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Rating Action:

Moody's reviews for downgrade Dexia Credit Local's B+ BFSR; negative outlook on Aa1 ratings

14 Aug 2008
Moody's reviews for downgrade Dexia Credit Local's B+ BFSR; negative outlook on Aa1 ratings

Negative outlook also applied to Dexia BB and Dexia BIL's Aa1 deposit ratings

London, 14 August 2008 -- Moody's Investors Service has today placed on review for possible downgrade the B+ bank financial strength (BFSR) of Dexia Credit Local (DCL), the largest operating company within the Dexia banking group. At the same time, Moody's has also changed to negative the outlook on the Aa1 long-term debt and deposit ratings of DCL and those of Dexia Bank Belgium (DBB) and Dexia Banque Internationale à Luxembourg (DBIL). Moody's has affirmed the B- BFSRs of DBB and DBIL as well as all Dexia group entities' short-term deposit and debt ratings.

As a result, other ratings of certain DCL subsidiaries have also been placed on review for possible downgrade. These include the long-term deposit and senior unsecured debt ratings of Dexia Crediop SpA, Dexia Sabadell and Dexia Kommunalkredit Bank. See detailed list below for ratings placed on review, with outlooks changed to negative or affirmed.

Moody's decision to place DCL's B+ BFSR on review for possible downgrade has essentially been prompted by the decrease in its profitability, stemming from the reduced income contribution from its ultimate subsidiary Financial Securities Assurance, Inc. (FSA) -- whose ratings have been on review for possible downgrade since 21 July 2008 (see Moody's press release of that date) -- and the remaining uncertainty about the performance of FSA's mortgage-related exposures. In light of the importance of DCL's earnings profile to the group, Moody's therefore also views the intrinsic financial strength of Dexia SA, the holding company of the group -- which is regarded as equivalent to a B BFSR -- as facing downward pressure.

According to Moody's, the review of DCL's BFSR review will additionally focus on its higher risk profile given its consolidated investment portfolios, which contain structured assets exposed to the sub-prime crisis and the increased volatility of DCL's earnings, due to its ownership of FSA, and the ongoing efforts towards finding a solution for the financial product business line in FSA and also the potential for the robustness of DCL's core earnings to mitigate these factors.

Moody's acknowledges the very high integration and mutual support that prevail within the centrally managed Dexia group and, as such, expects that capital and liquidity would, if required, be made available by the key strategic members of the group to any sister banks necessitating such support. This high integration is currently reflected in Moody's approach of assigning debt and deposit ratings at the same level for the three main group companies i.e. DCL, DBB and DBIL. These entities' debt and deposit ratings additionally incorporate Moody's assessment that the probability that systemic support would be extended to Dexia SA and its three main strategic operating banks in case of need is very high. The main Dexia group entities benefit from co-ordinated supervision by the Belgian, French and Luxembourg supervisors, under the leadership of the Belgian regulator, which supervises the group, Moody's noted.

However, as the BFSR of DCL has been placed on review for possible downgrade and this entity accounts for the majority of earnings in the group, leading to downward pressure on the group's financial strength. Therefore, the outlook on the deposit and debt ratings of all main group companies is changed to negative.

The following ratings were placed on review for possible downgrade:

- Dexia Credit Local's B+ BFSR;

- Dexia Crediop S.p.A.'s Aa2 deposit and senior unsecured debt ratings and Aa3 subordinated debt rating;

- Crediop Overseas Bank Limited's Aa2 backed senior unsecured rating and Aa3 subordinated debt rating;

- Dexia Sabadell S.A.'s Aa2 deposit rating;

- Dexia Kommunalkredit Bank's Aa2 deposit and senior unsecured debt ratings and Aa3 subordinated debt rating.

The outlook on the following ratings was changed to negative:

- Dexia Credit Local's Aa1 deposit and senior unsecured debt ratings, Aa2 subordinated debt rating and Aa3 preferred stock rating;

- Dexia CLF Finance's Aa1 backed senior unsecured rating;

- Dexia Public Finance Norden's Aa1 backed bank deposit rating;

- Dexia Credit Local New York Branch's Aa1 bank deposit rating;

- Dexia Credit Local Tokyo Branch's Aa1 bank deposit rating;

- Dexia Bank Belgium's Aa1 deposit and senior unsecured debt ratings, and Aa2 subordinated debt and junior subordinated debt ratings;

- Dexia Funding Netherlands' Aa1 backed senior unsecured rating and Aa2 backed subordinated debt rating;

- Dexia Overseas Limited's Aa1 backed senior unsecured rating, and Aa2 backed subordinated debt rating and backed junior subordinated debt ratings;

- Dexia Banque Internationale à Luxembourg's Aa1 deposit and senior unsecured debt ratings, Aa2 subordinated and junior subordinated debt ratings, and Aa3 preferred stock rating;

- Dexia Funding Luxembourg's Aa3 backed preferred stock.

The following ratings were affirmed:

- DenizBank's C- BFSR, A3/B1 local and foreign currency deposit ratings;

- Dexia Crediop S.p.A.'s B BFSR;

- Dexia Sabadell SA's C+ BFSR;

- Kommunalkreditbank Austria AG's B- BFSR, Aa2 deposit and senior unsecured debt ratings, Aa3 subordinated debt rating and A1 junior subordinated debt rating;

- Kommunalkredit International Bank Ltd's C BFSR, Aa3 senior unsecured debt rating;

- Kommunalkredit Capital I Limited's A1 backed preferred stock rating;

- Dexia Kommunalkredit Bank's C+ BFSR;

- Dexia Bank Belgium's B- BFSR;

- Dexia Banque Internationale à Luxembourg's B- BFSR;

- RBC Dexia Investor Services Limited's Aa3 issuer rating;

- The P-1 short-term ratings of all the Dexia group subsidiaries and issuing vehicles that issue rated short-term debt.

The covered bonds issued by Dexia Municipal Agency, Dexia Sabadell SA and Kommunalkreditbank Austria AG are not covered by this press release.

Headquartered in Brussels, Dexia SA had total assets of EUR604.6 billion at end-2007. Dexia SA also recorded a net profit, group share, of EUR2.5 billion at year-end 2007. At Q1 2008, the group reported a net profit, group share, of EUR289 million, down from EUR587 million at December 2007.

Headquartered in Paris, Dexia Credit Local had total assets of EUR345.4 billion at year-end 2007. The bank recorded a net profit, group share, of EUR991 million at year-end 2007.

London
Reynold R. Leegerstee
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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

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