The 'BBB/A-2' counterparty credit ratings on Dexia Credit Local (DCL) remain on CreditWatch with negative implications. This is pending the conclusion of the in-depth investigation by the European Commission (EC) into the resolution plan presented by Dexia S.A., DCL's owner, to restructure the bank group. The CreditWatch resolution will depend on our assessment of the likelihood of future support to DCL from the Belgian, French, and Luxembourg governments, the conditions of the funding guarantees by these governments, and the bank's future capital adequacy and profitability prospects. On Aug. 3, 2012, Standard&Poor's Ratings Services kept its 'BBB/A-2' long- and short-term counterparty credit ratings on France-based Dexia Credit Local (DCL) on CreditWatch with negative implications, where they were placed on
