High likelihood of extraordinary government support from Belgium and France, mainly driven by state ownership and substantial funding guarantees. Strong commitment of the Belgian and French governments, enabling steady improvement of liquidity. Very high level of unrealized losses in securities portfolio, reflecting sensitivity to credit spreads. High sensitivity to interest rates due to completely swapped balance sheet. Wholesale funding structure with a degree of dependence on funding from central banks and the appetite of the capital markets for government-guaranteed or secured funding. Standard&Poor's Ratings Services' outlook on Dexia Credit Local (Dexia) is stable. This reflects our expectations that Dexia will implement an orderly wind-down and will continue to benefit from the strong commitment of the Belgian and French
