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Rating Action:

Moody's has confirmed the long-term published monitored rating of Aaa of the obligations foncieres issued by Dexia Municial Agency.

23 Jan 2009

London, 23 January 2009 -- Moody's has confirmed the long-term published monitored rating of Aaa of the obligations foncieres ("OF") issued by Dexia Municial Agency ("DMA") under the terms of the "Programme" for the issuance of obligations foncieres established by it pursuant to the relevant terms of the French Monetary and Financial Code, L.515-13 et seq.

The rating of the OF was initially placed under review also as a result of the uncertainty surrounding the magnitude of the rating migration of DCL. The confirmation of the Aaa rating was mainly driven by the following factors.

1. Stabilised rating at the parent level. While the outlook for Dexia Credit Local ("DCL") long term rating remains negative, such rating is now A1 and is no longer under review. The credit strength of the sponsor bank - in this case DCL - is a key driver of a covered bonds rating. While a covered bonds rating mainly addresses the expected losses posed to investors, in some circumstances the rating of a covered bond may be constraint by the timely payment indicator ("TPI") assigned to the covered bonds. Thanks to the structural features described under 2. below and added to the Programme during the review process, Moody's is now in a position to disclose that the current TPI of the Programme is Probable-High and that for TPI purposes the A1 rating of DCL was relied upon. Factors that are TPI positive include: i) the cover pool consists of public sector exposures; ii) good cash flow matching at the DMA level; iii) majority of the swap counterparties are external to the Dexia Group. Factors that are TPI negative include i) coupon structure of certain assets in the cover pool; ii) the swaps do not fully incorporate those provisions that in Moody's opinion are capable of reducing the likelihood of swaps terminating at the bankruptcy of the issuer. Furthermore, approximately 16% of the swaps on the assets side are internal; iii) the OF do not contain extendable features.

2. Increased support at the SCF level. DCL has made available to DMA an unlimited committed overdraft facility which can be drown by DMA for any purpose which is consistent with its corporate object.

3. Over-collateralisation level. The amount of committed over-collateralisation is 5%. For the purpose of confirming the Aaa rating Moody's has taken into account and given credit to the over-collateralisation in excess of the minimum 5% which DMA is committed to post and maintain. All other things being equal, should the rating of DCL deteriorate further Moody's may not give credit to any amount of over-collateralisation which is considered committed.

4. Credit risk and market risk consistent with original rating assumptions. The credit risk and the market risk in respect of the assets included in the cover pool continue to be in line with Moody's assumptions and expectations. The exposure against the French public sector and against the Italian public sector account for approximately 67% and 11% of the entire covered pool respectively. No exposure accounts for more than 2.3% (Region Flamande) of the entire covered pool and the 30 largest debtors account for approximately 24% of the entire covered pool. With reference to interest rate risk, Moody's believes the following to be noteworthy. The assets are 34% fixed rate and 36% floating rate. The remaining 30% of the cover pool comprises of assets with a structured coupon, namely: i) inflation linked (approximately 500 loans with an aggregate outstanding principal amount of Euro 650m); ii) commodities linked (currently only one loan with an outstanding principal amount of Euro 6m); and iii) barrier. The loans with a barrier mechanism embedded in the coupon typically provide that, in the event that the reference rate exceeds or is below a pre-determined level, the interest payable by the borrower changes according to a pre-determined formula. The liabilities are 81% fixed rate and 4% floating rate. The remaining 15% of the liabilities include i) constant maturity coupons; ii) inflation linked coupons and iii) equity index linked coupons. Interest risk is mitigated by DMA hedging strategy.

5. Reporting. During the review process further information and data were made available to Moody's.

The ratings assigned by Moody's to the Covered Bonds address the expected loss posed to investors. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.

The principal methodologies used in rating the transaction were "Moody's Rating Approach to European Covered Bond" published in June 2005, "Timely Payment in Covered Bonds following Sponsor Bank Default", published in March 2008 and "Assessing Swaps as Hedges in the Covered Bond Market", published in September 2008. All can be found on www.moodys.com in the Credit Policy & Methodologies directory, within the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issue can also be found in the Credit Policy & Methodologies directory.

Madrid
Juan Pablo Soriano
Managing Director
Structured Finance Group
Moody's Investors Service Espana, S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Massimo Catizone
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's has confirmed the long-term published monitored rating of Aaa of the obligations foncieres issued by Dexia Municial Agency.
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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