...NEW YORK (Standard & Poor's) July 15, 2011--Standard & Poor's Ratings Services today affirmed its 'A/A-1' ratings on nine bond issues supported by Dexia Credit Local ('A/A-1') letters of credit (LOCs) and removed the ratings from CreditWatch with negative implications, where they were placed on June 1, 2011 (see list). Our ratings reflect our opinion of the credit and liquidity support that Dexia Credit Local 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 ratings are based on our short-term issuer credit rating on Dexia Credit Local and address full and timely payments of interest and principal when the bondholders have exercised the put option. Today's rating actions reflect the July 7, 2011, affirmation of our long- and short-term...
