MILAN (Standard&Poor's) July 31, 2009--Standard&Poor's Ratings Services said today that it has assigned its 'A-1+' short-term rating to French and Belgian government guaranteed certificate of deposit (CD) issuance by Dexia Bank S.A. (DB; A/Stable/A-1). Standard&Poor's also affirmed its 'A-1+' short-term rating to French and Belgian government guaranteed certificate of deposit (CD) issuance by Dexia Crédit Local (DCL; A/Stable/A-1). We rate any nonguaranteed CD issuance 'A-1' in line with the short-term counterparty credit rating on DCL and DB. DCL and DB are core entities of the Dexia S.A. group. DCL has the possibility to issue guaranteed debt under its guaranteed €35 billion French "certificats de dépôt" (CD) program. DB has the possibility to issue guaranteed
