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Rating Action:

Moody's assigns (P) A1 rating to Dexia Funding Luxembourg S.A.'s hybrid capital issue

24 Oct 2006
Moody's assigns (P) A1 rating to Dexia Funding Luxembourg S.A.'s hybrid capital issue

Rating outlook is stable for perpetual securities benefiting from a subordinated guarantee of Dexia S.A.

London, 24 October 2006 -- Moody's Investors Service announced that it has assigned a rating of (P) A1 to the issue by Dexia Funding Luxembourg S.A. (DFL) of fixed or floating rate perpetual non-cumulative guaranteed securities. DFL is a Dexia S.A. fully owned special purpose vehicle incorporated under the laws of Luxembourg, whose activities are restricted to issuing securities and to investing the proceeds thereof in loans or other instruments (other than ordinary share capital) issued by any of the Dexia group banking entities. The first issue that will be made by DFL, consisting of subordinated perpetual callable securities, will be eligible to be included in the calculation of the Tier 1 capital of Dexia S.A. and will benefit from a subordinated guarantee of Dexia S.A. The rating outlook is stable.

Moody's recalled that Dexia S.A. is a Belgian banking group active in local public sector finance, in retail and private banking, and in investment management and the provision of insurance services mostly in Belgium, Europe and in the United States. Moody's noted that the alignment at Aa2 of the long-term ratings of the Dexia Group's three main operating entities -- Dexia Credit Local (rated Aa2/P-1/B+), Dexia Bank Belgium (rated Aa2/P-1/B) and Dexia Banque Internationale a Luxembourg (rated Aa2/P-1/B) -- take into consideration the Dexia S.A. group's cohesive management structure and increasing integration, as well as Moody's expectation that the group is committed to making its full resources available to support whichever entity as needed. The alignment at Aa2 of the group's main entities also reflects the creditworthiness of the consolidated Dexia S.A. group.

Moody's said that the (P) A1 rating assigned to the perpetual non-cumulative guaranteed securities to be issued by DFL is based on the subordinated guarantee provided by Dexia S.A. and, as such, on the rating agency's assessment of the creditworthiness of Dexia S.A. and its operating entities. Going forward, Moody's cautioned that any dilution of the creditworthiness of Dexia S.A. and its core operating entities, or any structural subordination identified at holding company level, could affect the ratings assigned to Dexia S.A. group members including the ratings of the securities issued by DFL. Moody's added that the (P) A1 rating assigned to the forthcoming issue of perpetual non-cumulative securities also reflects their deeply subordinated nature, ranking senior to the issuer's and guarantor's ordinary shares as well as the issuer's right to waive interest payments.

DFL is expected to be one of the Dexia group's issuing vehicles going forward, noted Moody's. DFL will on-lend proceeds from its issuances to selected operating companies of the Dexia S.A. group and the loans could qualify, as the case may be, as solvency capital. According to the structure in place, DFL's ability to make timely payments on its obligations will primarily rely on the financial fundamentals of individual operating companies benefiting from on-loans and their ability to service and repay on-lent amounts, and secondarily upon the subordinated guarantee of Dexia S.A. Changes in the long-term ratings of any Dexia S.A. group members could affect the ratings of securities issued by DFL.

The notes to be issued by DFL will qualify for Basket C classification by Moody's, i.e. will be treated as 50% equity and 50% debt in the adjusted financial leverage calculation. The securities are perpetual and redeemable after ten years, with the benefit of regulatory oversight and are ranked moderate on the No Maturity dimension of equity. Dividend payments can be optionally waived or compulsorily waived upon specific trigger events occurring and are non-cumulative resulting in a moderate ranking on No Ongoing Payments. When distributions are waived, payments resulting from on-loans made by DFL to an operating entity will be channeled back to Dexia S.A. In the event of a specific trigger event taking place resulting in the need to recapitalise Dexia S.A. and such capital increase failing to be approved, the principal amount of the securities will be reduced. However, this amount can be written-back if Dexia S.A. records positive consolidated profits for at least two consecutive years. In a bankruptcy, the claim will be for the full principal amount regardless of any write-down. Due to the subordinated guarantee provided by Dexia S.A., the securities will rank junior to all senior and subordinated creditors of Dexia S.A. As a result, the securities are ranked moderate on Loss Absorption.

Headquartered in Brussels, Dexia S.A. reported audited consolidated assets of Euro 508.8 billion and a net profit group share of Euro 2 billion at end-2005.

London
Lynn Exton
Senior Vice President
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Patricia Dambrine
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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