The ratings on France-based Dexia Crédit Local (DCL), Belgium-based Dexia Bank S.A. (DB), and Dexia Banque Internationale à Luxembourg (DBIL) rely on a consolidated analysis of the Dexia group (Dexia), for which they act as the three core operating banks. The strength of Dexia's business profile relies on the combination of an unmatched global franchise in public finance and strong retail banking positions in its core markets of Belgium and Luxembourg. Although Dexia is less diversified than some other major European Banking groups, its focus on low-risk businesses underpins creditworthiness. Dexia boasts excellent asset quality, sound operating performance, and a strong capital base. The group's reliance on wholesale funding is mitigated by conservative funding and liquidity guidelines. Although Standard&
