Moody's downgrades Dexia Credit Local's subordinated debt rating to Caa2, outlook sta
A questo punto mi aspetto che DCL 2017 venga opata. Aspetteranno che scenda un po e poi via...
Global Credit Research - 26 Jun 2012
Paris, June 26, 2012 -- Moody's Investors Service has today downgraded Dexia Credit Local (DCL)'s subordinated debt to Caa2 with a stable outlook, previously B3 on review for downgrade. This results from the removal of systemic support for this debt class.
This action concludes the review of this rating initiated on 29 November 2011 (see Moody's reviews European banks' subordinated, junior and Tier 3 debt for downgrade
http://www.moodys.com/research/Moodys-reviews-European-banks-subordinated-junior-and-Tier-3-debt--PR_231957.)
RATINGS RATIONALE
The downgrade of DCL's subordinated debt reflects Moody's view that systemic support for the subordinated debt of French banks may no longer be sufficiently predictable or reliable to warrant incorporating uplift into Moody's ratings. DCL's subordinated debt is consequently positioned one notch below DCL's standalone credit assessment of caa1.
The stable outlook reflects the stable outlook on DCL's E/caa1 standalone Bank Financial Strength Rating (BFSR).
WHAT COULD MOVE THE RATINGS UP/DOWN
An upgrade of DCL's subordinated debt rating as a result of the upgrade of DCL's BFSR is highly unlikely given that the institution is expected to be in run-off. A downgrade of the subordinated debt rating could be triggered by a lower mapping of DCL's standalone credit assessment within the E BFSR category.
PRINCIPAL METHODOLOGIES
The methodologies used in these ratings were Bank Financial Strength Ratings: Global Methodology, published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: Global Methodology, published in March 2012. Please see the Credit Policy page on
http://www.moodys.com for a copy of these methodologies.