*Dexia Crediop remove from watch negative from S&P*

[Il G]

Notizia delle 14,52 Tolto l'outlook negativo da parte di S&P su Dexia Crediop, non sembra male lo si sapeva già?

[resres]

Originalmente inviato da Il G

Notizia delle 14,52 Tolto l'outlook negativo da parte di S&P su Dexia Crediop, non sembra male lo si sapeva già?

fonte?

[Il G]

Su Bloomberg, appena ho il testo completo lo posto.

[resres]

Originalmente inviato da Il G

Su Bloomberg, appena ho il testo completo lo posto.

ottimo

[Il neofita]

Ottimo

[alveare]

we removed from CreditWatch and affirmed at 'A-' the long-term counterparty credit ratings on Dexia's Italian subsidiary, Dexia Crediop SpA. The outlook on Dexia Crediop is developing. The 'A-2' short-term rating is unchanged. Under our group rating methodology, we cap the ratings on Dexia Crediop, which in our view benefits from extraordinary parent support, at one notch below those on its parent DCL. The affirmations reflect our view that the improvement of the group's liquidity needs by EUR20 billion through acceleration of the sale of long-dated and risky assets is positive for the risk profile.

questa la parte relativa a dexia crediop...in pratica confermano A- e tolgono Dexia Crediop dal credit watch . Sottolineano che Crediop ha fatto sforzi negli ultimi mesi per "dimagrire" riducendo gli attivi e migliorando le esigenze di liquidità di oltre 20 billion
Per la parte relativa a Dexia casa madre, viene confermato il rating A specificando che l'esposizione di eur 4,3 billion complessivi sulla Grecia sono "sostanziali" per la redditività di Dexia ma assorbibili per la patrimonializzazione del Gruppo Dexia .....

[Il G]

X-S&P Affirms Dexia Core Banks At 'A/A-1'; Outlook Negative
2011-07-07 13:08:57.856 GMT

-- Dexia will book in second quarter a EUR3.6 billion provision to
accelerate sales of longer dated and riskier assets, reducing liquidity needs
by about EUR20 billion and improving its risk profile.
-- We consider Dexia's EUR4.3 billion direct exposure to Greek sovereign
debt substantial relative to the bank's earnings but absorbable, given Dexia's
high capital.
-- We are affirming our 'A/A-1' ratings on Dexia Credit Local, Dexia
Bank, and Dexia Banque Internationale a Luxembourg.
-- The negative outlook reflects our view that Dexia's financial profile
is sensitive to the extension of the sovereign crisis from Greece to other
Eurozone countries and that its business model continues to partially rely on
access to wholesale-markets at reasonable funding costs.

MILAN (Standard & Poor's) July 7, 2011--Standard & Poor's Ratings Services
removed from CreditWatch and affirmed at 'A/A-1' its long- and short-term
counterparty credit ratings on the core entities of Belgium-based banking
group Dexia S.A. (Dexia): Dexia Credit Local (DCL), Dexia Bank S.A. (DB), and
Dexia Banque Internationale a Luxembourg (DBIL). DCL, DB, and DBIL together
represent over 90% of Dexia group's consolidated assets. The outlook on the
ratings is negative.

At the same time, we removed from CreditWatch and affirmed at 'A-' the
long-term counterparty credit ratings on Dexia's Italian subsidiary, Dexia
Crediop SpA. The outlook on Dexia Crediop is developing. The 'A-2' short-term
rating is unchanged. Under our group rating methodology, we cap the ratings on
Dexia Crediop, which in our view benefits from extraordinary parent support,
at one notch below those on its parent DCL.

The affirmations reflect our view that the improvement of the group's
liquidity needs by EUR20 billion through acceleration of the sale of long-dated
and risky assets is positive for the risk profile. We thus expect that Dexia's
short-term wholesale funding will decline from EUR104 billion at March 31, 2011,
to below EUR80 billion at year-end 2011 to represent well below 20% of the
balance sheet.

