Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
Accept our to continue to Moodys.com:
PLEASE READ
AND SCROLL DOWN!
By clicking “I AGREE” [at the end of this document],
you indicate that you understand and intend these terms and conditions to be
the legal equivalent of a signed, written contract and equally binding, and
that you accept such terms and conditions as a condition of viewing any and all
Moody’s information that becomes accessible to you [after clicking “I AGREE”] (the
“Information”). References herein to “Moody’s” include Moody’s
Corporation, Inc. and each of its subsidiaries and affiliates.
Terms of One-Time Website Use
1. Unless
you have entered into an express written contract with Moody’s to the contrary,
you agree that you have no right to use the Information in a commercial or
public setting and no right to copy it, save it, print it, sell it, or publish
or distribute any portion of it in any form.
2. You
acknowledge and agree that Moody’s credit ratings: (i) are current opinions of
the future relative creditworthiness of securities and address no other risk; and
(ii) are not statements of current
or historical fact or recommendations to purchase, hold or sell particular
securities. Moody’s credit ratings and
publications are not intended for retail investors, and it would be reckless
and inappropriate for retail investors to use Moody’s credit ratings and
publications when making an investment decision. No
warranty, express or implied, as the accuracy, timeliness, completeness,
merchantability or fitness for any particular purpose of any Moody’s credit
rating is given or made by Moody’s in any form whatsoever.
3. To the extent permitted by law, Moody’s and its directors,
officers, employees, representatives, licensors and suppliers disclaim
liability for: (i) any indirect, special, consequential, or incidental losses
or damages whatsoever arising from or in connection with use of the
Information; and (ii) any direct or compensatory damages caused to any person
or entity, including but not limited to by any negligence (but excluding fraud
or any other type of liability that by law cannot be excluded) on the part of
Moody’s or any of its directors, officers, employees, agents, representatives,
licensors or suppliers, arising from or in connection with use of the
Information.
4. You agree to read [and
be bound by] the more detailed disclosures regarding Moody’s ratings and the
limitations of Moody’s liability included in the Information.
5. You agree that any disputes relating to this agreement or your use of
the Information, whether sounding in contract, tort, statute or otherwise,
shall be governed by the laws of the State of New York and shall be subject to
the exclusive jurisdiction of the courts of the State of New York located in
the City and County of New York, Borough of Manhattan.
I AGREE
14 Mar 2001
Approximately EUR 105 Billion of Debt Securities are Affected.
London, 14 March 2001 -- Moody's Investors Service placed under review for possible downgrade the
Aa1/B+ ratings of Dexia Bank Belgium and Dexia Credit Local.
The long-term ratings of the other Dexia Group entities rated by
Moody's were also placed under review for possible downgrade with the
exception of the Aaa ratings of the obligations foncieres (secured mortgage
bonds) of Dexia Municipal Agency. The Aaa ratings of the US financial
guarantor Financial Security Assurance, Inc. (FSA) are also
unaffected. In a related action, Moody's placed under review
for possible upgrade the A2/C ratings of Artesia Banking Corporation and
of its rated subsidiaries. The short-term deposit and debt
ratings of both banking groups' rated entities were confirmed at Prime-1.
According to Moody's, these rating actions follow the announcement
of the two banking groups' plan for a full legal merger before end-June
2001.
Moody's said that the acquisition of Artesia is consistent with Dexia's
long-established strategy of expanding in its core business lines.
The merger of Dexia Bank Belgium and Artesia would create the second largest
commercial banking group in Belgium with important market shares in key
product areas. As a result, the competitive position of the
new Dexia Bank Belgium is reinforced, notably in the areas of life
insurance, asset management and private banking, and financial
services to small- and medium-sized companies. The
merger should provide opportunities for both economies of scale and revenue
enhancements. Economies of scale should come from the rationalization
of the merging banks' domestic retail networks. Revenue enhancements
are expected mainly from cross-selling opportunities between the
two merging banks.
Moody's further commented that, even though the financial profile
of the expanded Dexia Bank Belgium should be characterized by good profitability,
sound asset quality and solid capital adequacy, the risk profile
of the new bank is comparatively higher than that of both Dexia Bank Belgium
at present as well as of the Dexia Group as a whole, considering
the somewhat higher risk appetite of Artesia. In addition,
commercial banking activities would henceforth carry a greater weight
relative to public sector lending and asset management activities.
