The Group’s main operating entities – Dexia Bank Belgium, Dexia Crédit Local and Dexia Banque Internationale à Luxembourg – are rated A+ by Fitch, A1 by Moody’s and A by Standard & Poor’s.

Three of Dexia’s European subsidiaries (Dexia Municipal Agency, Dexia Kommunalbank Deutschland and Dexia Lettres de Gage Banque) issue triple-A rated covered bonds.

		Ratings
				Long-term		Outlook		Short-term
		Fitch
		Dexia Bank Belgium		A+		Stable outlook		F1+
		Dexia Crédit Local		A+		Stable outlook		F1+
		Dexia Banque Internationale à Luxembourg		A+		Stable outlook		F1+
		Dexia Municipal Agency		AAA		-
		Moody's
		Dexia Bank Belgium		A1		Stable outlook		P-1
		Dexia Crédit Local		A1		Stable outlook		P-1
		Dexia Banque Internationale à Luxembourg		A1		Stable outlook		P-1
		Dexia Municipal Agency		Aaa		-
		Standard & Poor's
		Dexia Bank Belgium		A		Negative outlook		A-1
		Dexia Crédit Local		A		Negative outlook		A-1
		Dexia Banque Internationale à Luxembourg		A		Negative outlook		A-1
		Dexia Municipal Agency		AAA		Stable outlook
		Dexia Kommunalbank Deutschland (Pfandbriefe)		AAA		Negative outlook