NEW YORK (Standard&Poor's) Oct. 3, 2008--Standard&Poor's Ratings Services today lowered its ratings on 30 Dexia Credit Local letter of credit (LOC)-supported bond issues. At the same time, Standard&Poor's affirmed its ratings on seven bond issues supported by Dexia Credit Local (see list). These rating actions follow our Sept. 29, 2008, lowering of our long-term counterparty credit ratings on Dexia Credit Local and Dexia Bank S.A., two of the core entities of Belgium-based banking group Dexia S.A., to 'AA-' from 'AA' and our affirmation of our 'A-1+' short-term counterparty credit ratings. Our outlook on these entities is stable (see "Ratings On Dexia Group's Core Entities Lowered To 'AA-'; Outlook Remains Negative" and "S&PCORRECT: Dexia Core
