Standard&Poor's Ratings Services lowered its rating on Dexia Credit Local's custodial receipts series DCL 2008B to 'A+' from 'AA-'. This action follows Standard&Poor's Aug. 7, 2012, downgrade of its rating on the underlying bond to 'A+' from 'AA-'. The long-term rating is based on the rating on the underlying bond (CUSIP #: 167505EN2). SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially
