NEW YORK (Standard&Poor's) Jan. 6, 2009--Standard&Poor's Ratings Services today lowered its long-term ratings on 33 Dexia Credit Local letter of credit (LOC)-supported bond issues and removed the ratings from CreditWatch with developing implications. At the same time, Standard&Poor's removed its ratings on eight bond issues from CreditWatch developing (see list). These rating actions follow the Dec. 19, 2008, lowering of our long-term counterparty credit ratings on Dexia Credit Local to 'A' from 'A+' (see "Dexia Entities Lowered To 'A' On Public Finance Funding Pressure; Off Watch; Outlook Stable" on RatingsDirect, the real-time Web-based source for Standard&Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com). The lowered ratings and CreditWatch developing removal of