The loss Dexia will report in 2011 is higher than our earlier expectations,
but the impact on capital will be marginal as a portion of assets earmarked
for sale, the U.S. RMBS, carry a very high risk-weighting. The affirmations
also reflect our view that Dexia will quickly execute its asset sale program,
as demonstrated by its track record. In the first five months of 2011, Dexia
sold EUR11.8 billion in assets, bringing total asset sales since October 2008 to
EUR64.2 billion.

We consider Dexia's EUR4.3 billion direct exposure to Greek sovereign debt as
substantial relative to Dexia's earnings but absorbable given Dexia's high
capital ratio. The ratings on DB, DCL, and DBIL are based on a consolidated
analysis of these three core operating banks of parent Dexia S.A. (Dexia, not
rated). They reflect the strong support Dexia receives from the Belgian and
French governments, and our view of Dexia's satisfactory capitalization and
low-risk loan book. The ratings are constrained by our view of the
consequences to Dexia of its high recourse to wholesale funding instruments,
declining but still large short-term funding gap, and modest profitability.

The negative outlook reflects our view that Dexia's financial profile is
sensitive to the extension of the sovereign crisis from Greece to other
Eurozone countries and that its business model continues to partially rely on
access to wholesale-markets at reasonable funding costs.

Dexia had credit exposures on March 31, 2011 of EUR5.9 billion on Portugal,
EUR33.9 billion on Spain, and EUR50.5 billion on Italy. A material deterioration
of the creditworthiness in any of these countries could have negative
implications for Dexia's ratings.

Worsening market conditions that constrain Dexia's access to wholesale
markets, failure to reduce short-term wholesale funding to below EUR80 billion
in 2011, or a lack of a significant rebound in 2012 profits above the 2010
level could each have a negative impact on the ratings. While not currently
expected, a weakening of capitalization beyond the 2011 loss and the Greece
exposure could also affect the ratings.

In light of the three notches uplift we already factor into Dexia's core banks
SACPs, we believe weaker SACPs would likely result in a downgrade of the
banks.

Conversely, we could revise the outlook to stable if we observe that Dexia has
significantly progressed in the reduction of its balance sheet while
preserving projected capitalization and adequate earnings, and that long-term
funding cost remains compatible with new loan production.

[resres]

Originalmente inviato da alveare

we removed from CreditWatch and affirmed at 'A-' the long-term counterparty credit ratings on Dexia's Italian subsidiary, Dexia Crediop SpA. The outlook on Dexia Crediop is developing. The 'A-2' short-term rating is unchanged. Under our group rating methodology, we cap the ratings on Dexia Crediop, which in our view benefits from extraordinary parent support, at one notch below those on its parent DCL. The affirmations reflect our view that the improvement of the group's liquidity needs by EUR20 billion through acceleration of the sale of long-dated and risky assets is positive for the risk profile.

questa la parte relativa a dexia crediop...in pratica confermano A- e tolgono Dexia Crediop dal credit watch . Sottolineano che Crediop ha fatto sforzi negli ultimi mesi per "dimagrire" riducendo gli attivi e migliorando le esigenze di liquidità di oltre 20 billion
Per la parte relativa a Dexia casa madre, viene confermato il rating A specificando che l'esposizione di eur 4,3 billion complessivi sulla Grecia sono "sostanziali" per la redditività di Dexia ma assorbibili per la patrimonializzazione del Gruppo Dexia .....

Dire che le agenzie sono una banda di buffoni è poco

[Il neofita]

Originalmente inviato da resres

Dire che le agenzie sono una banda di buffoni è poco

non so perchè gli si dia ancora tutto questo credito

[resres]

Originalmente inviato da Il neofita

non so perchè gli si dia ancora tutto questo credito

Tu fai conto che S&P deve rimborsare ai creditori parmalt 748 mila euro per i giudizi lasciati sull'azienda di tanzi...