct. 14, 2011--Standard&Poor's Ratings Services today lowered its ratings on nine bond issues supported by Dexia Credit Local (A-/Watch Dev/A-2) letters of credit (LOCs). At the same time, we placed all the ratings on CreditWatch with developing implications (see list). Our ratings on the nine affected bond issues reflect our opinion of the credit and liquidity support that Dexia Credit Local (A-/Watch Dev/A-2) provides in the form of irrevocable direct-pay LOCs. The long-term components of our ratings are based on our long-term issuer credit rating on Dexia Credit Local and address full and timely payments of interest and principal when the bondholders have not exercised the put option. The short-term components of our