Moody's concluded by remarking that, while the Dexia Group has a
good track record of rapidly integrating new acquisitions, social,
political and cultural impediments in Belgium might slow the merger integration
process and consequently delay the realization of merger benefits over
the short-term.
The following ratings were placed under review for possible downgrade:
- Dexia Bank Belgium - long-term deposit rating at
Aa1, junior subordinated debt ratings at Aa2, and financial
strength rating at B+;
- Dexia Credit Local - long-term deposit and senior
unsecured debt ratings at Aa1, subordinated debt ratings at Aa2,
financial strength rating at B+, and issuer rating at Aa1;
- Dexia Banque Internationale a Luxembourg - long-term
deposit and senior unsecured debt ratings at Aa2, subordinated debt
ratings at Aa3, and issuer rating at Aa2;
- Crediop SpA - long-term deposit and senior unsecured
debt ratings at Aa2, and subordinated debt ratings at Aa3;
- Crediop Credito per le Imprese e Opere Pubbliche - long-term
senior unsecured debt ratings at Aa2;
- Dexia CLF Finance Co. - backed senior unsecured
debt ratings at Aa1;
- Dexia Kommunbank - backed long-term deposit rating
at Aa1;
- Dexia Municipal Bank - backed long-term deposit
rating at Aa1;
- Dexia Funding Netherlands - backed long-term senior
unsecured debt ratings at Aa1 and subordinated debt ratings at Aa2;
- Crediop Overseas Bank Limited - backed long-term
senior unsecured debt ratings at Aa2 and subordinated debt ratings at
Aa3; and
- Financement Local et Regional (Floral) - backed long-term
senior unsecured debt ratings at Aa1.
The following ratings were placed under review for possible upgrade:
- Artesia Banking Corporation - long-term deposit
rating at A2, bank financial strength rating at C, and issuer
rating at A2;
- BACOB Bank S.C. - junior subordinated debt
rating at A3; and
- Artesia Overseas Limited - backed long-term senior
unsecured debt ratings at A2, subordinated debt ratings at A3.
The following ratings were confirmed:
- Dexia Municipal Agency - secured mortgage bond ratings
at Aaa;
- Dexia Bank Belgium - short-term deposit rating
at Prime-1;
- Artesia Banking Corporation - short-term deposit
rating at Prime-1;
- Dexia Credit Local - short-term deposit and debt
ratings at Prime-1;
- Dexia Banque Internationale a Luxembourg - short-term
deposit and debt ratings at Prime-1, and bank financial strength
rating at B;
- Artesia Delaware Inc. - backed short-term
debt ratings at Prime-1;
- Artesia Overseas Limited - backed short-term debt
rating at Prime-1;
- Crediop SpA - short-term deposit and debt ratings
at Prime-1 and bank financial strength rating at B;
- Dexia Delaware LLC - backed USCP rating at Prime-1;
- Dexia CLF Finance Co. - backed USCP rating at Prime-1;
- Dexia Kommunbank - backed short-term deposit rating
at Prime-1;
- Dexia Municipal Bank plc - backed short-term deposit
rating at Prime-1;
- Dexia Funding Netherlands - backed short-term debt
ratings at Prime-1; and
- Crediop Overseas Bank Limited - backed short-term
debt rating at Prime-1.
The Dexia Group and Artesia Banking Corporation are both headquartered
in Brussels, Belgium. At end-2000, the Dexia
Group had total assets of EUR 258 billion while Artesia Banking Corporation
had consolidated assets of EUR 75 billion.
London
Alexandra A. Sleator
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
44 20 7772 5454
London
Henry MacNevin
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
44 20 7772 5454
MOODY'S REVIEWS FOR POSSIBLE DOWNGRADE Aa1/B+ RATINGS OF DEXIA BANK BELGIUM, DEXIA CREDIT LOCAL AND OTHER DEXIA SUBSIDIARIES; ALSO REVIEWS FOR POSSIBLE UPGRADE A2/C RATINGS OF ARTESIA BANKING CORPORATION FOLLOWING THE TWO GROUPS' ANNOUNCED MERGER PLAN
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
MOODY'S CREDIT RATINGS , ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.
MOODY'S CREDIT RATINGS , ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.
All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.
To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.
To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.
Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."
Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.
Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
|
|
