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DBRS Confirms DEXIA Entities at A (high); Trend Revised to Stable from Negative

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Kaiser 10 december 2010 00:20

Date of Release: 2010-12-08
Dexia Group
DBRS Confirms Dexia Entities at A (high); Trend Revised to Stable from Negative

DBRS’s ratings for Dexia Group’s (Dexia or the Group) main operating entities – Dexia Crédit Local (Dexia CL), Dexia Bank Belgium (Dexia BB) and Dexia Banque Internationale à Luxembourg (Dexia BIL) – reflect their combined solid intrinsic credit strength. The support of the Belgian, French and Luxembourg states (collectively, the States) is factored into the final ratings. The long-term ratings of A (high), which were confirmed on 8 December 2010, reflect Dexia’s well-entrenched retail and commercial banking franchises in Belgium, Luxembourg and Turkey combined with its strong position in public finance. While still reducing the scope of its businesses, adjusting to the current funding environment and working down its legacy asset exposures, Dexia has remained profitable since its major losses in 2H08. The return to a Stable trend reflects the Group’s success in executing its Transformation Plan, its continued profitability and its improved liquidity profile, which limits the downward pressure on the ratings at this time.

DBRS’s intrinsic assessment (IA) of “A” considers Dexia’s well-established and diversified franchise, underlying earnings resiliency, improved liquidity profile and strengthened capitalisation, but also recognises the challenges the Group faces given its wholesale funding reliance and the still disrupted financial markets. Ratings for Dexia’s principal subsidiaries reflect the combined strength of the Group, which operates these entities as integral components of its overall franchise and leverages their strengths for the benefit of the Group. Based on an SA-2 Support Assessment, Dexia’s Senior Long-Term Debt & Deposits rating of A (high) is one notch above the Group’s IA, reflecting the expectation of some timely form of systemic external support. DBRS views positively the support the Group has received from the States in terms of capital and debt guarantees that confirms DBRS’s expectation of systemic support.

www.dbrs.com/research/236966?docId=23...

Kaiser 10 december 2010 00:26

16 november 2010 om 05u50
Dirk Peeters (KBC Securities): “Kwartaalcijfers Dexia beter dan verwacht”
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• Dynamiek bevestigd voor de commerciële metiers
• Zonder rekening te houden met de meerwaarden op desinvesteringen stegen de opbrengsten uit de commerciële metiers met 5 % ten opzichte van 2T 2010
• Stabiele kosten ten opzichte van 2T 2010, zonder de herstructureringskosten van 93 miljoen EUR geboekt in 3T 2010
• Aanzienlijke daling van de kosten van risico: -61% tegenover 2T 2010
•Aanzienlijke vooruitgang in het hervormingsplan
• Behoefte aan kortermijnfunding: -23 miljard EUR ten opzichte van juni 2010 / -64 miljard EUR tegenover september 2009
• Voor 25,7 miljard EUR aan obligaties en leningen verkocht tegen beperkte verliezen tegen eind oktober 2010
Capaciteit om Tier 1 te genereren wordt bevestigd
• Tier 1-ratio: 12,8 % (+59 bp tegenover juni 2010 / +100 bp tegenover september 2009)
• Core Tier 1-ratio: 11,8 % (+55 bp tegenover juni 2010 / +99 bp tegenover september 2009)

Dirk Peeters (KBC Securities): “De kwartaalcijfers van Dexia waren beter dan verwacht. Ik heb nog steeds een advies opbouwen en een koersdoel van 4,50 euro.”

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