Dexia Credit Local (Dexia) is progressing well with its orderly wind-down: Accelerated asset sales, combined with favorable market conditions, have helped strengthen its capital well beyond our expectations. Dexia's stand-alone group creditworthiness remains constrained by its dependence on its shareholders' funding support through its sovereign guaranteed debt programs, and its potentially significant liquidity needs. We are affirming our 'BBB/A-2' issuer credit ratings on Dexia and its core subsidiary Crediop SpA. The stable outlook reflects our expectation that the bank will implement an orderly wind-down of its operations and continue to benefit from the strong commitment of the Belgian and French governments. On June 22, 2018, S&P Global Ratings affirmed its 'BBB/A-2' long- and short-term issuer credit ratings on France-based bank
