S&P Says Dexia Failure May Be A Bad Thing

Well, not quite the discovery of aquatic wetness but close enough.

MILAN (Standard & Poor's) Oct. 5, 2011--Franco-Belgian banking group Dexia S.A. announced yesterday that it is preparing measures to resolve structural problems penalizing its operational activities. Standard & Poor's Ratings Services believes that this could have a negative impact on the creditworthiness of Dexia's core banks Dexia Crédit Local, Dexia Bank S.A., and Dexia Banque Internationale à Luxembourg (all rated A/Negative/A-1). We expect to publish a more detailed analysis of any impact on the credit ratings on Dexia Crédit Local, Dexia Bank S.A., and Dexia Banque Internationale à Luxembourg as soon as permitted to do so under applicable EU law.

Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this credit notice can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.  Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5914; or Moscow 7 (495) 783-4009.

Primary Credit Analyst:    Taos Fudji, Milan (39) 02-72111-276;

Secondary Contact:    Pierre Gautier, Paris (33) 1-4420-6711;

Analytical Group Contact:    Financial Institutions Ratings Europe;


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