NEW YORK (Standard&Poor's) Oct. 10, 2008--Standard&Poor's Ratings Services today lowered its ratings on 37 Dexia Credit Local letter of credit (LOC)-supported bond issues and placed them on CreditWatch with developing implications (see list). These rating actions follow our Oct. 7, 2008, lowering of our long- and short-term counterparty credit ratings on Dexia Credit Local to 'A+/A-1' from 'AA-/A-1+' and our placement of those ratings on CreditWatch developing (see " Dexia Entities Lowered To 'A+/A-1' On Weakening Financial And Business Profiles; On Watch Dev" on RatingsDirect, the real-time Web-based source for Standard&Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com). The lowered long- and short-term ratings on 30 of the affected issues are based on
