Following the announcement by Dexia Group of provisions amounting to 467 million
€ in 2002 to cover restructuring costs, bad debts as well as a generic
provision for potential risks and charges for Dexia Bank Nederland, Standard
& Poors has lowered the long term credit rating of Dexia Bank Nederland
to single A minus from single A.
This downgrading has no significant impact on Dexia Bank Nederland and its
clients. Dexia Bank Nederland benefits from the guarantee of Dexia SA, which
is rated AA through its main operating entities.
In addition, Dexia Bank Nederland will be recapitalized before year end so
that the capital adequacy ratio will be above 10%.